Nedbank: Recent Episodes
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The final episode of the Nedbank Reality Football series featureds Kaizer Chiefs legend, Reneilwe ‘Yeye’ Letsholonyane. He sat down with Brian Mathe to discuss Yeye’s tenure at AmaKhosi, his foundation, defining moments in his life, and the money choices he made during his football career.
Missed out on previous episodes? Click on the link of the episode you want to watch and hear your favourite legends tell it all.
•Siphiwe Tshabalala: https://moneyedge.co.za/cup/siphiwe-tshabalala/
•Teko Modise: https://moneyedge.co.za/cup/teko-modise/
•Mark Williams: https://moneyedge.co.za/cup/mark-williams/
•Jerry Sikhosana: https://moneyedge.co.za/cup/jerry-sikhosana/
Doctor Khumalo famously known as ‘16V’ in South African football circles, sat down with Brian Mathe to discuss his football journey. Khumalo talks about earning his first cheque whilst still in high school and almost donning the black and white colours of Orlando Pirates.
We have more real-life stories from your favourite football legends on Nedbank Reality Football series. Click on the link to watch the next episode, featuring Reneilwe Letsholonyane: [insert link] or check out the other episodes that you might’ve missed:
•Siphiwe Tshabalala: https://moneyedge.co.za/cup/siphiwe-tshabalala/
•Teko Modise: https://moneyedge.co.za/cup/teko-modise/
•Mark Williams: https://moneyedge.co.za/cup/mark-williams/
•Jerry Sikhosana: https://moneyedge.co.za/cup/jerry-sikhosana/
Brain Mathe sat down with Orlando Pirates legend Jerry Sikhosana – better known to South Africans as 'Legs of Thunder' – during the fourth episode of the Nedbank Reality Football series. Sikhosana shared stories about how he supported Kaizer Chiefs as a youngster, his professional challenges at Pirates, and his time in China. The Champions League winner also talks about the investments he made to look after his family.
Brain Mathe sat down with one of the 1996 AFCON heroes, Mark Williams – better known to South Africans as the nation builder – during the third episode of the Nedbank Reality Diski series. Williams opened up about his nickname, financial decisions, advice to current players, Madiba magic, and being offered 2 million pounds to miss 1996 AFCON, and that famous victory.
The rand may be much weaker now than a month ago, but it may not be cheap enough. At 14,50, we were better buyers of USD and although the rand has moved a lot in the past month, its weakness can extend much further. It’s too soon to get bullish on the rand. As a result, even though it is trading above our fair-value range, cyclically, we prefer to maintain a weakening bias. Nedbank CIB Disclaimer · SA FIC_ Rand not cheap enough; maintain a weak bias_11 May 22.pdf — PDF (296.4 KB)
Modise speaks to Brian Mathe during the second episode of the Nedbank Reality Football series, and shares details on trusting his wife to manage his finances in order to make sure that he doesn’t default to the same bad spending habits that plagued him in the past.
Siphiwe Tshabalala immortalised his name when he scored the first FIFA World Cup goal on African soil in 2010. The Kaizer Chiefs legend sat down with broadcaster and fellow Chiefs alumnus, Brian Mathe, in the first episode of Nedbank Reality Football – a series of tell-all conversations delving into the lives, defining moments and even money choices of some of South Africa’s greatest-ever footballers.
