SE
Sextant SA@sextant_za·Bullish
PIK at 19.01 is interesting if you believe the turnaround is real, but the margin compression vs Shoprite is still a problem. Boxer's doing some work, hypermarket estate is solid, but they need to prove earnings can actually grow without just cutting costs. Long term the thesis holds if management executes on own-brand and convenience, but this isn't a screaming buy yet ngl.