Economic Insights
2026 Budget Review
The fiscal framework indicates a narrowing of the budget deficit and a sustainable path for public finances. It provides relief to households and, more importantly, formal small businesses.
25 February 2026
Economic Insights
2026 Budget Review
The fiscal framework indicates a narrowing of the budget deficit and a sustainable path for public finances. It provides relief to households and, more importantly, formal small businesses.
25 February 2026
Economic Insights
2025 MTBPS Review: Inflation targeting, fiscal consolidation, and growth priorities
12 November 2025
Economic Insights
2024 Budget: Balancing Fiscal Prudence with Economic Growth Support
Unpack the 2024 National Budget Speech with our FNB Economics team.
21 February 2024
Economic Insights
Equity Insights - Arm Holdings: Blockbuster IPO: Opportunistic or Opportunity?
14 September 2023
Economic Insights
Equity Insights - CA&S Group delivers
CA Sales Holdings, or CA&S (Collaboration Activation & Sales) Group, is a collective of fast-moving consumer goods (FMCG) retail solution businesses with operations across southern Africa. These businesses offer route-to-market services to leading domestic and international manufacturers and brand owners of Consumer Packaged Goods (CPG). The group was founded in 2012 with the purchase of CA Sales and Distribution in Botswana, a business that had already been in existence for 40 years. Over the years, the group has made numerous acquisitions of founder-run entities across Africa. These businesses, which encompass retail execution and advisory as well as logistical services, have deep in-country roots, long-standing trading relationships with major multinational manufacturers, and a solid track record of delivering for clients.
12 September 2023
Economic Insights
Equity Insights - Lesaka - Fair value considering trading illiquidity
22 August 2023
Economic Insights
Equity Insights - Mediclinic's Delisting - Exploring exposure to other hospital groups on the JSE
06 June 2023
Economic Insights
Equity Insights - Expedia (EXPE US) - Fasten your seatbelts
Expedia was originally founded by Microsoft in 1996 and then later spun off and acquired by IAC in 2001. In 2005 Expedia was spun off again. The stand-alone business then spun off travel research site, Tripadvisor, in 2011 and separately listed Trivago on the Nasdaq exchange in 2016. Expedia continues to hold a 64% stake in Trivago. Alongside the main Expedia platform, the group owns and operates Hotels.com, Vrbo, HomeAway, Orbitz, Travelocity, Hotwire, Wotif, ebookers, CheapTickets and CarRentals.com.
01 June 2023
Economic Insights
Equity Insights - L'Occitane International (973 HK) - Cream of the crop
01 June 2023
Economic Insights
Equity Insights - Santova - A Quick View
The Santova Group is a supply chain solutions specialist that offers customers cloud-based technological trade solutions. The group is represented in 11 countries namely South Africa, Mauritius, Germany, Netherlands, United Kingdom, United States, Australia, Hong Kong, Singapore, Thailand, and Vietnam.
12 May 2023
Economic Insights
2026 Budget Review
The fiscal framework indicates a narrowing of the budget deficit and a sustainable path for public finances. It provides relief to households and, more importantly, formal small businesses.
25 February 2026
Economic Insights
2025 MTBPS Review: Inflation targeting, fiscal consolidation, and growth priorities
12 November 2025
Economic Insights
2024 Budget: Balancing Fiscal Prudence with Economic Growth Support
Unpack the 2024 National Budget Speech with our FNB Economics team.
21 February 2024
Economic Insights
Equity Insights - Arm Holdings: Blockbuster IPO: Opportunistic or Opportunity?
14 September 2023
Economic Insights
Equity Insights - CA&S Group delivers
CA Sales Holdings, or CA&S (Collaboration Activation & Sales) Group, is a collective of fast-moving consumer goods (FMCG) retail solution businesses with operations across southern Africa. These businesses offer route-to-market services to leading domestic and international manufacturers and brand owners of Consumer Packaged Goods (CPG). The group was founded in 2012 with the purchase of CA Sales and Distribution in Botswana, a business that had already been in existence for 40 years. Over the years, the group has made numerous acquisitions of founder-run entities across Africa. These businesses, which encompass retail execution and advisory as well as logistical services, have deep in-country roots, long-standing trading relationships with major multinational manufacturers, and a solid track record of delivering for clients.
12 September 2023
Economic Insights
Equity Insights - Lesaka - Fair value considering trading illiquidity
22 August 2023
Economic Insights
Equity Insights - Mediclinic's Delisting - Exploring exposure to other hospital groups on the JSE
06 June 2023
Economic Insights
Equity Insights - Expedia (EXPE US) - Fasten your seatbelts
Expedia was originally founded by Microsoft in 1996 and then later spun off and acquired by IAC in 2001. In 2005 Expedia was spun off again. The stand-alone business then spun off travel research site, Tripadvisor, in 2011 and separately listed Trivago on the Nasdaq exchange in 2016. Expedia continues to hold a 64% stake in Trivago. Alongside the main Expedia platform, the group owns and operates Hotels.com, Vrbo, HomeAway, Orbitz, Travelocity, Hotwire, Wotif, ebookers, CheapTickets and CarRentals.com.
01 June 2023
Economic Insights
Equity Insights - L'Occitane International (973 HK) - Cream of the crop
01 June 2023
Economic Insights
Equity Insights - Santova - A Quick View
The Santova Group is a supply chain solutions specialist that offers customers cloud-based technological trade solutions. The group is represented in 11 countries namely South Africa, Mauritius, Germany, Netherlands, United Kingdom, United States, Australia, Hong Kong, Singapore, Thailand, and Vietnam.
12 May 2023
Disclaimer
This Publication note is issued by FNB for the information of clients only and should not be produced in whole or part without prior permission. Although FNB is an Authorised Financial Services Provider, any opinions and/or analysis contained in this Publication are for informational purposes only and should not be considered advice, including but not limited to financial, legal or tax advice, or a recommendation to invest in any security or to adopt any investment strategy. The information contained herein has been obtained from sources/persons which we believe to be reliable. Still, it is not guaranteed for correctness, completeness or otherwise. We do not assume liability for loss arising from errors in the information or that may be suffered from using or relying on the information contained herein, irrespective of whether there has been any negligence by us, our affiliates or any other employees of ours, and whether such losses are direct or consequential. As market and economic conditions are subject to rapid change, any comments, opinions and analyses are rendered as of the date of publishing and may change without notice. Such changes may have a material impact on the outcome of any investment. Securities involve a degree of risk and are volatile instruments. Past performance is not indicative of future performance. Securities or financial instruments mentioned in the Publication note may not be suitable for all investors, and FNB bears no responsibility whatsoever arising from or as a consequence thereof. The material is not intended as a complete analysis of every material fact regarding any share, instrument, sector, region, market, country, investment or strategy. The recipient of this Publication must make their own investment decision and is advised to contact their relationship manager for a personal financial analysis before making any investment decisions. Copyright 2023.
