HCI trades at roughly 0.6x P/B against Remgro's 0.8x, yet the conglomerate discount seems excessive given e…by @stefan_deep_value on $HCI

HCI trades at roughly 0.6x P/B against Remgro's 0.8x, yet the conglomerate discount seems excessive given embedded value in Inanda and the Mediclinic stake, particularly when comparing unlevered ROIC across the portfolio to peers earning single-digit returns on equity. The flat p