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Our opinion on the current state of REINET(RNI)Reinet (RNI) is an investment holding company with its primary asset being a 2.12% stake in British American Tobacco (BAT), valued at around $1.8 billion, which now represents 31% of its net asset value (NAV). This is a significant decrease from the 85% share of NAV BAT held ten years ago. The reduction in BAT's contribution is largely due to the decline in its share price, driven by a more challenging legal environment for tobacco, particularly in the US, where the Food and Drug Administration is considering regulatory changes to menthol cigarettes. Despite these challenges, Reinet has not shown urgency in divesting its BAT stake, as BAT continues to provide substantial dividends, especially from its growth in emerging markets, while cigarette sales in developed markets decline. The lower valuation of BAT has also increased the significance of Reinet’s other assets, particularly its 46% stake in Pension Insurance Corporation (Penscorp), which now represents 36.8% of its portfolio. In addition to Penscorp, Reinet holds a range of private equity investments that account for about 15% of its portfolio. Since March 2009, Reinet has achieved a compound annual growth rate of 8.8%. The company reported an NAV of 3669 euro cents at 30th June 2024, and by 30th September 2024, its NAV had increased to 3848 euro cents. Reinet is considered a rand-hedge stock, meaning it benefits from any weakness in the South African rand. After falling from its high of R343 in February 2020, the share reached lows in January 2021. Investors were advised to wait for a break through the long-term downward trendline, which occurred on 16th September 2019 at R270 per share. The share is now trading at R451.42. The share was negatively affected by a 10% drop in BAT’s share price after BAT announced it was writing down the value of its US operations by GBP25 million (R595 billion). Investors should consider the future prospects of the rand when evaluating Reinet, as further weakness in the currency could benefit the stock's performance.
JSE:RNI
by PDSnetSA
Our opinion on the current state of REINET(RNI)Reinet (RNI) is an investment holding company primarily noted for its significant stake in British American Tobacco (BAT). This stake, which represents roughly 2.12% of BAT, is worth about $1.8 billion and accounts for 31% of Reinet's net asset value (NAV), down from 85% ten years ago. This decline in proportion is mainly due to a drop in BAT's share price, reflecting a more challenging legal environment for tobacco, especially in the US where the Food and Drug Administration is considering new regulations on menthol cigarettes. Despite the reduced value of the BAT holding, Reinet has shown no urgency to divest this asset. BAT continues to provide substantial dividends, driven by growth in third-world countries despite declining cigarette sales in first-world countries. As BAT's share price has fallen, the significance of other assets in Reinet's portfolio has grown. The largest of these is its 46% stake in Pension Insurance Corporation (Penscorp), now representing 36.8% of the portfolio. Additionally, Reinet has a diverse range of private equity investments accounting for around 15% of its portfolio. In its results for the year ending 31st March 2024, Reinet reported an 8.1% increase in NAV, reaching 3402 euro cents per share, with a compound annual growth rate of 8.8% since March 2009. By 30th June 2024, the NAV had further increased to 3669 euro cents per share. As a rand-hedge stock, Reinet's value benefits from any weakening of the rand. Technically, the share fell from a high of R343 in February 2020 to lows in January 2021. The recommendation was to wait for a break up through its long-term downward trendline, which occurred on 16th September 2019 at R270 per share. It is now trading at R451.42. The share experienced a significant decline following an announcement by BAT about writing down the value of its US operations by GBP25 million (R595 billion), which led to a 10% drop in BAT's share price. Investors considering Reinet should factor in the potential movements of the rand, given its influence on the share's performance. Despite the volatility linked to BAT's challenges, Reinet's diversified portfolio and steady NAV growth make it a resilient investment option.