RECOMMENDATION STRUCTURE We use a relative rating system using terms such as Overweight, Neutral, and Underweight. Overweight: Over the next 12 months this stock’s total return is expected to outperform the average total return of the stocks in the analyst’s coverage universe Neutral: Over the next 12 months this stock’s total return is expected to perform in line with the average total return of the stocks in the analyst’s coverage universe Underweight: Over the next 12 months this stock’s total return is expected to underperform the average total return of the stocks in the analyst’s coverage universe Not rated: We do not maintain an investment recommendation on this stock. Restricted: We are restricted from rating this stock due to a potential conflict of interest, or for legal/policy/regulatory issues. Target Price: The Target Price is the level the stock should currently trade at if the market were to accept the analyst's view of the stock and if the necessary catalysts were in place to effect this change in perception within the performance horizon. In this way, therefore, the target price abstracts from the need to take a view on the market or sector. If it is felt that the catalysts are not fully in place to effect a re-rating of the stock to its warranted target price, the fair value may be interpreted as a target price to be attained at some point in the future, namely in 12 to 18 months’ time, unless a different time frame is specified. VALUATION AND TARGET PRICE MTN Group Ltd: (RIC: MTN, Rec: Overweight, CP: R191.79, TP: R240.00) DISCLOSURES Subject Company Relevant disclosure(s) if any MTN Group Ltd G, H Vodacom Group Ltd: G, H Cell C H A - Nedbank holds 1% or more of the total issued share capital of the subject company B - Nedbank holds 5% or more of the total issued share capital of the subject company C - The subject company holds 1% or more of the total issued share capital of Nedbank Nedbank CIB Disclaimer
Disclaimer on pg38 of the Quarterly Update: Adjusting for growth & inflation Subject Company Relevant Disclosure(s) if any Emira, Growthpoint, Vukile, Nepi Rockcastle plc: None Redefine H Resilient REIT G MAS Real Estate Inc None Fortress Income Fund Limited "A" H Fortress Income Fund Limited "B" H Shoprite Holdings H Woolworths Holdings G Pick n Pay, SPAR, Mr Price Group, Truworths Ltd: None The Foshini Group H Pepkor Holdings G AngloGold Ashanti Limited H DRD Gold Ltd, Gold Fields Limited, Anglo American Platinum, Platinum Group Metals: None Harmony Gold Mining Company Ltd H Pan African Resources H Sibanye Gold Limited G, H Impala Platinum G, H Ivanhoe Mines H Northam Platinum G, H Royal Bafokeng Platinum G, H Tharisa G, H Wesizwe H MTN and Vodacom G, H Naspers H Prosus None Mediclinic international None Netcare Group and Life Healthcare Group H A-Nedbank holds 1% or more of the total issued share capital of the subject company B-Nedbank holds 5% or more of the total issued share capital of the subject company C-The subject company holds 1% or more of the total issued share capital of Nedbank. D-The analyst of this report (or a connected person) has a holding, is a director or officer, and/or has a direct or indirect financial interest in the subject company. E-The analyst of this report (or a connected person) has traded in the securities of the subject company in the last 30 days. F-Nedbank has a transactional banking relationship with the subject company G-Nedbank earned investment banking fees from the subject company in the last 12 months H-Nedbank has an investment banking relationship with the subject company I-Nedbank has managed or co-managed a primary share issue for the subject company in the past 12 months J-Nedbank has managed or co-managed a secondary share issue for the subject company in the past 12 months K-Nedbank may conduct investment banking business with the subject company in the next 6 months L-Nedbank /Analyst has a conflict of interest Nedbank CIB Disclaimer
We expect South Africa’s sovereign rating outlook to be upgraded to “Stable” from “Negative” and its “Ba2” rating level to be affirmed Nedbank CIB Disclaimer · Corporate Credit_1 April 2022.pdf — PDF (319.3 KB)
DISCLAIMERS RECOMMENDATION STRUCTURE We use a relative rating system using terms such as Overweight, Neutral, and Underweight. Overweight: Over the next 12 months this stock’s total return is expected to outperform the average total return of the stocks in the analyst’s coverage universe Neutral: Over the next 12 months this stock’s total return is expected to perform in line with the average total return of the stocks in the analyst’s coverage universe Underweight: Over the next 12 months this stock’s total return is expected to underperform the average total return of the stocks in the analyst’s coverage universe Not rated: We do not maintain an investment recommendation on this stock. Restricted: We are restricted from rating