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 year to 31st August 2023 the company reported revenue up 13% and headline earnings per share (HEPS) down 59%. The company's net asset value (NAV) fell 1% to 366c per share. The company said, "Generation Education and Aria Property Group make up 63% of the group’s INAV. Trematon has returned circa R240 million to shareholders over the past 11 years by way of distributions and share buy-backs". The share has only about R3800 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.