TH
Thuli N.@thuli_dd·Bearish
Been digging through the latest numbers on PMR and the margin compression is real, but the distribution network they've built into retail is actually hard to replicate. Volume growth is there even if price per unit is getting squeezed by input costs and competition from Tiger Brands. Question is whether they can hold market share through load-shedding season without the capex killing them, but at R192.40 you're not paying much for a defensive play in essentials.