BLCK Blackstar

TIDMTBGR

Tiso Blackstar Group SE

05 October 2015

London, UK, 5 October 2015

Edison initiates coverage of Tiso Blackstar Group

Tiso Blackstar Group (TBGR) is an Africa-focused, London-quoted investment company with a 10-year track record of investing in sub-Saharan Africa. The company's key investments in South Africa provide cash flows to invest in other African markets. The managers aim to take controlling stakes in their investments and to be active shareholders, investing in companies with exposure to consumer growth in the region, which is likely to be strong. With two key investments following a transformative deal in June 2015 underpinning the growth strategy and strong cash flow available at a considerable discount, TBGR is a potentially attractive vehicle to gain exposure to economic development in sub-Saharan Africa.

TBGR's wide discount to intrinsic NAV provides a possible opportunity to invest in its well-established, cash-generative core portfolio. The basis of management's valuation of assets appears conservative and in the company's 10-year existence no asset has been sold below carrying value. The discount currently stands at 39.5%, well above the five-year average of 22% up to the announcement of the TMG acquisition in December 2014.

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October 05, 2015 05:51 ET (09:51 GMT)

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