Strategy Note /
South Africa

The stark inequality behind South Africa's riots

  • Riots, looting, army deployment, deaths, and arrests sparked by jailing of ex-President Zuma

  • President Ramaphosa blamed unrest on exploitation of ethnicity but income inequality, ANC split are better explanations

  • SA's risks not new; its equities cheaply valued with 10x PE a 30% discount to 5y median and REER in line with 10y median

The stark inequality behind South Africa's riots
Hasnain Malik
Hasnain Malik

Strategy & Head of Equity Research

Tellimer Research
14 July 2021
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