Pa­tience pays off

Finweek English Edition - - Marketplace Simon Says -

Aspen re­sults show that pa­tience is per­haps an in­vestor’s great­est virtue. I have writ­ten be­fore about how even the best-per­form­ing shares can be un­der pres­sure or do noth­ing for a num­ber of years, test­ing in­vestors. Aspen is not out of the woods, but the re­cent re­sults were much bet­ter than pre­vi­ous years’ and while it still has a lot of debt over­all, the busi­ness is op­er­at­ing more ef­fi­ciently. Trad­ing at around the R310 level, the share is fairly val­ued with a his­toric P/E of 23 times. Share­hold­ers who have held on since the R440 highs in early 2015 are likely still not smil­ing, but the stock hit R100 for the first time in Jan­uary 2012, so it has still been a great in­vest­ment for long-term hold­ers.

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