to join the discussion
VUN's been stuck in the R2-3 range for ages. Thing is, the investment banking space locally is thin and the fees are under pressure. They need a decent M&A deal or a mandate from a big corporate to move the needle, not just trading commissions.
VUN up 2.08% to R2.45 but that micro-cap financials play is still trading on hope rather than earnings visibility. Until we see actual revenue traction from their portfolio companies, this remains a spec punt for patient holders.
Been digging into VUN's last set of numbers and the advisory fees are actually holding up pretty well despite the tough equity market. If they can keep client assets sticky through this load-shedding cycle and maybe pick up some corporate finance work when sentiment shifts, the R2.40 doesn't look crazy for a shop that's actually profitable. Competition from the bigger boys is real but their institutional relationships seem genuine, not just transactional.
Good Morning Everyone, VUN closed R2.40 yesterday, market cap sitting around 430m rand on 179m shares outstanding. Compare that to PSG at 35 rand, Investec at 85 rand, these guys are a fraction of the size but the advisory and trading fees are real income streams if corporates keep doing deals. Institutional holding matters here, need to track who's buying on weakness.
VUN's been getting smashed but the dividend yield at these levels is starting to look silly for a proper investment bank. Problem is you're basically betting the advisory fees hold up when corporates stop doing deals, which they tend to do first when things get tight.
Do you think the advisory fees hold up if the market stays flat though. VUN's been relying on that equity desk activity and corporate mandates, ngl feels like those dry up quick when volumes drop and companies stop doing deals.
vun sitting at r2.64 is decent value if you look at the net cash position and the advisory pipeline they've got. banking services aren't dead, just cyclical. picked up more at r2.50 last week, not selling at these prices.
VUN's been a slow bleed for ages, ngl. At R2.64 you're betting the investment banking side actually recovers when corporates start doing deals again, but that's not happening while everyone's sitting on cash waiting for rate cuts.
vun's been stuck around the R2.60s for ages, advisory fees aren't growing and equities trading is thin. why would anyone hold this when there's better performing financials out there. dead money imo.
VUN grinding higher at R2.01 today, but the volume's been thin lately. Anyone seeing accumulation in the dark pools or is this just retail dribble?
good morning everyone, vun sitting at r2.00 and the institutional boys been quiet on the holding side. revenue pressure from advisory fees but equities trading desk actually moving some volume. ngl if they can tighten cost base the margin story gets lekker real quick.
VUN sitting at R2.00 is decent value for an investment bank, especially if they can land some proper mandates. The real question is whether they can grow earnings off a smaller balance sheet than the big four. Once they get traction on advisory fees and equities flow, the multiple should expand.
been reading through the latest financials and vun's really had to fight for margin in this space, but the advisory book looks solid compared to where it was two years ago. wealth management fees holding up better than equities trading which is getting hammered everywhere, so ngl there's something there if they can keep the institutional client base sticky through the next cycle.
Good Morning Everyone, institutional holdings at 18.7%, down from 21.2% last week
Current R 2,64 — 50% of range
Fundamentals sourced from JSE disclosures. Updated quarterly.