Shoprite

Based in Cape Town, Shoprite is widely regarded as one of South Africa's flagship retail operators. Its scale — about 149k people, around $12B in turnover — translates into genuine strategic weight across Sub-Saharan Africa.

The group's regional balance sheet allows it to invest counter-cyclically, an advantage few competitors can match in the current rate environment.

“Shoprite is, in its category, exactly the kind of compounding regional champion the next decade of capital allocation will reward.”

Few catalysts on the horizon look bearish; the central scenario is a continued, controlled compounding story.