this stock due to a potential conflict of interest, or for legal/policy/regulatory issues. Target Price: The Target Price is the level the stock should currently trade at if the market were to accept the analyst's view of the stock and if the necessary catalysts were in place to effect this change in perception within the performance horizon. In this way, therefore, the target price abstracts from the need to take a view on the market or sector. If it is felt that the catalysts are not fully in place to effect a re-rating of the stock to its warranted target price, the fair value may be interpreted as a target price to be attained at some point in the future, namely in 12 to 18 months’ time, unless a different time frame is specified. DISCLOSURES Subject Company Relevant disclosure(s) if any Sibanye-Stillwater G, H Anglo American Platinum G, H, F Impala Platinum Holdings Limited A, G, H, F Platinum Group Metals None Ivanhoe Mines H Northam Platinum Holdings G, H, F Royal Bafokeng Platinum G, H Tharisa G, H, F Wesizwe H Nedbank CIB Disclaimer
The 2022 Budget Speech will be delivered in an environment with more certainty than what we experienced in 2021. While revenue collection may surprise to the upside, expenditure pressures in the form of additional social support, and state-owned enterprises bailouts do threaten to slow down the fiscal recovery. Our Markets Research Team reviews the Budget and its impact on the rand, interest rates and growth. Disclaimer
DISCLAIMERS Please click here to view our Nedbank CIB Disclaimer RECOMMENDATION STRUCTURE We use a relative rating system using terms such as Overweight, Neutral, and Underweight. Overweight: Over the next 12 months this stock’s total return is expected to outperform the average total return of the stocks in the analyst’s coverage universe Neutral: Over the next 12 months this stock’s total return is expected to perform in line with the average total return of the stocks in the analyst’s coverage universe Underweight: Over the next 12 months this stock’s total return is expected to underperform the average total return of the stocks in the analyst’s coverage universe Not rated: We do not maintain an investment recommendation on this stock. Restricted: We are restricted from rating this stock due to a potential conflict of interest, or for legal/policy/regulatory issues. Target Price: The Target Price is the level the stock should currently trade at if the market were to accept the analyst's view of the stock and if the necessary catalysts were in place to effect this change in perception within the performance horizon. In this way, therefore, the target price abstracts from the need to take a view on the market or sector. If it is felt that the catalysts are not fully in place to effect a re-rating of the stock to its warranted target price, the fair value may be interpreted as a target price to be attained at some point in the future, namely in 12 to 18 months’ time, unless a different time frame is specified. DISCLOSURES Subject Company Relevant disclosure(s) if any Anglo American Platinum Ltd G, H, F AngloGold Ashanti Ltd G, H DRDGOLD Ltd None Gold Fields Ltd G, H, F Harmony Gold Mining Co Ltd G, H Impala Platinum Holdings Ltd A, G. H, F Ivanhoe Mines Ltd H Northam Platinum Ltd G, H, F Pan African Resources PLC G, H, F Platinum Group Metals Ltd None Royal Bafokeng Platinum Ltd G, H Sibanye-Stillwater Limited (SSW SJ) G, H Tharisa PLC G, H, F Wesizwe Platinum Ltd Nedbank CIB Disclaimer
The latest US inflation print may have increased doubts that South Africa can escape most of the inflationary pressures observed in the US. For one, it seems as if the FRA market believes South Africa will not be able to escape these pressures. The FRA market is currently pricing in 250 bps of hikes over the next two years, which, in our view, is consistent with inflation expectations closer to 6% by the end of next year. These inflationary pressures may arrive for South Africa, but our estimates suggest the US is unlikely to be the major source of such inflationary pressures. Nedbank CIB Disclaimer · SA FIC_The US inflation impulse Walter.pdf — PDF (204.2 KB)
We project a further upward revision to revenue estimates over the entire MTEF at the upcoming Budget, with the main driver being corporate income tax (CIT) receipts. Our estimates suggest a cumulative R521bn increase in revenue collection from 2021 to 2025 relative to the MTBPS forecast. This is mainly due to the significantly larger base in 2021/22 and our slightly higher GDP growth forecast from 2022 to 2025. Nedbank CIB Disclaimer · 2022 Budget preview_revenue boom persists.pdf — PDF (281.1 KB)
Please refer to our disclaimer link on page 2 of the report. Nedbank CIB Disclaimer · Monthly Insights Feb 2022.pdf — PDF (2.6 MB)
