Choppies Enterprises Limited
Thesis
Choppies is a leading supermarket chain in Botswana with a successful expansion strategy into South Africa and Zimbabwe. The company's smaller store footprint allows for flexibility and a strong return on invested capital, making it well-positioned for growth in the region.
Did it work?
The thesis hinged on Choppies' 'successful' regional expansion into South Africa and Zimbabwe driving strong returns on invested capital, but subsequent developments contradicted this: the company exited Zimbabwe, struggled with its South African operations, restated financials, and faced a trading suspension on the Botswana Stock Exchange, indicating the growth thesis was broken. With no price data and unknown elapsed time, confidence is low, but the decisive invalidation of the core expansion narrative supports a failed verdict.