Graeme Körner, founder of Körner Perspective, on what the smart money is doing.
Ethos is trading at a discount to NAV of about 50%. The biggest component of its business is Optasia — a mobile fintech company, which represents about 25% of Ethos’s NAV alone. If you believe that mobile telephony is dying and the future of those businesses lies in fintech, then Optasia gives you the cleanest, smartest entry into that market, whereas the old cellphone companies will battle to maintain their growth trajectory.
Let’s say you are a Distell or Mediclinic shareholder. You’re about to be forced out of your beloved holdings — but you could redirect the proceeds into Remgro. You’d be selling both of those at lofty multiples to buy a discounted entry into a company that will own both, with more mojo to boot. Starting with the FirstRand unbundling, there’s a clear strategy to unlock the discount to NAV at which it trades and a focus on assets that they can add value to.
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