Company Relevant Disclosures: Emira None Growthpoint A, F Redefine H Vukile H Nepi Rockcastle plc: None Resilient REIT G, H MAS Real Estate Inc None Fortress Income Fund Limited "A" None Fortress Income Fund Limited "B" A Shoprite Holdings H, F Woolworths Holdings G, H Pick n Pay F SPAR F The Foshini Group H, F Mr Price Group F Pepkor Holdings G, H, F Truworths Ltd F AngloGold Ashanti Limited G, H DRD Gold Ltd None Gold Fields Limited G, H Harmony Gold Mining Company Ltd G, H Pan African Resources G, H, F Sibanye Gold Limited G, H Anglo American Platinum G, H, F Impala Platinum G, H, F Ivanhoe Mines H Northam Platinum G, F Platinum Group Metals None Royal Bafokeng Platinum G Tharisa G, H, F Wesizwe H MTN G, H, F Vodacom G, H, F Naspers H Prosus None Mediclinic international None Netcare Group H, F Life Healthcare Group H, F A - Nedbank holds 1% or more of the total issued share capital of the subject company B - Nedbank holds 5% or more of the total issued share capital of the subject company C - The subject company holds 1% or more of the total issued share capital of Nedbank. D - The analyst of this report (or a connected person) has a holding, is a director or officer, and/or has a direct or indirect financial interest in the subject company. E - The analyst of this report (or a connected person) has traded in the securities of the subject company in the last 30 days. F - Nedbank has a transactional banking relationship with the subject company G - Nedbank earned investment banking fees from the subject company in the last 12 months H - Nedbank has an investment banking relationship with the subject company I - Nedbank has managed or co-managed a primary share issue for the subject company in the past 12 months J - Nedbank has managed or co-managed a secondary share issue for the subject company in the past 12 months K - Nedbank may conduct investment banking business with the subject company in the next 6 months L - Nedbank /Analyst has a conflict of interest Nedbank CIB Disclaimer · Quarterly Update_10 Dec 21.pdf — PDF (1.1 MB)
Subject Company Relevant disclosure(s) if any Foschini Group Ltd H, L Mr Price Group Ltd L Pepkor Holdings Ltd G, H, L Truworths International Ltd L Woolworths Holdings Ltd G, H, L A - Nedbank holds 1% or more of the total issued share capital of the subject company B - Nedbank holds 5% or more of the total issued share capital of the subject company C - The subject company holds 1% or more of the total issued share capital of Nedbank. D - The analyst of this report (or a connected person) has a holding, is a director or officer, and/or has a direct or indirect financial interest in the subject company. E - The analyst of this report (or a connected person) has traded in the securities of the subject company in the last 30 days. F - Nedbank has a transactional banking relationship with the subject company G - Nedbank earned investment banking fees from the subject company in the last 12 months H - Nedbank has an investment banking relationship with the subject company I - Nedbank has managed or co-managed a primary share issue for the subject company in the past 12 months J - Nedbank has managed or co-managed a secondary share issue for the subject company in the past 12 months K - Nedbank may conduct investment banking business with the subject company in the next 6 months L - Nedbank /Analyst has a conflict of interest Nedbank CIB Disclaimer · SA Apparel Retail_9 Dec 21.pdf — PDF (727.5 KB)
Subject Company Relevant disclosure(s) if any Fortress REIT Ltd A, H, L A - Nedbank holds 1% or more of the total issued share capital of the subject company B - Nedbank holds 5% or more of the total issued share capital of the subject company C - The subject company holds 1% or more of the total issued share capital of Nedbank. D - The analyst of this report (or a connected person) has a holding, is a director or officer, and/or has a direct or indirect financial interest in the subject company. E - The analyst of this report (or a connected person) has traded in the securities of the subject company in the last 30 days. F - Nedbank has a transactional banking relationship with the subject company G - Nedbank earned investment banking fees from the subject company in the last 12 months H - Nedbank has an investment banking relationship with the subject company I - Nedbank has managed or co-managed a primary share issue for the subject company in the past 12 months J - Nedbank has managed or co-managed a secondary share issue for the subject company in the past 12 months K - Nedbank may conduct investment banking business with the subject company in the next 6 months L - Nedbank /Analyst has a conflict of interest Nedbank CIB Disclaimer · Fortress REIT Limited_8 Dec 21.pdf — PDF (280.3 KB)
Please refer to our disclaimer link on page 2 of the report. Nedbank CIB Disclaimer · Monthly Insights - Dec 21.pdf — PDF (2.7 MB)
Strategy insights: Deep dive into the drivers of asset class performance and the economy, through the lens of liquidity and flows.