JSE:RNI
by PDSnetSA
Our opinion on the current state of REINET(RNI)Reinet (RNI) is an investment holding company whose main asset is a holding of roughly 2.12% of British American Tobacco (BAT) worth about $1.8bn, which now accounts for 31% of its net asset value (NAV) - down from 85% ten years ago. This decline from a year ago is because the price of BAT shares has fallen. Most of this reflects the more difficult legal environment for tobacco, especially in the US where the Food and Drug Administration is considering changing the laws on menthol cigarettes. In our view, Reinet shows no great urgency to divest itself of the BAT stake - which continues to contribute good dividends from growth in third world countries, while cigarette sales in first world countries fall. As the price of BAT has fallen, the other assets in the Reinet portfolio have become more significant. The largest of these is its 46% stake in Pension Insurance Corporation (Penscorp), which now represents 36.8% of its portfolio. Aside from Penscorp, the company also owns a spread of private equity investments, accounting for around 15% of the portfolio. In its results for the year to 31st March 2024, the company reported its net asset value up 8.1% at 3402 euro cents per share. The company has a compound growth rate of 8.8% per annum since March 2009. The share is obviously a rand-hedge and, although it fell from its high of R343 in February 2020 to lows in January 2021, it has since recovered. We advised waiting for a break up through its long-term downward trendline. That break came on 16th September 2019 at R270 per share. It is now trading for R490.50. It obviously took a hit as a result of the BATS announcement that it was writing the value of its US operation down by GBP25m (R595bn), resulting in a 10% fall in the BATS share price. This share benefits from any weakness in the rand, and investors should consider the rand's future prospects before buying. Given the diversification of its portfolio and its rand-hedge properties, Reinet remains an attractive investment option for those looking to hedge against local currency risk. However, the dependence on BAT and the volatile legal environment for tobacco should be taken into account. Investors should weigh these factors alongside the broader economic context and their own risk tolerance before making a decision.
JSE:RNI
by PDSnetSA
Our opinion on the current state of REINET(RNI)Reinet Investments S.C.A. (RNI) is an investment holding company, with its primary asset being a significant stake in British American Tobacco (BAT), constituting roughly 2.12% of BAT's shares. This stake is valued at approximately $1.8 billion and represents about 31% of Reinet's net asset value (NAV), a substantial decrease from 85% a decade ago. The reduction in the proportion of BAT's contribution to Reinet's NAV is primarily due to the declining share price of BAT, influenced by challenging regulatory environments for tobacco products, particularly in the United States where potential legislative changes regarding menthol cigarettes are being considered. Despite the falling price of BAT shares, Reinet has not shown a strong inclination to divest from BAT, which continues to deliver robust dividend returns, especially from markets in developing countries, even as cigarette sales in developed nations decline. As BAT's share price has dropped, other assets within Reinet's portfolio have grown in relative importance. Notably, Reinet holds a 46% stake in Pension Insurance Corporation (Penscorp), which now accounts for 36.8% of its portfolio. Besides Penscorp, Reinet also manages a diverse array of private equity investments, making up around 15% of its portfolio. As of the fiscal year ending on 30th September 2023, Reinet reported a NAV of 30.89 euros per share, a slight decrease from 31.46 euros in the previous year, reflecting a 1.8% decline. This decrease was attributed to reductions in the fair value of several investments, including its holdings in BAT, Pension Corporation, and the Prescient China funds. On 22nd January 2024, Reinet updated its NAV to 33.47 euros per share, reflecting a total value of 5.734 billion euros with 171.3 million shares outstanding. By 31st March 2024, the company's NAV further adjusted to 3611 euro cents per share. The company's stock performance has been somewhat volatile, especially in response to global events and announcements, such as the BAT's decision to write down the value of its U.S. operations by GBP 25 million (approximately R595 billion), which led to a 10% drop in BAT's share price. This impact on BAT also indirectly affected Reinet's share valuation. Reinet's shares serve as a hedge against the rand's weakness, benefitting from any depreciation in the South African currency. Investors considering Reinet should thus weigh the potential risks associated with its significant exposure to BAT and the broader tobacco industry's regulatory challenges, alongside evaluating the stability and growth potential of its other investments like Penscorp and its array of private equity assets. As always, the future prospects of the rand and its impact on Reinet's performance should be carefully considered.
