Layer two — exposure vector, eight coefficients
hover for source in filingsLCY revenue shareMinimal ZAR
Segment note− hedge
Export shareGlobal, multi-currency
Revenue by destination− hedge
FX-denominated debtUSD and EUR notes
Debt noteneutral
Trapped cashMulti-jurisdiction
Cash restrictions note+ stress
Import content of COGSNot applicable
—neutral
Intercompany vs externalComplex holdco chain
Related-party note+ stress
Wage baseGlobal engineering
Employment noteneutral
Inventory + rcv daysAsset-light
Working capital schedules− hedge
Sign convention matters as much as magnitude — an exporter with hard-currency receivables gains from the same move that destroys an importer.
Layer three — diagnosis
Hard-currency revenue with a rand listing. Exchange control relief and holdco structure drive the conversation, not local macro.
Country signal in force
CPI YoY
4.4%
Policy rate
7.25%
USD/ZAR
17.4
Parallel prem.
n/a
Reserves
$65b
Sov. spread
296bp
Ranked lead set
2- 01NowHoldco structure and treasury centralisation
Multi-jurisdiction pooling across the portfolio companies.
TTSAnnuity - 02OngoingBuyback execution and hedging
Multi-currency execution around the discount programme.
MarketsLarge
Timing is the product: the pitch is strongest at computable moments — the quarter a coefficient breaches a threshold, and the month the policy window reopens.