Ghost Stories

Due diligence is often described as "doing your own research" before an acquisition, but the reality is far more complex. In this episode of Ghost Stories, The Finance Ghost is joined by Althea Soobyah, Bongiwe Mbunge and Johan Marais from Forvis Mazars to unpack what a modern due diligence process really looks like.

From financial and tax diligence through to ESG and HR considerations, the discussion explores how buyers identify hidden risks, validate value and avoid expensive mistakes. The conversation also dives into deal structuring, cross-border complexities, tax exposures, cultural risks and the growing importance of non-financial factors in corporate transactions.

Whether you're a CFO, investor, business owner or dealmaker, this episode offers valuable insights into what happens after the letter of intent is signed and the real work begins.

After all, the due diligence can make or break a transaction!

In this episode:

Financial DD fundamentals: How buyers assess earnings quality, working capital and the key value drivers of a business.

Tax traps and opportunities: Why tax diligence goes beyond compliance and can materially impact deal structure and valuation.

The rise of ESG due diligence: Understanding culture, governance, workforce risks and sustainability factors that influence long-term value.

Cross-border transaction challenges: Navigating tax, regulatory and operational risks across multiple jurisdictions.

One deal, many workstreams: How coordinating financial, tax and ESG due diligence can improve efficiency and support better decision-making.

Connect with the Forvis Mazars team:

Althea Soobyah - website and LinkedIn

Bongiwe Mbunge - website and LinkedIn

Johan Marais - website and LinkedIn

This podcast is brought to you by Forvis Mazars in South Africa.

Volatility feels like risk. The daily noise, the red screens, the uncomfortable drawdowns - these are the stress points for investors. This is what might keep you out of the market altogether.

But what if the real risk was avoiding the markets over the long-term, rather than managing the bumps along the way?

In this episode, Satrix CIO Kingsley Williams joins The Finance Ghost to unpack one of the most powerful (and misunderstood) truths in investing: playing it safe may be the riskiest strategy of all. "Over-saving" and "under-investing" can severely damage a long-term wealth creation journey.

In this episode:

Why volatility is uncomfortable, but not the risk you should fear most

The concept of opportunity cost risk and how it destroys long-term returns

How time in the market reduces the probability of capital loss

Why equities remain the most reliable long-term hedge against inflation

The critical difference between saving and investing (and why it matters)

Disclaimer:

Satrix Managers (RF) (Pty) Ltd is a registered and approved Manager in Collective Investment Schemes in Securities. Collective investment schemes are generally medium- to long-term investments. With Unit Trusts, Exchange Traded Funds (ETFs) and Actively Managed ETFs (AMETFs), the investor essentially owns a “proportionate share” (in proportion to the participatory interest held in the fund) of the underlying investments held by the fund. With Unit Trusts, the investor holds participatory units issued by the fund while in the case of ETFs and AMETFs, the participatory interest, while issued by the fund, comprises a listed security traded on the stock exchange. ETFs and AMETFs are registered as a Collective Investment and can be traded by any stockbroker on the stock exchange, LISP platforms and / or via online trading platforms. ETFs and AMETFs may incur additional costs due to being listed on the JSE. Past performance is not necessarily a guide to future performance, and the value of investments / units may go up or down. A schedule of fees and charges, and maximum commissions is available on the Minimum Disclosure Document or upon request from the Manager. Collective investments are traded at ruling prices and can engage in borrowing and scrip lending. Should the respective portfolio engage in scrip lending, the utility percentage and related counterparties can be viewed on the ETF and AMETF Minimum Disclosure Document. AMETFs are ETFs are actively traded by a Portfolio Manager to adjust the AMETF holdings and asset allocation with the aim to outperform the benchmark. AMETFs differ from ETFs which only track indices. The Manager does not provide any guarantee, either with respect to the capital or the return of a portfolio. The index, the applicable tracking error and the portfolio performance relative to the index can be viewed on the ETF and AMETF Minimum Disclosure Document and/or on https://satrix.co.za/products.

The Finance Ghost sits down with Tokollo Tau from Nedbank CIB to unpack how South Africa’s energy landscape is evolving beyond the dark days of load shedding. What once felt like a permanent crisis has receded into the background, but the real story now is what’s being built in its place (like power wheeling and aggregation).

