WE FIRST SUGGESTED a ‘buy’ on this stock in 2013 and again in 2014, and while it hasn’t shot the lights out, t hat ’ s exactly what one expects f r om t hi s company. Frankly, it is boring, but boring in a good way. It stores documents. That’s it, nothing fancy.
The beauty of the business is that legislation requires all companies to keep cer tain documents for prescribed periods of time, so Metrofile has an inbuilt demand for its services. Further, when you are a business that needs to store documents, and you decide to get a third party to manage this process for you, it is a must that the company being used is well reputed and skilled in the field. You do not want to go with some new start– up that nobody has heard of and that may not be around when you need to retrieve the documents.
Latest results show solid growth with a decent dividend and a cautious expansion i nto Africa (Mozambique, Nigeria and Zambia), with a presence in UAE.