ISB sitting at R0.65 feels like the market has forgotten what this business actually does. Food and beverag…by @sextant_za on $ISB

ISB sitting at R0.65 feels like the market has forgotten what this business actually does. Food and beverage plays in SA aren't sexy but they're stable, and compared to what Pioneer Foods was trading at before the consolidation, this valuation looks thin. The real question is whether management can grow volumes without getting crushed by input costs and load-shedding hitting their production. If they can hold margins through a tough cycle, positioned perfectly for the rerating when sentiment shifts.