Mike Arnold
Long only, small-cap, tech, growth at reasonable price

Steinhoff International Holdings: A South African Holding Company Trading At A Wide Discount To NAV

Steinhoff International Holdings (OTCPK:SNHFY) ("Steinhoff" or "the company") is an undervalued holding company based in Johannesburg, South Africa. Steinhoff owns controlling stakes in a collection of easy-to-understand and diversified businesses.

Steinhoff is an integrated retailer that manufactures, sources and retails furniture and household goods in Europe, Africa and the Pacific Rim. In addition, the group owns diversified industrial businesses in southern Africa providing specialist supply chain and logistics services, timber products and other raw materials across diverse industries. [1]

Three of Steinhoff's units, KAP Industrial, PSG Group and JD Group (OTCPK:JDGRY), are listed in South Africa. It's other two businesses, International Operations and Properties, are 100% owned.

A Catalyst

Steinhoff indicated in February 2012 that...

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