Strategy insights: Deep dive into the drivers of asset class performance and the economy, through the lens of liquidity and flows.
DISCLOSURES Subject Company Relevant disclosure(s) if any Growthpoint Properties Ltd A, H A - Nedbank holds 1% or more of the total issued share capital of the subject company B - Nedbank holds 5% or more of the total issued share capital of the subject company C - The subject company holds 1% or more of the total issued share capital of Nedbank. D - The analyst of this report (or a connected person) has a holding, is a director or officer, and/or has a direct or indirect financial interest in the subject company. E - The analyst of this report (or a connected person) has traded in the securities of the subject company in the last 30 days. F - Nedbank has a transactional banking relationship with the subject company G - Nedbank earned investment banking fees from the subject company in the last 12 months H - Nedbank has an investment banking relationship with the subject company I - Nedbank has managed or co-managed a primary share issue for the subject company in the past 12 months J - Nedbank has managed or co-managed a secondary share issue for the subject company in the past 12 months K - Nedbank may conduct investment banking business with the subject company in the next 6 months L - Nedbank /Analyst has a conflict of interest
DISCLOSURES Subject Company Relevant disclosure(s) if any Life Healthcare Group Holdings H A - Nedbank holds 1% or more of the total issued share capital of the subject company B - Nedbank holds 5% or more of the total issued share capital of the subject company C –The subject company holds 1% or more of the total issued share capital of Nedbank. D -The analyst of this report (or a connected person) has a holding, is a director or officer, and/or has a direct or indirect financial interest in the subject company. E - The analyst of this report (or a connected person) has traded in the securities of the subject company in the last 30 days. F – Nedbank has a transactional banking relationship with the subject company G - Nedbank earned investment banking fees from the subject company in the last 12 months H - Nedbank has an investment banking relationship with the subject company I - Nedbank has managed or co-managed a primary share issue for the subject company in the past 12 months J - Nedbank has managed or co-managed a secondary share issue for the subject company in the past 12 months K - Nedbank may conduct investment banking business with the subject company in the next 6 months L – Nedbank /Analyst has a conflict of interest Nedbank CIB Disclaimer · Life Healthcare Upgrade earnings and target price Overweight 24 11 2021.pdf — PDF (243.7 KB)
The South African Reserve Bank’s (SARB) inflation target is currently under review by the National Treasury (NT) as part of a broader macroeconomic policy review for the country. The SARB indicated it would prefer an explicit point target for inflation rather than the current inflation band of 3-6%. It also indicated it favours a lower-point target than the current mid-point of 4,5%, with a 3% or 4% target mentioned as the preferred level. We have conducted our own review of the inflation target. While South Africa’s current target band is high compared to peers, we believe a point target of 4% is more suitable than a 3% target given domestic price dynamics. A 4% target rather than a 3% one would also minimise risks to credibility and a potentially high sacrifice ratio the SARB faces. Within this context, we provide an analytical framework to analyse the yield curve adjustment under a lower inflation target. We think of the potential move in the yield curve in three stages. The SARB’s credibility in reaching the target would determine how long it takes to shift from the first stage to the last stage. As far as a timeline is concerned for the broader macroeconomic policy review underway by the NT, the MTBPS indicated that a “…draft review document, due at the end of March 2022, will form the basis for workshops, public discussions and additional research. A final review is expected to be published in 2023”. Nedbank CIB Disclaimer · SA Insight - SARB’s inflation target_19 Nov 21.pdf — PDF (325.3 KB)
