They are great
Dividend Withholding Tax (DWT) is 20%. The maximum Capital Gains Tax (CGT) is 18% after the annual R40k exclusion.
And DWT you pay along the way, eroding your return over time whereas CGT you only pay at the end.
Warren Buffett Berkshire Hathaway has never paid a dividend and he says they never will. Rather sell he says, more tax efficient.
Share buys backs are more efficient, but done at high valuations destroy capital.
No easy answer, but maybe we should temper our love?
Spur (JSE code: SUR) results vs. Famous Brands (JSE code: FBR).