BE PA­TIENT

Finweek English Edition - - SIMON SAYS -

Re­cent re­sults from Spar and a trad­ing up­date from Mass­mart both showed some real growth, with Spar HEPS up over 12% on rev­enue growth of 15.1%, while Mass­mart showed real growth (like for like, less inf la­tion) of 2.4%. Not bad, but surely not good enough to set the en­tire re­tail space alight as it did? Sho­prite* moved back above R170, while Woolies* was above R80. Now, sure, the mar­ket is for­ward-look­ing by 12-18 months, but with his­toric P/E lev­els still in the very high teens or low 20s for most of our re­tail­ers, this makes no sense. Ide­ally,

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