Nick Kunze of Sanlam Private Wealth on what the smart money is doing.
The stock hit a record high last week and it’s up 30% so far this year. But I like its mix of products. As well as coal and cobalt, it has one of the cleanest portfolios of copper, a commodity which I understand is in short supply at London Metal Exchange warehouses. The latest guidance suggests a 44% increase in cobalt production, taking it back to pre-pandemic levels, and electric-vehicle demand is high for this metal.
It’s also still trading on a single-digit p:e, and you could argue it’s playing catch-up because it’s lagged the broader mining sector over the years. This is thanks in part to US justice department investigations, so it does carry a health warning. However, it is also going to make money from its trading arm.There are a number of reasons for not liking Telkom. We don’t own it and never have.
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