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Virgin Active, New Look buys boost Brait value

Nov 17 2015 15:55
Janice Kew


Company Data

Brait SE [JSE:BAT]

Last traded 14
Change 0
% Change -1
Cumulative volume 690075
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Investors bought into Brait SE [JSE:BAT] as the investment company controlled by South African billionaire Christo Wiese said net asset value more than tripled after it bought majority stakes in health-club provider Virgin Active and UK clothing retailer New Look for a combined £1.5bn.

Net asset value climbed to R123.50 ($8.60) a share in the six months ended September 30, from R34.75 a year earlier, the San Gwann, Malta-based company said in a statement on Tuesday.

“This has been a productive, return-focused period for Brait both in terms of acquisitions and divestitures within its investment portfolio and capital management,” it said. “Brait is well placed for new deals to complement its well-positioned portfolio.”

New Look has had strong trading and Virgin Active’s margins improved, Brait said. Premier Group, the South African maker of Blue Ribbon bread and Snowflake flour, posted earnings before interest, tax and other deductibles of more than R1bn, the company said.

This includes Premier’s purchase of Companhia Industrial da Matola, the leading food producer in Mozambique.

The stock climbed for a second day, adding 4.81% to R158.99 by 15:38 in Johannesburg. That extended the shares’ gain this year to 103%. They are the best performers in the FTSE/JSE Top-40 Index over the period.

While Brait has mostly been investing outside its traditional market of South Africa in 2015, the company is considering acquisitions in that country and Europe, chief executive officer John Gnodde said earlier this year.



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