Like Gulliver in Lilliput, Naspers is too big for the neighbourhood

27 September 2020 - 06:13 By Hilary Joffe

Everyone should have Naspers's troubles. The share is up 33% for the year to date while the JSE's all share index is down 5%. Its Amsterdam-listed subsidiary Prosus is up 20% against that market's 10% decline.

The global consumer internet group has made a lot of money for its shareholders. It could have made them a lot more had it been able to narrow the discount at which the shares trade to the sum of its underlying parts. But more than a year after the complex deal in which Naspers listed 73%-held Prosus, the discount is worse than ever, with the Naspers share this week trading at a 53% discount and Prosus at 34%...

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