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Sextant SA@sextant_za·Neutral
EPE sitting at R4.99 feels like the market's punishing it for being illiquid and hard to value, which is fair enough for a PE shop with most capital locked in unlisted assets. But compared to where Brait or even Redefine were trading during their rough patches, this pricing looks like it's swung too far the other way. If management can actually exit a couple of those portfolio companies cleanly over the next 18 months, NAV should tell a different story.