“ 84% of clients rate their private bank or wealth manager good or excellent ”

- 2105 Top Private Banks & Wealth Managers survey

“ 47% of private bank or wealth manager clients are aged 55-74 ”

- 2015 Top Private Banks & Wealth Managers Survey

“ 26% of clients have assets of between R3m and R10m invested with their private bank or wealth manager ”

- 2015 Top Private Banks & Wealth Managers Survey

“ Only 4% of SA's fresh fruit is exported to Africa ”

- 2014 NDP Report

“ NDP aims to ensure an African language is taught in every school by 2019 from 10% currently ”

- 2014 NDP Report

“ NDP aims to improve life expectancy from 61.3 years to 70 years by 2030 ”

- NDP Report 2014

“ 28% of stockbroking clients trade ETFs, up from 18% in 2013 ”

- 2015 Top Stockbrokers Survey

“ 14% of stockbroking clients trade CFDs, down from 21% in 2013 ”

- 2015 Top Stockbrokers Survey

“ 90% of stockbroker clients are long-only equities traders ”

- 2015 Top Stockbrokers Survey

“ NDP target: 90% of households to have minimum sanitation standards by 2019 from 84% now ”

- 2014 NDP Report

“ 59% of clients are very likely to recommend their private bank or wealth manager to friends/family ”

- 2015 Top Private Banks & Wealth Managers Survey

“ SA's institutional stockbrokers have R6.5-trillion in total assets under management ”

- 2015 Ranking the Analysts survey

“ Institutional brokers are allocating more funds for dealing and less for research ”

- 2015 Ranking the Analysts survey

“ NDP goal: by 2019, 75% of pupils in grades 3, 6 and 9 should score at least 50% in literacy, maths and science ”

- 2014 NDP Report

“ 83% of clients rate their stockbroker ‘good’ or ‘excellent’ ”

- 2015 Top Stockbrokers Survey

“ 60% of stockbroker clients execute only one to three trades a month and 6% do more than 12 ”

- 2015 Top Stockbrokers Survey

“ Institutional brokers are increasing their budgets for corporate access ”

- 2015 Ranking the Analysts survey

“ Domestic AUM of institutional brokers tops R5-trillion ”

- 2015 Ranking the Analysts survey

“ Institutional brokers are reallocating funds from general to specialist dealings ”

- 2015 Ranking the Analysts survey

“ The total value generated from BEE deals by the top 100 JSE-listed companies in the 20 years to end-2014 is R317bn ”

- The value of BEE deals

“ Staff schemes have gained R52bn in BEE deals by the top 100 JSE-listed companies over 20 years ”

- The value of BEE deals

“ Strategic investors have gained R196bn in BEE deals by the top 100 JSE-listed companies over 20 years ”

- The value of BEE deals

“ Community schemes have gained R69bn in BEE deals by the top 100 JSE-listed companies over 20 years ”

- The value of BEE deals

“ Mining has been the biggest creator of value in both absolute and relative terms in total BEE deals by the top 100 JSE-listed companies ”

- The value of BEE deals

“ Website security and platform efficiency are the most important factors to stockbroker clients ”

- 2015 Top Stockbrokers Survey
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Research methodology and disclaimer

Important disclosures for Moneyweb flash notes

Methodology

Guide to share price research recommendations

Forecasts are undertaken by Intellidex Investment Research and valuations determined on the basis of discounted free cash-flow to the firm modelling. Where cash-flows are negative or discounting cannot be performed for some reason, price multiple comparatives are used. In cases where the average cost of capital is less than the long-term growth estimate, constant growth model or exit multiple approach (enterprise value-to-Ebitda) may be applied. A buy recommendation is made if the intrinsic value is 10% higher than the current share price, a sell recommendation if it is 10% lower than current share price, a hold recommendation if it is in between.

The risk measure is a subjective determination guided by the beta of the share price. We also examine the financial and operating leverage of the business and assess wider macroeconomic conditions.

Important disclosures

This research note is prepared for Moneyweb Holdings Ltd, financial services website by Intellidex (Pty) Ltd, a company registered in South Africa, registration number: 2008/005881/07 (“Intellidex”). Intellidex is an independent company contracted to Moneyweb. The views expressed in this note are those of Intellidex and/or its analysts and not necessarily the views of Moneyweb or any officer or agent thereof.

Disclaimer

This research report was issued by Intellidex (Pty) Ltd. Intellidex aims to deliver impartial and objective assessments of securities, companies or other subjects. This document is issued for information purposes only and is not an offer to purchase or sell investments or related financial instruments. Individuals should undertake their own analysis and/or seek professional advice based on their specific needs before purchasing or selling investments. The information contained in this report is based on sources that Intellidex believes to be reliable, but Intellidex makes no representations or warranties regarding the completeness, accuracy or reliability of any information, facts, estimates, forecasts or opinions contained in this document. The information, opinions, estimates, assumptions, target prices and forecasts could change at any time without prior notice. Intellidex is under no obligation to inform any recipient of this document of any such changes. Intellidex, its directors, officers, staff, agents or associates shall have no liability for any loss or damage of any nature arising from the use of this document.

Remuneration and conflicts

The opinions or recommendations contained in this report represent the true views of the analyst(s) responsible for preparing the report. The analyst’s remuneration is not affected by the opinions or recommendations contained in this report, although his/her remuneration may be affected by the overall quality of their research, feedback from clients and the financial performance of Intellidex (Pty) Ltd.

Intellidex staff may hold positions in financial instruments or derivatives thereof which are discussed in this document. Trades by staff are subject to Intellidex’s code of conduct which can be obtained by emailing mail@intellidex.co.za.

Intellidex may also have, or be seeking to have, a consulting or other professional relationship with the companies mentioned in this report.

 

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