4 1Santova is a logistics company that has been listed since 2002. It successfully navigated the global financial crisis and has produced profit without interruption since listing. The company has offices throughout South Africa, as well as in Hong Kong, Australia, the UK and the Netherlands, including strategic partners throughout the world. The balance sheet is ungeared, with net current assets of R64m, which compares favourably to its market cap of only R148m. The stock trades on a P/E ratio of 6 times and with a return on equity of almost 20%. Earnings have more than doubled in the last three years, and we expect this trend to continue. When coupled with management control of the company, this adds to an already attractive prospect.