South Africa has begun its decarbonisation journey in earnest after having garnered the support of the UK, France, Germany, the US and the EU to jumpstart the just energy transition towards a low-carbon economy and net-zero carbon emissions by 2050. Eskom is at the centre of this pivot as it seeks to decommission aging power plants (possibly at an accelerated pace) while investing in grid infrastructure expansion, renewable-energy projects and battery storage, as well as repurposing old power stations. However, Eskom’s legacy debt remains a wild card, despite myriad proposals to solve its debt crisis made over the past three years. There is no neat solution in our view. Nevertheless, we think it is important to consider some of the more prominent ideas that have been put forward and unpack what this could mean for Eskom bondholders in the domestic and international credit markets. Join us as we weigh up Eskom’s debt solutions, and likely funding needs, as the utility pursues a just energy transition. Disclaimer
Please click here to view our Nedbank CIB disclaimer DISCLOSURES Subject Company Relevant disclosure(s) if any Royal Bafokeng Platinum Ltd G, H A - Nedbank holds 1% or more of the total issued share capital of the subject company B - Nedbank holds 5% or more of the total issued share capital of the subject company C - The subject company holds 1% or more of the total issued share capital of Nedbank. D - The analyst of this report (or a connected person) has a holding, is a director or officer, and/or has a direct or indirect financial interest in the subject company. E - The analyst of this report (or a connected person) has traded in the securities of the subject company in the last 30 days. F - Nedbank has a transactional banking relationship with the subject company G - Nedbank earned investment banking fees from the subject company in the last 12 months H - Nedbank has an investment banking relationship with the subject company I - Nedbank has managed or co-managed a primary share issue for the subject company in the past 12 months J - Nedbank has managed or co-managed a secondary share issue for the subject company in the past 12 months K - Nedbank may conduct investment banking business with the subject company in the next 6 months L - Nedbank /Analyst has a conflict of interest Report - Royal Bafokeng Platinum Ltd: Upgrading to Overweight
Please refer to the disclaimer link on page 2 of the report. Monthly insights Nov 2021.pdf — PDF (2.6 MB)
Please refer to our disclaimer and disclosure at the end of the report. Report - PGM Sector: Cutting through the noise
Given the lack of details and consensus within the government on a basic income grant (BIG), we provide a broad framework for contextualising any future decisions on such a policy. We simulate the impact of a BIG on key variables of the South African economy. The transmission mechanism through which the income grant affects the economy and local capital markets is largely dependent on how the grant is funded, while the size of transmissions into the economy would depend on how large the BIG is. Nedbank CIB Research Portal · Basic Income Grant 2021 08 11.pdf — PDF (125.8 KB)
Strategy insights: Deep dive into the drivers of asset class performance and the economy, through the lens of liquidity and flows.
Political uncertainty impacts economic growth and asset prices negatively. We observe this globally and it’s not unique to South Africa. Our own analysis - Growth and politics: impact, transmission and allocation - suggests that should political uncertainty decline from current elevated levels the compounding effect on growth could be large and very favourable to certain asset classes. Please join us in a conversation with Aubrey Matshiqi to discuss the political economy in light of our research findings, and to shed more light on where the political landscape is steering over the next three years.
