Over the same period of time, Naspers has risen 32.7% and Prosus … Van Dijk learned the hard way that shareholders are skittish about how Prosus uses its funds for new dealmaking. It’s a good thing. In the days immediately after the Amsterdam listing in … As of Monday, Prosus’s market cap of R2.8-trillion is just about 20% less than its stake in Tencent. Tencent Investor Prosus Launches $5 Billion Buyback in Bid to Close Value Gap Naspers, Africa’s most valuable listed company and Prosus parent, has struggled to … Prosus is an Amsterdam-listed internet conglomerate. Prosus share price leapt to R1 650 on Friday, while Naspers shares also gained more than 4 percent to R3 171. Following a c. 24% rally in the Tencent share price (Naspers owns a 31% stake of the Hong Kong-listed tech Group, which accounts for >80% of Naspers’ net asset value [NAV)]) from c. 4 December 2019 to Monday’s (13 January) close, we highlight what has happened to the Naspers and Prosus discount to NAV below. It’s a sensible use of the company’s $8.7 billion cash pile, most of which derives from the sale of some of its Tencent stake two years ago. Even though Takeaway.com NV ultimately bought Just Eat, Prosus continues to trade at a discount to the value of its assets. With M&A deals largely out of the question and having signed a three-year lock-up to not sell any more of Tencent, Naspers should consider selling down its stake in Prosus to boost its free float in Amsterdam and attract more European institutional investors. But the Prosus control structure makes it immune to outside influence on strategy and puts off a universe of active investors who want to have a say on its behaviour. 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Read more at the SA government's online coronavirus portal or use the 24-hour public hotline: 0800 029 999. He walked away from the deal earlier in 2020 but to be back in the M&A scene a few months later when he put in a $9bn cash offer for eBay’s classifieds business, but the US company chose another bidder. On Friday, van Dijk seemed to tacitly admit the struggle to find other investments that could rival Tencent in terms of value creation by announcing plans to buy back as much as $5 billion shares in itself and Naspers Ltd., the South African parent company from which Prosus was spun out last year. Naspers wound up selling 22 million Prosus shares, which amounted to 1.4% of Prosus' free-float, bringing Naspers' share of the company down from roughly 73.8% to 72.5%. We build leading companies that empower people and enrich communities See all our companies. This begs the question: Why would Prosus Chief Executive Officer Bob van Dijk put the company’s money in anything else? Naspers, Prosus & Tencent: Twin discounts . That may happen, but is unlikely. That’s the Gordian knot which van Dijk has the unenviable task of trying to unravel. In the days immediately after the Amsterdam listing in September 2019, the ploy proved successful, as Prosus traded closer to the value of its holding in the Chinese firm. Prosus owns a 30.9% stake in Asia’s online software and payments giant Tencent worth nearly 200 billion euros at Thursday’s closing price. Over the same period of time, Naspers has risen 32.7% and Prosus … Source: Bloomberg. Would you like to comment on this article or view other readers' comments? The discount between Prosus and its Tencent stake has expanded this year. Plus they’ll benefit from the reduced share count through greater exposure to the Chinese giant. Naspers holds 72% of Prosus and Prosus owns 31% of Tencent. He previously covered Apple and other technology companies for Bloomberg News in San Francisco. It's not only billionaires that are the problem. The company is valued substantially less than its stake in Tencent alone. And that might be what shareholders need. Even though Takeaway.com ultimately bought Just Eat, Prosus continues to trade at a discount to the value of its assets. Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January. ... Prosus, unbundled from Naspers last year, also owns a 31 percent stake in Tencent. The company’s shares tumbled, reopening the valuation gap to the Tencent holding. In an attempt to narrow the discount and unlock value for shareholders, Prosus plans to launch a share buy back programme worth R81bn. Given that Naspers is worth roughly 30% less than the value of its 73% stake in Prosus, Van Dijk’s series of actions, including separately listing Prosus in Europe, have failed to narrow the discount. Other business … Even before the pandemic hastened the trend towards online shopping, food delivery and other technology platforms, and forced companies across the world to reckon with the new reality, Prosus investors were reluctant to give Van Dijk the thumbs up when he tried to buy a large UK food delivery business, Just Eat, for $8bn. Prosus shares closed 2.97 percent up at R1 626.93, while Naspers shares closed 3.98 percent higher at R3 152.32. Other business … Prosus is an Amsterdam-listed internet conglomerate. The spin-out from Naspers was intended to reduce the discount at which the company traded to its Tencent stake. All rights reserved. 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Source: Sharenet Naspers subsidiary and the largest consumer internet company in Europe, Prosus continued to benefit from its holding in the fast-growing Chinese behemoth Tencent, while its own food-delivery businesses were bolstered by the … Naspers owns 900,000 unlisted A-class shares, which carry 1,000 times more votes than ordinary shares, that kick in as soon as its Prosus stake falls to 50%. That could help narrow the discount. Have a confidential tip for our reporters? Naspers holds 72% of Prosus and Prosus owns 31% of Tencent. Prosus NV plans to buy back a combined $5 billion of shares in itself and its South African parent Naspers Ltd. in a move designed to boost shareholder value and narrow a discount between the e-commerce giant and its stake in Tencent Holdings Ltd. But equally, why invest in Prosus shares to get exposure to Tencent when you could just invest directly in Tencent itself? The EU’s treaty with the U.K. isn’t a “win,” but it avoids a messy divorce and gives the bloc leverage for the future. One of our largest aggregate portfolio positions is in the related companies of Naspers (a South African holding company), its subsidiary Prosus (a Dutch media conglomerate focused on the internet in emerging markets), and Prosus’s biggest investment, Tencent (a Chinese internet giant). Indeed, it trades at a $59 billion discount to the … The listing by South African media conglomerate Naspers of assets including part of its Tencent stake via the new Prosus vehicle in Amsterdam in September was heralded as a way to reduce the deep discount to net asset value (NAV) at which Naspers shares trade.. Tencent is at the very centre of the global metaverse; Prosus is on the edge trying to pick up scraps. As a result, Naspers traded at a discount of about 30%-35% of the value of its assets, said Jean Pierre Verster, founder and CEO of Protea Capital Management. The company’s shares tumbled, reopening the valuation gap to the Tencent holding. Prosus is a global consumer internet group and one of the largest technology investors in the world Go to content. READ MORE Naspers still a discounted venture capital fund after Prosus listing. The focus on Prosus and Naspers has intensified as the companies deal with a valuation gap to Tencent. Now, Tencent’s market cap is $660bn in round numbers. Prosus (OTCPK:PROSF) is selling at approximately a 30% discount to net asset value. The discount between Prosus and its Tencent stake has expanded this year. Van Dijk took over a consumer internet powerhouse, a top-10 global technology investor alongside Softbank, Facebook and Google. Tencent’s share has jumped almost 57% so far in 2020, driven by investor interest in tech stocks amid the Covid-19 pandemic. If Prosus is included in the Eurostoxx 50 index in September as expected, it’s hoped the investment inflows will drive the price up and help narrow the discount between Prosus and Tencent… Navigate Preview company Navigate Next company. Interim results show Tencent is powering strongly ahead, Prosus and Naspers less so. Buy. The Naspers/Prosus double-discount structure, coupled with excessive executive remuneration in the view of many market analysts, is a major headache that will be difficult to rectify. Please read our Comment Policy before commenting. In what is a seller’s market, shareholders would have rightly frowned upon an attempt to deploy a R120bn mergers and acquisition budget Prosus flaunted in April. Macron and Merkel Get the Least Bad Brexit Option, California Goes It Alone in the War on Covid, Refugees Shouldn't Monopolize the Immigration