PIK the Turnaround

By: Alfred0 comments

Following a rights issue and the successful floating of Boxer’s IPO on the JSE, Pick n Pay Stores (code: PIK) offers an interesting opportunity. The market has valued Boxer for us and, thus, Pick n Pay’s 65.6% stake in the retailer is worth R19.4bn (excluding a control premium). With Pick n Pay’s market cap currently…

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