Top results for a top company
The Discovery* results were great. The numbers are hard to wrap one’s head around but the commentary shows a great company with several great underlying businesses. White labelling Vitality is working great and the Chinese operation, Ping An Health, is also doing very well, adding over 100 000 clients in December. Overall Discovery is many businesses all working together, and in many cases they are still in early or mid-stages of development. The good news was that no rights issue is expected. We are also starting to see profits flow, although cash flow is not yet in top gear. I am a happy shareholder and Discovery remains one of my top holdings on the JSE.