25 June 2004
	SA's Top 20 Companies 17 ITALTILE Total score: 54,1 Historic score: 36 FM's score: 66

This doughty performer has shown real earnings growth again despite cheap imports and increased competition. Its 20% dividend payout is rather niggardly. Local demand for the group's products remains strong, thanks to a buoyant local property market. The share price has more than trebled in the past five years, growing at a compound average growth rate (CAGR) of almost 25%. This is quite a bit less than its near-40% CAGR in headline EPS. The difference is probably explained by the lack of tradability in the company's shares. On average, fewer than 30 000 shares, with a value of about R2m, trade monthly: less than 2% of its market capitalisation.