Against the backdrop of the Africa Energy Forum, the conversation explores the infrastructure and commercial models that are reshaping how electricity is generated, moved and sold across the country, unlocking new levels of flexibility and opportunity for businesses.

With practical examples like the multi‑billion‑rand Notsi Solar Project, Tokollo explains how aggregators are bridging the gap between generators and large energy users, helping to solve coordination challenges and accelerate investment in the sector. The discussion also highlights Eskom’s evolving role as an enabler of this ecosystem, and what a truly tradable electricity market could look like in South Africa.

The result is a compelling look at a market in transition and why this could mark the start of a far more competitive, efficient and investable energy future.

Key topics covered:

What power wheeling and energy aggregation actually mean (without the jargon)

How projects like Notsi Solar demonstrate the new energy ecosystem in action

Why aggregators are critical to unlocking investment and reducing project risk

Eskom’s shifting role in a more open, competitive electricity market

The long-term outlook: towards a tradable electricity market and greater energy choice

The Finance Ghost welcomes Altron CEO Werner Kapp fresh off a standout capital markets day that left a strong impression: this is a business whose growth story isn’t tightly tethered to South Africa’s traditional economic constraints. From FinTech and HealthTech to telematics and IT security, Altron operates a portfolio of platform businesses that quietly underpin everyday life, even if most consumers don’t realise it!

 In this conversation, Werner unpacks how these platforms drive resilient, annuity-style revenues, while also leaning into powerful structural tailwinds like digitisation, mobile adoption and the evolution of the payments ecosystem.

The discussion goes deeper into the mechanics of the Altron model. From competitive moats built over decades, to the strategic role of data, AI and capital allocation across a diversified platform base, there’s much to discuss. Werner also explains the thinking behind the group’s AI factory, its disciplined approach to growth vs margins, and why regulatory change in FinTech could unlock meaningful upside.

This is a rare, detailed look inside a South African tech business that touches millions of lives every day.

Topics in this podcast:

Why Altron’s platform businesses can grow independently of SA GDP constraints

The difference between platform vs IT services exposure to economic cycles

Real-world examples of how Altron products are used daily (IDs, payments, healthcare, vehicle tracking)

South Africa’s digital adoption curve and key structural tailwinds

The impact of payments modernisation (PayShap, SARB reforms) on FinTech

Building and defending a moat through data, distribution and embedded systems

How Altron uses cross-platform data insights to enhance value

The role and strategy behind the AI factory (and why it’s not a GPU business)

Managing capital allocation across multiple platforms with a strong annuity base

Growth vs margin trade-offs in a competitive tech landscape

Netstar dynamics: OEM channels, Chinese vehicle growth and market shifts

Fintech upside from potential direct access to payment rails

Why Altron’s 91% annuity revenue model is central to its investment case

This podcast has been sponsored by Altron. As always, I was allowed to ask whatever I felt is relevant to investors. Please do your own research and treat this as only one part of your research process. Please always speak to a financial advisor before making any investments.

In this episode of Ghost Stories, The Finance Ghost sits down with Investec’s Brian McMillan, fresh off collecting the “Best Issuer in Africa” award in Stockholm on behalf of the Investec Structured Products team. The team's product innovation and ability to earn a place for structured products in modern portfolios is being increasingly recognised.

The latest such product example is the Investec Nasdaq 100 Geared Growth structure. With much debate around the market valuations in this tech-heavy index, this structure is designed to appeal to investors who are finding it difficult to balance the desire to get involved against the risk of being late to the party.

Through a combination of 1.25x geared upside (with a cap) and partial downside protection (a drop of up to 40%), the Investec Nasdaq 100 Geared Growth structure creates a fascinating risk-return profile. 

Key topics covered:

The choice of the Nasdaq 100 index at this stage in the cycle

The underlying themes in this index across AI and valuations, including reference to the bull and bear cases

How geared upside (1.25x) with a 60% cap works

The downside protection mechanism

Rand-denominated exposure and removing USD currency risk

The Flexible Investment Note structure and reinvestment mechanics

Liquidity via the JSE listing and daily pricing

An understanding of the underlying credit risk

Fees and why returns are quoted net of costs

Minimum investment and access via advisors, stockbrokers and EasyEquities

You can find all the information you need on the Investec website at this link.

Disclaimer