Intrinsic Equity

Choose your fighter 🎮

It's just steaks n burgers

"oi pai, qual é o definição de uma empresa cíclica?"

Looking at the numbers, it's wild that Standard Bank generates 4.7x more Net Ninterest Income than Capitec, yet Capitec trades at a higher market cap of R463bn compared to Standard's R442bn. Investors are clearly pricing in massive growth expectations for Capitec, betting that its digital banking model and customer acquisition will justify the premium valuation.

Meanwhile, FirstRand sits at R458bn with R76.6bn in Net Interest Income, showing that traditional banks are generating way more profit but getting less love from the market. It's a bold bet on disruption over current earnings. Only time will tell if Capitec can live up to the hype

Uba Moçambique one-pager

Este gráfico mostra quem está a "partir a loiça" no mercado de seguros em Moçambique, e o segredo está no Rácio Combinado. Basicamente, este rácio mostra o quão bem a seguradora gere os custos (sinistros e despesas) vs o dinheiro que recebe em prémios.

Lembrem-se: a regra de ouro é ficar abaixo de 100%, porque significa que a empresa está a ganhar dinheiro só com o negócio de seguro, sem depender de investimentos. Em 2024, a EMOSE e a Fidelidade Ímpar destacam-se com os rácios mais baixos (82% e 88%), provando que estão a ser super eficientes.

O resultado é simples: quanto mais baixo for este número, mais cash limpo a seguradora está a fazer.

Ever since Russia invaded Ukraine, the world’s been reminded that gold still shines brightest in times of chaos. With central banks loading up on reserves and currencies losing their sparkle, investors have rushed back to the metal they trust most.

This wave of uncertainty has sent gold prices soaring and with it, companies like Gold Fields have seen massive gains. What started as R10,000 in early 2022 would now be worth over R34,000 — proof that in shaky times, gold truly glitters.

Se o EBIT (Lucros Antes de Juros e Impostos) está assim, que poder de negociação o Presidente Chapo 🇲🇿 realmente tem? E na perspetiva da South32, por que continuar com um Business Unit com métricas de rentabilidade tão fracas?

Food for thought 🧠

These are just some of the companies under Naspers:
Takealot
Mr D Food
AutoTrader
Property24
PayU
Media24

What a portfolio!

You only achieve these targets by pivoting towards robotics. China will flood the auto-industry and undercut prices of major competitors.

Tesla Inc's (NASDAQ:TSLA) annual shareholder meeting this week is shaping up less like a corporate vote and more like a referendum on Elon Musk himself. At stake: a $1 trillion stock award that could make Musk the world's first trillionaire — if he hits a series of moonshot goals that would turn Tesla into an $8.5 trillion juggernaut.

A Pay Package That Redefines ‘All Or Nothing'
The proposal, first floated in 2018 and now re-ratified after a legal challenge, would give Musk the right to earn up to 304 million Tesla shares over the next decade if he’s able to sixfold the company's market cap and meets targets like:

-Selling 20 million cars annually,
-Rolling out a million robotaxis, and
-Deploying a million Optimus humanoid robots.

Tesla's board, led by chair Robyn Denholm, has been on a media blitz, arguing that dangling a massive equity prize is the only way to keep Musk focused on the automaker rather than his constellation of side ventures — from X to xAI to SpaceX. "He's driven by ambitious targets," Denholm said, warning that Musk could "walk away" if shareholders reject the deal, reported FT.

Shareholders Torn Between Loyalty And Leverage
Not everyone's buying it. The California Public Employees' Retirement System (CalPERS) has already voted against the package, calling it "orders of magnitude" above peers and warning it would "further concentrate power in a single shareholder."

Proxy advisers ISS and Glass Lewis also oppose it — prompting Musk to fire back, branding them "corporate terrorists." Yet for every institutional critic, there's an army of retail shareholders ready to click "yes," many of whom see Musk's outsized pay as symbolic of Tesla's outsized ambition.

Investor Takeaway
Whether the plan passes or not, the vote underscores Tesla's identity crisis — is it a carmaker, a robotics empire, or an Elon Musk personality cult?

Investors betting on Tesla's long-term story should remember: even if Musk wins his trillion-dollar jackpot, it only pays out if he can deliver on the biggest "if" in corporate history.

benzinga.com/quote/tsla