Key Points:
- Giovanni Ravazzotti’s stake in Italtile rebounds, rising $9 million in the last 15 days.
- The tile retailer’s shares climb 4%, pushing its market capitalization closer to $700 million.
- Despite Ravazzotti’s gain, Italtile’s stock remains down over 12% year-to-date.
South African businessman Giovanni Ravazzotti’s fortune has received a boost thanks to his stake in Italtile, a leading global retailer of high-quality ceramic and porcelain tiles and associated products. His shares in the group have gained over $9 million in recent weeks.
Ravazzotti’s stake in Italtile has risen by R165.67 million ($9.01 million) in the last 15 days, after a period of steady losses. His Italtile stake lost $9.1 million between April 26 and May 8, after falling from R4.28 billion ($229.7 million) to R4.11 billion ($220.58 million).
Italtile’s market cap climb closer to $700 million
Leading tiles and bathroomware franchisor, retailer, and manufacturer Italtile operates several prominent retail brands, including Italtile Retail, CTM, TopT, and U-Light. It also serves as a bellwether for gauging consumer spending health in the South African market.
Italtile’s shares on the Johannesburg Stock Exchange (JSE) have gained 4 percent over the past 15 days, climbing from R9.24 ($0.5) on May 9 to R9.61 ($0.52). This pushes the company’s market capitalization closer to the $700 million mark.
Ravazzotti’s Italtile stake surge by $9.01 million
Prominent South African business tycoon and Italtile founder Gianni Ravazzotti holds a 33.9 percent stake in the company, amounting to 447,746,694 shares. The recent rise in Italtile’s share price strengthens Ravazzotti’s position as a major investor on the JSE.
Thanks to the recent share price increase, Ravazzotti’s stake has grown by R165.67 million ($9.01 million) over the past 15 days, from R4.14 billion ($224.99 million) on May 9 to R4.3 billion ($234 million) at the time of drafting this report.
Your Money and Your Life: Caution advised despite recent gains
While Ravazzotti’s stake has benefited from the recent share price rise, Italtile is among many companies that have delivered year-to-date losses to investors. Shareholders have seen the share price drop by more than 12 percent in the past three years.
The company’s stock on the JSE is down 12.72 percent year-to-date. This means a $100,000 investment at the start of the year would be worth less than $88,000 today, representing a loss of $12,716.