Patience pays off
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.