My suspicion is that Allan Gray is using the liquidity to...

My suspicion is that Allan Gray is using the liquidity to offload more, given they have already indicated a willingness to sell. This should hopefully keep the traders away and attract investors with a long term horizon.

There is a lot more to this than meets the eye, and hopefully management can continue to execute with the opportunities that will invariably emerge over the next months to years.

It certainly isn’t expensive on any traditional metric such as earning, yield, book value or even growth. In my experience, companies undergoing substantial earnings growth invariably rerate, it is only a matter of time. I have reason to believe that this is not a pure temporary Covid related change as I alluded to above and that there are long term structural tailwinds that will give a company with this sort of asset base a huge advantage, provided proper execution. To date, everything indicates good execution ability- in fact, survival alone as an Australian manufacturer shows extreme competence given the immense headwinds that the recent cycle entailed. It remains to be seen, whether this will be continued or frittered away in the coming years.