JSE:RNI
by PDSnetSA
Our opinion on the current state of RNIReinet (RNI) is an investment holding company whose main asset is a holding of roughly 2,12% of British American Tobacco (BAT) worth about $1,8bn which now accounts for 31% of its net asset value (NAV) - down from 85% ten years ago. This decline from a year ago is because the price of BAT shares has fallen. Most of this reflects the more difficult legal environment for tobacco, especially in the US where the Food and Drug Administration is considering changing the laws on menthol cigarettes. In our view, Reinet shows no great urgency to divest itself of the BAT stake - which continues to contribute good dividends from growth in third world countries, while cigarette sales in first world countries fall. As the price of BAT has fallen, so the other assets in the Reinet portfolio have become more significant. The largest of these is its 46% stake in Pension Insurance Corporation (Penscorp) which now represents 36,8% of its portfolio. Aside from Penscorp, the company also owns a spread of private equity investments which account for around 15% of the portfolio. In its results for the year to 30th September 2023 the company reported a net asset value (NAV) of 30,89 euros per share compared with 31,46 euros in the previous period which is a decrease of 1,8%. The company said, "The decrease in the NAV of € 104 million during the period reflects decreases in the estimated fair value of certain investments including British American Tobacco p.l.c. (‘BAT’), Pension Insurance Corporation Group Limited (‘Pension Corporation’) and Prescient China funds." On 22nd January 2024 the company reported its NAV as 33,47 euros per share or 5,734bn euros in total with 171,3m shares in issue. The share is obviously a rand-hedge and, although it fell from its high of R343 in February 2020 to lows in January 2021. We advised waiting for a break up through its long-term downward trendline. That break came on 16th September 2019 at R270 per share. It is now trading for R470.60. It obviously took a hit as a result of the BATS announcement that it was writing the value of its US operation down by GBP25m (R595bn) resulting in a 10% fall in the BATS share price. This share benefits from any weakness in the rand and investors should consider the rand's future prospects before buying.
JSE:RNI
by PDSnetSA
Our opinion on the current state of RNIReinet (RNI) is an investment holding company whose main asset is a holding of roughly 2,12% of British American Tobacco (BAT) worth about $1,8bn which now accounts for 31% of its net asset value (NAV) - down from 85% ten years ago. This decline from a year ago is because the price of BAT shares has fallen. Most of this reflects the more difficult legal environment for tobacco, especially in the US where the Food and Drug Administration is considering changing the laws on menthol cigarettes. In our view, Reinet shows no great urgency to divest itself of the BAT stake - which continues to contribute good dividends from growth in third world countries, while cigarette sales in first world countries fall. As the price of BAT has fallen, so the other assets in the Reinet portfolio have become more significant. The largest of these is its 46% stake in Pension Insurance Corporation (Penscorp) which now represents 36,8% of its portfolio. Aside from Penscorp, the company also owns a spread of private equity investments which account for around 15% of the portfolio. In its results for the year to 30th September 2023 the company reported a net asset value (NAV) of 30,89 euros per share compared with 31,46 euros in the previous period which is a decrease of 1,8%. The company said, "The decrease in the NAV of € 104 million during the period reflects decreases in the estimated fair value of certain investments including British American Tobacco p.l.c. (‘BAT’), Pension Insurance Corporation Group Limited (‘Pension Corporation’) and Prescient China funds". The share is obviously a rand-hedge and, although it fell from its high of R343 in February 2020 to lows in January 2021. We advised waiting for a break up through its long-term downward trendline. That break came on 16th September 2019 at R270 per share. It is now trading for R436.51. It obviously took a hit as a result of the BATS announcement that it was wriitng the value of its US operation down by GBP25m (R595bn) resulting in a 10% fall in the BATS share price. This share benefits from any weakness in the rand and investors should consider the rand's future prospects before buying.
