Clicks performs nearly the worst amongst its peers in the quality of reporting, despite good past financial performance. The general approach is to use highlights from past operational performance to impress the reader, but make little use of leading indicators to provide insight into strategic thinking for future value creation.

Clicks appears unconcerned with health impacts of medicines, rather with over-burdensome regulation impacting on its ability to offer new product lines in the alternative medicine segment. Clicks claims to support making medicines more affordable and accessible for all South Africans and acknowledges the general shortage of pharmacists. But boilerplate and generally formulaic reporting on governance and local procurement, and almost no reporting on customer issues, despite its impressive loyalty programme, should be a cause for concern for the investor.

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