Please join us for a presentation and Q&A session on The Changing Face of Global Retail with retail veteran Andrew Jennings, former Woolworths Group Retail MD. About the Speaker:
ANDREW JENNINGS
A highly accomplished Senior Global Retail Executive with more than 45 years of achievement leading some of the world’s most respected speciality and departmental stores. These include Harrods and House of Fraser in the UK, Brown Thomas in Ireland, Holt Renfrew in Canada, Saks Fifth Avenue in the USA, Woolworths in South Africa and the Karstadt Group in Germany. He is now based in London working with international retailers and private equity organisations as a Global Retailer, Board Member and Agent of change including Ted Baker (International), Alpha Wealth (SA) and Lion Capital with their PittaRosso shoe business in Italy. Andrew recently joined the Board of Boschendal Wine Estate in South Africa as Chairman. Andrew is actively involved with The Prince’s Trust in the UK as Chair of the Retail, Leisure and Hospitality Group which has benefitted from the sales of his highly successful debut book - Almost Is Not Good Enough - how to win or lose in retail.
Join us for an engaging session with our guest speaker, Mr Mohale Rakgate, Chief Investment Officer of the SA Infrastructure Fund. Mr Rakgate and team will provide more detail about the Infrastructure Fund and outline the progress it has made thus far. Disclaimer
The Covid-19 pandemic has transformed our way of working, communicating and meeting. We have therefore transformed our Annual Breakfast event into a virtual one, which we hope will be just as insightful and engaging as before. We take pleasure in inviting you to join us for a post budget speech analysis over a virtual breakfast on, 25 February 2021 from 08h00 - 09h00.
The 2021 Budget Speech will be delivered amidst a global pandemic. SA tax revenues have contracted during the pandemic, while spending pressures have intensified in order to provide relief to individuals and bail-outs to SOEs. The government will outline its plans to achieve fiscal consolidation over the MTEF, and like the aftermath of any crisis, a firm commitment to rebuilding what we have lost is expected. The human cost of this pandemic however, is undoubtedly irreversible.
Our markets analyst Reezwana Sumad will review the budget and its impact on the Rand, interest rates and growth.
Join us as we discuss our credit outlook, share our thoughts on the Land Bank’s debt restructure and consider some structural challenges to corporate bond issuance over the medium term. Disclaimer
“Whatever it takes” Central Banks have largely followed Mario Dragi’s famous quote during this pandemic. But can they continue to? Neels has vociferously encouraged us to pay more attention to the supply of money when thinking about the future of asset prices. Join us as he unpacks his thinking in a two-part series: Part 1: How did we get to these unprecedented levels of global debt Part 2: How does the world exit the current situation Nedbank CIB Disclaimer
Walter has started the year seeking answers to unprecedented questions. How much will COVID restrictions cost the South African economy on a monthly basis? Can we track this cost on a more timeous basis? How does the cost of COVID restrictions compare to the cost of a vaccine? And how does the cost of COVID restrictions in South Africa compare to other countries? He has had to develop innovative modelling skills to wade through unique data sets. Join us as we attempt to simplify a complicated macro outlook. Disclaimer
Join us for a webinar discussion with experts from BASF, a leading autocatalyst manufacturer, who will give insights into the key trends and developments in the global autocatalyst market and the impact on PGM demand. Northam members will join the discussion with their views making this an insightful webinar not to be missed. These experts will examine advances around substitution, the impact of the latest emission standards, key trends in the global auto markets and developments in the battery materials market. Disclaimer
2020 was an unprecedented year of tumultuous volatility. 2021 has started in a similar vein. Please join Reezwana Sumad (Senior Strategy Analyst) and Avinash Kalkapersad (Head: Global Markets Research) as they unpack prospects for the South African economy and the impact this could have on growth, asset prices and the rand. Disclaimer
Conversation leader- Bendeta Gordon; Franchize Directions Guest speakers- Kevin Roberson; Spur Group
Conversation leader- Bendeta Gordon; Franchize Directions Guest speakers- Jaime De Abreu; Ocean Basket
Conversation leader- Bendeta Gordon; Franchize Directions Guest speaker(s)- Anita Du Toit; Franchising Plus