Although small with only a R140 m market cap, this logistics company has shown consistent growth over some time. Made a fairly significant offshore acquisition last year which was entirely internally funded and still paid a maiden divi of 2.5cps. The interim results should be out later today but a recent trading update suggested an increase of between 25% to 35% in normalised earnings. Forward rolling PE in the order of 4.4x – this is just too cheap. Given the more buoyant sentiment towards small caps, this seems a fair bet. There appears to be a significant seller in the market, so while it is on sale…