Encouraged by this one.

Management have cut costs well. Also almost debt free.

income diversified away from gold to retail.

Retail up a whopping 24% (but margins down)...if they can keep the growth in retail but sustain 2014 margin this could be 17p eps next year.

While less exposure to gold the option remains, I think we could see a big shift up in PM in the next 15 months so this is nice optionality in the stock.

Don't like low ROE or eroded margins in retail, they are the risk for me.

On balance given the cost control and new strategy and inherent leveraged gold play I am adding this to my portfolio.

Any thoughts?

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