Intrinsic Equity

Vodacom vs MTN is getting intense 🤼

​To win the digital infrastructure war in Africa, Vodacom just made a massive move: they’re slashing shareholder dividends from 75% down to 65% to fund the buildout.

​Is cutting payouts to bet on digital revolution the right call, or a risky play? Read more in our weekly newsletter
https://open.substack.com/pub/intrinsicequity/p/inflation-climbs-kenya-calms-and?utm_source=share&utm_medium=android&r=qi26y

Hi friends. Quick update — I know it's been a while since we last posted, more than a month now. We've been dealing with some legal issues registering Intrinsic Equity as a company with the regulatory authorities (trademark issues, specifically), but it looks like we're finally nearing the end of this battle. And on that note, lets head into today's newsletter.

This week, we’ve got a fantastic lineup showing that the most compelling stories are often hidden just beneath the surface numbers.

We kick off with the African Development Bank, which is stepping up its own lending to push the continent toward financial self-reliance as foreign aid dries up. Closer to home, Pick n Pay’s latest results reveal a tale of two businesses: while the core supermarkets are still finding their feet, the Boxer brand is absolutely sprinting ahead and carrying the group.

Over in East Africa, Kenya’s largest lender, KCB, is showing great efficiency gains, though a stubborn bad-loan story means they aren't out of the woods yet. We also dive into Oceana's numbers, where the humble can of Lucky Star pilchards is quite literally saving the group's dinner. Finally, we check in on ACWA Power to show how ignoring market noise and focusing on fundamentals has paid off big time for our portfolio.

Follow the link here https://open.substack.com/pub/intrinsicequity/p/boxer-carries-pnp-lucky-star-saves?r=4cwaqz&utm_campaign=post&utm_medium=web

Vamos falar de rubis por um minuto!

A Montepuez Ruby Mine em Cabo Delgado (pertencente à empresa britânica Gemfields) produz alguns dos rubis mais valiosos do planeta. Em 2025, o preço médio por quilate chegou a cerca de 461 dólares, o que equivale a aproximadamente 5,5 vezes o salário mediano no país. Moçambique é hoje considerado o lar de algumas das descobertas de rubis mais importantes do século XXI.

Mas aqui está a realidade desconfortável: apesar de possuir recursos naturais avaliados em biliões de dólares, como rubis, gás natural e grafite, Cabo Delgado continua a ser uma das províncias mais pobres de Moçambique. Muitas comunidades locais ainda enfrentam desemprego, infraestruturas fracas, serviços de saúde precários e acesso limitado a uma educação de qualidade.

Quando é que Moçambique (recentemente classificado pelo Banco Mundial como o 2.º país mais pobre do mundo) vai finalmente transformar a sua riqueza mineral em desenvolvimento económico para a população? Dá que pensar, não dá?
Segue o meu Substack através do link na descrição. Escrevo e crio infográficos sobre temas de finanças e economia.

Did you know Vodacom Group earns more revenue per user in Kenya than in South Africa. And Libya only pay $0.03 for 1 litre of gasoline. Read about this and more interesting stuff in today's weekly newsletter. Don't forget to subscribe
https://open.substack.com/pub/intrinsicequity/p/vodacoms-rising-arpu-sonatrachs-billion?utm_source=share&utm_medium=android&r=4cwaqz

Interested to know what's going on in other African Portuguese speaking countries? Follow the link
https://open.substack.com/pub/intrinsicequity/p/exportacoes-expectativas-pressao?utm_source=share&utm_medium=android&r=4cwaqz

🚨 NEWSLETTER IS OUT! 🚨

The team cooked in this edition. Check it out 🙌. Here are some of the infographics you'll find in the newsletter
https://open.substack.com/pub/intrinsicequity/p/boardroom-battles-brewery-wins-airline?utm_source=share&utm_medium=android&r=4cwaqz.

O newsletter de hoje já está disponível (versão em português)! Não se esqueça de subscrever e partilhar. https://open.substack.com/pub/intrinsicequity/p/a-cfm-movimenta-mais-mas-ganha-menos?utm_source=share&utm_medium=android&r=4cwaqz.

Alguns dos infográficos da edição de hoje 👇

Here are some of the infographics from yesterday's newsletter. Take a look
https://open.substack.com/pub/intrinsicequity/p/bitter-beans-concrete-gains-a-stagnant?utm_source=share&utm_medium=android&r=4cwaqz

Hi fam! Apologies over not posting content over the past 3 weeks. We have been secretly A/B testing how to deliver our content and I think we've found the formula! Tomorrow 18h [25/03/2026] newsletter is out. Check my stories on what to expect