Not more than 3 yrs ago Coca Cola said they intended listing CocaCola Beverages Africa at a $8bn valuation. Now they sell it at a $3.4bn valuation. Shows how some businesses are just hopelessly overvalued by their promotors (Coca Cola Atlanta)!

End of an era. After building their CocaCola business into the largest bottler in Africa over 80 years, the Gutsche family of PE is exiting for $1.1bn. But they still own Woodlands Dairy (one of SA's largest milk processors) and who knows what else.

US quarterlies reflect interesting trends: auto onshoring evident across board (steel mnfs, ITW for example), construction struggling (from steel to suppliers), medical suppliers with US manufacturing doing very well. Tariff impact hardly visible but maybe later.

A really interesting one page story in this weekend's FT about the growth in the eat-at-home trend, away from restaurants. Looks like Prosus may have hit all the right buttons.

Strong currency benefit very noticeable in food products with large import content - Tastic Rice and 5 Roses tea bags as good examples of downward pricing. Even pool chemical prices coming down. I think there's more to come - black Friday may provide big surprises.

Interesting US quarterlies: aggregate suppliers indicate public infrastructure spending sound, home construction (Builders FirstChoice) weak (or flat - paint mnfs). Personal spending weak - Altria (cigarettes) volumes weak in both smoke/smokeless products. Food weak (Hershey)

Told today by my petshop that Royal Canin's Jhb plant has closed because of unreliable power and water - cannot operate when power outages so frequent - cheaper to ship it from their factories in Europe! This plant apparently also exported - we lose that too.

Found Flagship's original CellC assessment. Their EBITDA (R2.5bn) much in line but they assumed minimal depreciation/interest, hence their R2bn net profit way out of line, as is valuation. Tax will also be imputed, as assessed loss recognised (although no cash outlay)

An interesting comparison: PnP's founding family's original stake held for 55 years worth R3.4bn. Dischem's founders still hold shares worth R8bn plus they've realised (sales + prelisting distributions) probably further R10bn. Shows how much PnP has gone backwards over the years

My worst fears confirmed re CellC listing. Clearly low level of interest, hence downward price adjustment. Poor BLU - won't end up raising much cash as BEE uptake funded internally. The winners in my view are the banks, whose loans repaid by BLU, as part of shares/cash conversion

Post CellC listing, BLU needs to update investors re its balance sheet and prospects. With CEC gone, it's now a pure play token/tech business plus CellC investment offset by debt but theoretically should produce robust cash flows with minimal capex needs. Could be interesting?

Fresh from selling their CocaCola bottling interests for about US$1.1bn, the Gutsche's consolidate their dairy operations in SA by acquiring Ladismith Dairies for R850m cash. Must be either 2nd or 3rd largest dairy business in SA post this deal. And hardly anyone knows of them.

Tiger Oats (Brands) never stops delivering. For those who haven't been around for 40 years, a Tiger shareholder received for free Astral Foods, Spar and Adcock plus growth in Tiger's share price plus dividends. Rudi Frankel's original milling business is an amazing story.

CellC's share price above original target issue price. Once more institutional support is evident, don't be surprised if BLU sells off the "excess" shares it intended to sell anyway. Maybe a good set of results at next reporting season will trigger it.

Given current rand strength vs US$, retailers should expect much lower input costs in coming months. Question - will they pass on benefits to consumers or simply widen margins? Apparel/food inflation could shift into negative territory fairly soon.

Couldn't resist checking Checkers vs PnPay back-to-school prices in today's glossies. Quickly found 4 directly comparable items where Checkers up to 10% cheaper than PnP, none in the other direction. Tells me PnP has long way to go to become a credible competitor.

I warned about 2 years ago the BTI factory in SA was going to close. Well now it's happening. So BTI joins the other 2 foreign cigarette suppliers (Philip Morris/JTI) who have always imported their brands (Marlboro etc) into SA.

Trump's optimism on the US economy must be measured against Fastenal's "sluggish" assessment of current activity levels and similar-type commentary from Gibraltar Industries yesterday. Maybe some parts are doing well but economic growth clearly "patchy". Hard to work out.

To find out how profitable on-line betting is, go look at Betfred Group results in the Uk, who own 51% of Lottostar in SA. In 18 mths to March 2025 Lottostar earned GBP44m (about R1 billion). Maybe we must also look at Betway, whose parent is listed on Nasdaq. Probably same story

December sales data starting to be released - so far not good. Clicks' higher margin sales growth poor. Truworths '"get out of trouble" card was the UK operation. SA sales down. Not a good start!