Ghost Biz - 19 February 2026
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Today in Ghost Biz, Gary Stroebel and The Finance Ghost discuss:
• British American Tobacco and AB InBev under pressure — shifting consumer habits, reduced alcohol consumption, and pricing-led growth raise questions about how “defensive” these traditional stalwarts really are in a changing market.
• Cell C’s maiden results as a listed company — a strong balance sheet and fast-growing wholesale MVNO business, but tough competition in prepaid and postpaid as rivals like Telkom, Vodacom and MTN battle for market share.
• Ethos Capital’s major share buyback — a plan to repurchase 41.5% of shares using disposal proceeds, signaling a commitment to return capital rather than reinvest, in a sector that often trades at a discount to net asset value.
• British American Tobacco and AB InBev under pressure — shifting consumer habits, reduced alcohol consumption, and pricing-led growth raise questions about how “defensive” these traditional stalwarts really are in a changing market.
• Cell C’s maiden results as a listed company — a strong balance sheet and fast-growing wholesale MVNO business, but tough competition in prepaid and postpaid as rivals like Telkom, Vodacom and MTN battle for market share.
• Ethos Capital’s major share buyback — a plan to repurchase 41.5% of shares using disposal proceeds, signaling a commitment to return capital rather than reinvest, in a sector that often trades at a discount to net asset value.