JSE:RNI
by PDSnetSA
Our opinion on the current state of RNIReinet (RNI) is an investment holding company whose main asset is a holding of roughly 2,12% of British American Tobacco (BAT) worth about $1,8bn which now accounts for 31% of its net asset value (NAV) - down from 85% ten years ago. This decline from a year ago is because the price of BAT shares has fallen. Most of this reflects the more difficult legal environment for tobacco, especially in the US where the Food and Drug Administration is considering changing the laws on menthol cigarettes. In our view, Reinet shows no great urgency to divest itself of the BAT stake - which continues to contribute good dividends from growth in third world countries, while cigarette sales in first world countries fall. As the price of BAT has fallen, so the other assets in the Reinet portfolio have become more significant. The largest of these is its 46% stake in Pension Insurance Corporation (Penscorp) which now represents 36,8% of its portfolio. Aside from Penscorp, the company also owns a spread of private equity investments which account for around 15% of the portfolio. In its results for the year to 30th September 2023 the company reported a net asset value (NAV) of 30,89 euros per share compared with 31,46 euros in the previous period which is a decrease of 1,8%. The company said, "The decrease in the NAV of € 104 million during the period reflects decreases in the estimated fair value of certain investments including British American Tobacco p.l.c. (‘BAT’), Pension Insurance Corporation Group Limited (‘Pension Corporation’) and Prescient China funds". The share is obviously a rand-hedge and, although it fell from its high of R343 in February 2020 to lows in January 2021. We advised waiting for a break up through its long-term downward trendline. That break came on 16th September 2019 at R270 per share. It is now trading for R442.49. This share benefits from any weakness in the rand and investors should consider the rand's future prospects before buying.
JSE:RNI
by PDSnetSA
Our opinion on the current state of RNIReinet (RNI) is an investment holding company whose main asset is a holding of roughly 2,12% of British American Tobacco (BAT) worth about $1,8bn which now accounts for 31% of its net asset value (NAV) - down from 85% ten years ago. This decline from a year ago is because the price of BAT shares has fallen. Most of this reflects the more difficult legal environment for tobacco, especially in the US where the Food and Drug Administration is considering changing the laws on menthol cigarettes. In our view, Reinet shows no great urgency to divest itself of the BAT stake - which continues to contribute good dividends from growth in third world countries, while cigarette sales in first world countries fall. As the price of BAT has fallen, so the other assets in the Reinet portfolio have become more significant. The largest of these is its 46% stake in Pension Insurance Corporation (Penscorp) which now represents 36,8% of its portfolio. Aside from Penscorp, the company also owns a spread of private equity investments which account for around 15% of the portfolio. In its results for the six months to 30th September 2023 the company reported a net asset value (NAV) of 30,89 euros down from the 31,46 euros on 31st March 2023. The company claims a compound growth rate of 8,5% per annum since it listed in March 2009. The share is obviously a rand-hedge and, although it fell from its high of R343 in February 2020 to lows in January 2021. We advised waiting for a break up through its long-term downward trendline. That break came on 16th September 2019 at R270 per share. It is now trading for 42352c. This share benefits from any weakness in the rand and investors should consider the rand's future prospects before buying.
JSE:RNI
by PDSnetSA
Our opinion on the current state of RNIReinet (RNI) is an investment holding company whose main asset is a holding of roughly 2,12% of British American Tobacco (BAT) worth about $1,8bn which now accounts for 31% of its net asset value (NAV) - down from 85% ten years ago. This decline from a year ago is because the price of BAT shares has fallen. Most of this reflects the more difficult legal environment for tobacco, especially in the US where the Food and Drug Administration is considering changing the laws on menthol cigarettes. In our view, Reinet shows no great urgency to divest itself of the BAT stake - which continues to contribute good dividends from growth in third world countries, while cigarette sales in first world countries fall. As the price of BAT has fallen, so the other assets in the Reinet portfolio have become more significant. The largest of these is its 46% stake in Pension Insurance Corporation (Penscorp) which now represents 36,8% of its portfolio. Aside from Penscorp, the company also owns a spread of private equity investments which account for around 15% of the portfolio. In its results for the year to 31st March 2023 the company reported a net asset value of 5,7bn euros (31,46 euros per share) which reflects a growth of 8,8% per annum since March 2009. On 21st July 2023 the company reported that its NAV was 32,98 euros per share. On the 30th September 2023 the company's NAV was 32.79 euros per share. The share is obviously a rand-hedge and, although it fell from its high of R343 in February 2020 to lows in January 2021. We advised waiting for a break up through its long-term downward trendline. That break came on 16th September 2019 at R270 per share. After that, the share moved into long a sideways pattern before breaking up in October 2022. It is now moving strongly upwards and has reached as high as R443 per share in July 2023 before starting to fall again. This share benefits from any weakness in the rand and investors should consider the rand's future prospects before buying.
