STEIN­HOFF

Finweek English Edition - - INVESTMENT -

Warwick Lu­cas from stock­bro­ker­age Imara SP Reid continues to be bullish on the out­look for this stock fol­low­ing the re­lease of a trad­ing state­ment to end De­cem­ber 2013. Lu­cas ad­vised: “The two key fac­tors will be the rand ex­change rate vs the euro and the re­cov­ery off a low base for the Con­forama busi­ness unit. More than 80% of earn­ings oc­cur ex-SA so the rand hedge ex­po­sure is large. For this rea­son the pos­i­tive sur­prise in these num­bers was some­what tem­pered. Re­sults will be pub­lished on about 4 March. There is still some value.”

WITH

(aver­age pay­out ra­tio, %)

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