We’re pretty much out of the hectic earnings season, but still a few trading updates are trickling out. The Massmart one certainly caught my attention. On the surface it’s not bad, with sales up 10.2%, but product inf lation of around 4.8% and same-store sales of 7.1% higher means real growth of closer to 2.3%. With a historic P/E ratio of around 23 times, that, to my mind, falls very short of what the market is looking for. It further indicates how expensive our local retailers are relative to their current earnings ability. The market is pricing in serious African growth and in the case of Massmart, the Walmart magic is kicking in sooner rather than later. Neither is likely in the short term.