Finweek English Edition - - INVESTMENT -

Re­nais­sance Cap­i­tal re­leased a note to clients fol­low­ing the re­lease of 2013 f ull-year re­sults from Reinet. Re­nais­sance has a 12-month price tar­get of R20/share and ad­vised: “We raise our tar­get price (TP) to R20 per de­posi­tary re­ceipt, from ZAR19.50. The i ncrease is due to t he up­dated NAV break­down pro­vided to­day. The core com­po­nent of our TP, ie the BAT in­vest­ment, is un­changed, with a TP of GBP37.25/share. The NAV dis­count has also nar­rowed some­what in re­cent months, to 25%, from 30% in Oc­to­ber 2012.”

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