24 June 2005
	SA's Top 20 Companies 12 PICK 'N PAY Total score: 56,9 Historic score: 37,3 FM's score: 70

Pick 'n Pay is not the largest retailer in terms of market capitalisation, but it's by far the most highly rated. The market seems to prefer investing in this relatively low-risk company than in clothing and furniture retailers. Pick 'n Pay's earning performance has been superb for the almost 40 years of its existence. This is another reason why investors are so keen on the share. It has managed to survive the ravaging effects of deflation and the next few years seem set for continued strong earnings growth. Look out for Australia making a meaningful contribution in the medium term as the benefits of having in-house distribution materialise.