If you’ve ever traveled in Southern Africa, I’m sure you’ve spotted a Shoprite store. Whether it be the bright red logo of their eponymous supermarkets, the upscale suburban Checkers stores, or their Hungry Lion fast food joints, the company’s dominant market presence is difficult to miss.
Clearly, Shoprite feeds a continent on the rise.
This reality is anything but revelatory to Africa investors. The company’s share price has risen exponentially as the narrative of the continent’s emerging middle class took hold.
The stock now sports a P/E ratio of 27. Is it worthy of the hype?Read More...