JSE:RNI
by PDSnetSA
RNII published this chart on Friday morning, pre-market. Friday 20-October-2023, 06h30 Reinet Investments (RNI, 38595c). Lowest Level Since April + Head & Shoulder Technical Formation. The share exceeded my previous short/sell target of R398 (reaching a low of R386) which was followed by a rebound and subsequently, another decline which saw the price trade at it's lowest level since April. In the short term, a rebound is possible, however a new primary bearish trend may be developing following the medium to long term overbought conditions which was seen earlier in this year. Head and Shoulder Measured target = R340. For more research insights, including trade ideas, get in touch today.
JSE:RNI
by techpers
UPDATE Reinet Rounding Bottom with target on track to R460Reverse Cup and Handle formed broke out and went up. Now there is a Rounding Bottom (V shape) and the price is showing strong demand still. 7>21>200 RSI>50 Target 1 remains at R460.00 ABOUT THE COMPANY Reinet Investments S.C.A. is a Luxembourg-based investment vehicle founded in 2008. The company was created after a restructuring of the Swiss luxury goods company, Richemont. The purpose of Reinet is to allow investors to directly participate in a diversified portfolio of high-quality assets. Reinet is listed on the Luxembourg Stock Exchange and its depositary receipts are listed and traded on the Johannesburg Stock Exchange (JSE). The company's investment strategy is largely focused on long-term capital growth. Reinet's portfolio spans multiple asset classes and sectors including private equity, listed securities, real estate, and more. HOW IT GOT ITS NAME Reinet Investments S.C.A. is named after Reinet, one of the three daughters of Johann Rupert, the company's chairman and a prominent South African entrepreneur. The Rupert family has had a significant influence in the South African business landscape, with stakes in luxury goods, wine and spirits, and other industries. Naming the company "Reinet" serves as a tribute to the Rupert family.
JSE:RNILong
by Timonrosso
RNI Reinet Investments (RNI, last close 41814c) may be approaching a medium term overbought range. Here are 3 items to note: Weekly chart shows price nearing upper boundary of channel (potential) resistance. A 7-week RSI print above 85 is associated with 'high bullish momentum/approaching overbought' conditions. See lower panel on chart. Notice that the share is also becoming extended vs it's 50-100 EMA range. Currently +28% above. The only other time that it was higher was in February 2020 it traded +31% above this level. We could keep this on our watchlist for a mean reversion sell opportunity. Initial buy idea 20 June 2022 at R273.
JSE:RNI
by techpers
Reinet setting itself for great upside to R460Reverse Cup and Handle has formed on the daily chart. The price broke above the brim level, and since then has made higher lows. There are other indicators showing upside to come including. 7>21>200 RSI>50 Target 1 = R460.00 CONCERNS: The price action is very volatile and jumpy. This is not conducive for trending and breakout trading systems as there can be shakeouts and fakeouts. Albeit it being bullish, the risk should remain small 0.5% to 1% for this kind of trade in my books. ABOUT THE COMPANY Reinet is primarily an investment holding company that invests in a diversified portfolio of assets, including listed and unlisted companies, private equity, and real estate. The company's investment strategy is focused on creating long-term value through active management and engagement with portfolio companies. Reinet Investments SE is a Luxembourg-based investment holding company. It was founded in 2008 as a spin-off from the South African tobacco company, Richemont. Reinet is a long-term investor in a diversified portfolio of assets, including listed and unlisted companies, private equity, and real estate. The company has a market capitalization of over R130 billion (as of April 2023). Johann Rupert, the founder of Richemont, is the Chairman of Reinet Investments. The company's portfolio includes significant investments in British American Tobacco (BAT), Pension Corporation, and Miura Holdings. Reinet Investments owns a 2.4% stake in BAT, making it one of the largest shareholders in the tobacco giant. Reinet also owns a significant stake in the South African telecommunications company, MTN Group.
JSE:RNILong
by Timonrosso