From an early 2016 high of R174, Brait has undergone a spectacular reversal of fortunes, starting in June of that year. This was due to its prior sale of prize asset Pep Stores, its purchase of UK-based New Look at an inflated price and the weakening of the pound after the Brexit vote. Brait used to trade at a premium to its NAV, due to its directors’ astute investment decisions. But it has, since its troubles, traded at a (currently significant) discount to NAV. As Brait is a leveraged private equity firm with underperforming investments, its share price has dropped significantly. It is currently trading at 2014 levels. In its most recent results, Brait admitted problems with New Look and has written the investment — bought with the proceeds of the Pep Stores sale — down to zero. Revenue and sales both declined in the six months to end-September. A turnaround strategy has been implemented at New Look, but it will take time to see how successful this is in the competitive UK clothin...

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