Readers might take a closer look at what transpired at Western Cape-based empowerment company African Empowerment Equity Investments (AEEI) in late 2016. It was trading at a huge discount to directors’ valuation — albeit with much of the portfolio consisting of unlisted, untested and unknown entities when compared with JSE-listed competitors.I selected AEEI in 2017 at 370c and it promptly returned 80%. I select AEEI again in 2018 as I believe its share price at 750c is still at a material discount to what is now mostly a JSE-listed basket of shares. I have a value of over R17 for AEEI — placing the stock on a discount of 56%.You may ask how my valuation is still so high, given the 80% rise in share price year on year. That is justified mainly by the "sneaky listing" of a giant new technology company on the JSE over the quiet festive period of 2017.In early 2017 AEEI listed a stake in its empowered fishing business, Premier Fishing & Brands. It followed this up sooner than expected w...

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