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We take a look at the Johannesburg Stock Exchange (JSE), stock exchange news service (SENS) annoucement released by Spur Corporation that Coronation Asset Management now owns more than 25% of the group's shares.
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About Spur Corporation
Spur Corporation owns some of the most well know food franchise brands in South Africa. Some of their brands names include
- Spur Steak Ranches
- Pizza and Pasta (Panarottis and Casa Bella):
- John Dory’s Fish Grill Sushi:
- The Hussar Grill
- RocoMamas
- Nikos Chargrilled Greek
SENS announcement from Spur which states Coronation now owns even larger stake
DISCLOSURE OF AQUISITION OF SECURITIES IN SPUR CORPORATION
In accordance with section 122(3)(b) of the Companies Act 71 of 2008, as amended, and paragraph 3.83(b) of the JSE Limited Listings Requirements, shareholders are hereby advised that the Company has received formal notification in the prescribed form of the following movement in the securities of the Company: Coronation Asset Managers Proprietary Limited, on behalf of its clients (“Coronation”), has on 31 January 2020, acquied a beneficial interest in Spur Corporation securities, such that the total interest in the securities of the Company held by Coronation has increased to 27.42% (previously 17.09%) of the total issued share capital of the Company.
Cape Town 31 January 2020
Sponsor Sasfin Capital a member of the Sasfin Group
In accordance with section 122(3)(b) of the Companies Act 71 of 2008, as amended, and paragraph 3.83(b) of the JSE Limited Listings Requirements, shareholders are hereby advised that the Company has received formal notification in the prescribed form of the following movement in the securities of the Company: Coronation Asset Managers Proprietary Limited, on behalf of its clients (“Coronation”), has on 31 January 2020, acquied a beneficial interest in Spur Corporation securities, such that the total interest in the securities of the Company held by Coronation has increased to 27.42% (previously 17.09%) of the total issued share capital of the Company.
Cape Town 31 January 2020
Sponsor Sasfin Capital a member of the Sasfin Group
Share price performance
The image below, taken from Sharenet, shows the share price history of Spur Corporation over the last 5 years. And its been a slow and steady decline in the group's share price, a reflection of the difficult environment it is operating in. The stock spiked towards the end of 2019 but has since then continued its downward trend.
The summary below shows the share price performance of Spur over various time periods:
- 1 week: -6.88%
- 1 month: -8.11%
- Year to date (YTD): -8.11%
- 1 year: 6.52%
- 3 years: -29.4%
- 5 years: -38.33%
Valuation of Spur (SUR) shares based on our last valuation of the group
Based on Spur's latest financial results, their strong revenue growth, their strong brands, their solid cash on balance sheet and cash generating ability our valuation models (largely based on dividend discount and discounted cash flow models) sets a full value price of R27.20 for Spur. We therefore believe the group is undervalued at its current price.