Our opinion on the current state of TMT

Trematon (TMT) is an investment holding company with subsidiaries, joint ventures and associate companies, mostly in the Western Cape. The company also invests in listed and unlisted shares. Originally most investments were related to property, but its investments have moved outside that. The company owns Club Mykonos. In its results for the six months to 28th February 2023 the company reported revenue up 19% and headline earnings per share (HEPS) up 409,1%. The company's net asset value (NAV) fell 6,7% to 335c per share. The company said, "Total INAV over the period reduced to R951 million (2022: R1.06 billion) mainly due to the capital distribution of R90.3 million paid to shareholders in December 2022 and a decrease in the valuation of Generation Education (“GenEd”)". In a trading statement for the year to 31st August 2023 the company estimated that HEPS would be between 3,5c and 3,8c compared to 8,7c in the previous period. The share has about R1300 worth of shares changing hands each day - so it is not practical for private investors. We believe that this share could become an exciting investment if it continues to expand its growth in the education business now that the pandemic is substantially behind us.