By Alec Hogg
I’ve got a soft spot for MediClinic, not just because my children were born in one of their hospitals. The company’s founder and chairman Edwin Hertzog is one of the great gentlemen of South African business and one of the most humble, too.
The one-time medical anaesthetist started the private hospitals business in 1983 quietly steering it into today’s R113bn multinational giant. Now 67, Hertzog has handed the operational roles to CEO in Danie Meintjies who is executing SA business’s most ambitious global expansion programme you’ve never heard of.
Meintjies happened to be in the same building in London yesterday; me to meet another SA-related CEO, he to fulfil engagements that come with a position on the FTSE100. Unfortunately there was only time for a handshake and a bit of chit-chat, but from his quiet confidence and from the investor call, long-term investors could do worse than have a closer look at the stock.
In Sterling terms, MediClinic shares are down 30% since August. That’s bizarre considering 92.5% of the company’s assets are outside the UK – hospitals and clinics in Switzerland, SA and the UAE – whose currencies have gained over 15% against the post-Brexit Pound. There’s value to burn at the current share price. especially for those who like to buy quality shares to put into the bottom drawer.
