🔒 Alec Hogg: Take the obvious tip, consider MAS Real Estate

In the millions of words written about about the world’s greatest investor Warren Buffett, it’s often noted how he uncovered his earliest winners. Buffett’s favourite question for CEOs he interviewed was asking what three companies in their sector, excluding their own, they’d most want to own on a five-year view.

Read more: Alec Hogg: Naspers not among Dalio’s ‘bubble’ stocks

We posed the Buffett question to Hyprop’s CEO Morné Wilken on the BizNews Power Hour this week. He was back in a flash, pointing to MAS Real Estate, the Romanian-focused company he briefly ran between occupying the corner office at Attacq (2008-2017) and Hyprop (since 2019).
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It doesn’t take much investigation to uncover why Wilken likes this JSE-listed stock, in which Attacq owns 21% and former Deloitte SA partner Martin Slabbert’s Prime Kapital has 16%. For starters, MAS’s end-Dec 2020 tangible net asset value, at R21.09, is 43% above the current share price of R14.77.

Read more: Alec Hogg: Dalio’s ‘bubble indicator’ says US not there

Financially, the business is conservatively low debt ceilings and high liquidity. Although East European real estate is a mystery to most South Africans, it’s certainly not to MAS CEO Slabbert, who has been operating there for 15 years. Plus there’s a big pipeline of new projects. Definitely one for your notebook.

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