PPC is a JSE-listed company that supplies cement and related products across Africa. It’s the type of business you’d expect to do really well as countries develop. The company performed poorly when Covid-19 containment measures brought business activity to a standstill, but the pandemic seems to have exposed hidden vulnerabilities. This is underscored by in-depth number crunching by independent analyst Ted Black. He sets out his data to highlight that PPC has been a poor performer when assessing its returns on assets managed, helping to explain why the company’s share price has plunged by not far off 700% over the past year. Black notes that value destruction has been massive, with the company worth about R5bn compared to R30bn in 2007. The PPC stock has shown signs of recovering in recent months, which Black sees as a sign that it might be draining its swamp. – Jackie Cameron