Both counters are going places – and both have low valuations.
It is always worthwhile revisiting earlier calls to see how they are progressing, especially on the back of fresh news flow. Two such calls have been ports and terminals group Grindrod and restaurant franchisor Spur Corporation . At the beginning of this year, I wrote about Spur Corp and highlighted both the performance and its relative undervaluation.
There is a prior-period tax hit that shaved off around 17% of FY2022’s earnings, but even if we strip this out of Spur Corp’s results, diluted EPS growth is staggering at around 50% or so. Importantly, the above result has been driven by growth of the topline as the group reports franchise restaurant sales grew 31.5% y/y along with footcount growth of 13% y/y . Read: R183m damages claim against Spur Corp to be heard in October Simply put, Spur Corporation is winning.
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