Our opinion on the current state of TRUSTCO(TTO)Trustco (TTO) is a financial services group operating out of Namibia and controlled by its CEO, Dr. Q. van Rooyen, who holds just over 50% of the shares. The company has three main areas of activity: (1) insurance & investments, (2) resources, and (3) banking/finance.
In its results for the six months to 29th February 2024, the company reported a net asset value (NAV) of NAD128.2c compared with 117.1c in the previous period. The company said, "Group’s profit for the period was NAD 110 million, compared to losses of NAD 250 million in the previous corresponding period. NAD 130 million of the current period earnings are due to a debt restructuring concluded with a selection of Trustco’s international funders during the reporting period."
This company is diversified both in terms of the various businesses it is in, but also geographically. Because it is controlled by van Rooyen, its activities can be difficult to predict. The share was suspended in November 2022 until 23rd March 2023 due to not publishing its financial statements.
The volumes traded in the share have improved in recent months, but still only R40 000 worth of shares are changing hands on average each day, which adds to the share's risk.
