Follow up to results

Some more on the Aspen H1 results from yesterday. Make sure that you watch this fabulous interview (that lasted longer than initially) - Aspen H1 normalised HEPS up 6%, see the imbedded video below. Self inflicted (supply chain) problems in South Africa, those have been fixed and a turnaround is afoot. An interesting question, when asked about why own Aspen today, at these levels, he gives an answer which I suspect a shareholder should expect. He said that 40 reporting periods of increased earnings, time and time again, tells you something. And he tells of how the business was harder at the beginning, cap in hand sitting in front of the bank manager. In some ways he says, it is easier to run a bigger business. Interesting perspective, not too dissimilar to those of Phil Knight of Nike in his book, Shoe Dog.






Paul actually saw both Stephen Saad and Gus Attridge in the foyer of the JSE yesterday and chatted with them. Not too much different to what Stephen said there. I will tell you something about this guy, he was asking Paul about his family and his running regime (Paul looks fit). That shows you the fellow genuinely cares about other people around him. I have heard a story too of him flying locally on coach and helping fellow passengers stow their luggage in the overhead compartments (there is always a fight over those, right?), from another client of ours. I wonder if the person sitting next to him knew that he would on paper be a Dollar billionaire?

After listening to him yesterday, we are very happy that the business here is in the "right" hands. They have had to close all the transactions and make sure that shareholders finally see the fruition of the hard work. A big base in a "good space". They will push and look for opportunities, including in infant nutritionals in China (baby formula), they are advanced in their thinking about entering China directly. We continue think that this is a fabulous business, with boundless opportunities. Whilst we are going to continue to "wait" and be patient in a stronger Rand environment, I think the stock represents a great opportunity now.