MARC HASENFUSS: The mystery of Remgro’s deep discount
You’d think that Remgro would finally be seeing some market love after unbundling FirstRand and Grindrod and buying Mediclinic. Instead, the discount to intrinsic value is at a record high
30 March 2023 - 05:00
The market is turning its nose up at investment behemoth Remgro, with the discount to intrinsic value reaching an unprecedented 45% last week.
I have been most content to accumulate at these levels. Remgro has done a fair bit of value unlock in recent years — including the unbundling of FirstRand and Grindrod, as well as the dismantling of the RMI insurance cluster and a long-overdue restructuring at RCL Foods...
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