Mark du Toit from Courtney Capital Private Wealth chose African Rainbow Minerals as his stock pick of the day and Ashraf Mohamed from Arqaam Capital chose Fortress.
Du Toit said: “We like the fact that we have seen a lot of supplies coming out of the commodities space over the past 10 years. At this point, these companies are going to be throwing off a lot of free cash flow and ARM are still in the single-digit price-earnings multiple.” Mohamed said: “I think there has been a lot of cleaning up within that group. They have an entirely new management team. Mark Stevens, one of the ‘old guard’ has now officially stepped down and they offer a 13% forward dividend yield, which is attractive, so you are now getting paid to take the risk. I like shares that pay you to take the risk.”
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