Tsogo Sun

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Feb 5, 2018 - De ce m b e r 2015. Fe b ru ary 2016. A p ril 2016. Ju n e. 2016. A u gu st 2016. O cto b e r 2016. De ce
Tsogo Sun 5 February 2018

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2

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Forward P/E average 2 Standard deviations above/below average

December 2017

October 2017

August 2017

June 2017

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February 2017

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December 2014

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December 2013

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February 2013

Why we like Tsogo Sun TSH - Forward P/E

18

16

14

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10

8

6

Why we like Tsogo Sun • Growth drivers: • Economic recovery, casino expansion new gaming opportunities. • LPM and EBT markets – Gameco acquisition • REIT structure unlock value • High operational gearing • Cyclical recovery • Footfall growth • Highly cash generative • Strained balance sheet • Significant barriers to entry

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Why we like Tsogo Sun Example of Tsogo Sun trade idea 9 May 2017

Active Weight

Value profile 5% 4% 3% 2% 1% 0% -1% -2% -3% -4% -5%

TSH

0

10

20

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40 50 60 Value percentile

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80

Value

Quality

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Good

Confidence Neutral

Poor

TSH

90

100

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