ANALYSIS: Caxton stoic and solid, but running a tight ship
The transformation of Naspers from a humble newspaper and magazine business into an inventive technology giant has meant that less-innovative media companies on the JSE have been largely relegated to the sideline. That’s not to say that outside Naspers the JSE hosts mediocre media businesses. But even consistent performers have been left in the shade by the enormous gains made by Naspers over the past 15 years. Caxton, for instance, has toiled steadily over the same period — characterised by conservative management, strong cash generation and regular dividends. Caxton has not diversified as dramatically as Naspers — but in recent years there has been an increasing emphasis on packaging and stationery offerings as well as a willingness to invest in digital or technology niches. The market has not regarded this strategic shift as particularly inspired. Caxton’s shares have mostly drifted downwards over the past three years. Though there has lately been some upward momentum, the share ...
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