Debate, How Biden’s Iran Policy Can Have a Chance to Succeed. It … But just weeks after the listing, Prosus made a £4.9-billion bid to acquire the British food delivery platform Just Eat. The focus on Prosus and Naspers has intensified as the companies deal with a valuation gap to Tencent. Among challenges facing Prosus Chief Executive Officer Bob van Dijk is a persistent gap in the company’s valuation and its crown jewel: A 31% stake in Chinese giant Tencent Holdings. Prosus share price leapt to R1 650 on Friday, while Naspers shares also gained more than 4 percent to R3 171. Before it's here, it's on the Bloomberg Terminal. (Bloomberg) -- Prosus NV plans to buy back a combined $5 billion of shares in itself and its South African parent Naspers Ltd. in a move designed to boost shareholder value and narrow a discount between the e-commerce giant and its stake in Tencent Holdings Ltd.The group will aim to pick up $1.37 billion of its own stock and $3.63 billion of Naspers, Amsterdam-based Prosus said in a … MARKET WRAP: JSE rises for second day while rand slips amid Covid-19 spike. In an attempt to narrow the discount and unlock value for shareholders, Prosus plans to launch a share buy back programme worth R81bn. “TulAmmo 223 REM 55 GR FMJ STEEL CASE 500 ROUNDS, 7 in Stock” 62¢/rd: 1000 for $620.00: TulAmmo .223 Remington Bulk Why would the European tech company invest in anything but Tencent? In the days immediately after the Amsterdam listing in September 2019, the ploy proved successful, as Prosus traded closer to the value of its holding in the Chinese firm. This was also a problem for Naspers Ltd., the South African company that spun off Prosus in 2019 in part to try and reduce the discount. DURBAN - PROSUS shares rose more than 5 percent on the JSE on Friday after the Dutch technology giant said it intended to buy back up to $5 billion … In research on Smart Karma on January 22, Artherton points out that direct investment in Tencent since the Prosus listing would have outperformed buying either Naspers or Prosus. Tencent: the … The Naspers share-price discount to the value of its Internet-heavy portfolio of assets is growing even amid a post-pandemic shift to digital technology.. Shares in South Africa-based Naspers have climbed this year, pulled up more than 30% by the jewel in the crown, the company’s 31% stake in Chinese Internet giant Tencent. Prosus said on Friday it would purchase up to R82 billion in its own and parent Naspers shares, as part of efforts to narrow a discount between its share price and underlying assets. © 2020 Arena Holdings. On Jan. 21, Naspers proposed selling more Prosus shares to institutional investors in Europe, and closed the sale the very next day. Prosus N.V., or Prosus, is the international internet assets division of Naspers. (Bloomberg Opinion) -- Prosus NV, which became Europe’s largest technology company this week, has always been something of a Gordian knot for investors.The Amsterdam-based company derives the entirety of its 141 billion-euro ($165 billion) market capitalization from its 31% stake in Tencent Holdings Ltd., the Chinese e-commerce giant. Prosus shares in Amsterdam were trading 1.9% higher at 92.72 euros ($110.04) on Monday morning. That's where the move to … Government announces R1bn relief programme for small-scale farmers, Consumer confidence improves in fourth quarter, EXCLUSIVE: Anglo to hold serious policy talks in Zambia, says CEO Cutifani, Digitally enable and transform your business, Integrated Reporting Awards: Transparency is key to reports. Prosus NV, which became Europe’s largest technology company this week, has always been something of a Gordian knot for investors. South African e-commerce group Naspers is listing its international internet assets, including its 31% stake in China's Tencent <0700.HK>, in Amsterdam on Wednesday under the name of Prosus. WATCH: Will bitcoin continue its upward trend in 2021? Business Day TV caught up with Ziyad Joosub from Nedbank CIB for his thoughts on this move. There should be a discount to listed net asset value (NAV) of about 25% for Prosus and about a further 20% for Naspers, says Malan. But just weeks after the listing, Prosus made a 4.9 billion-pound ($6.4 billion) bid to acquire the British food delivery platform Just Eat Plc. It is the latest attempt to narrow a persistent gap between the company's market value and that of its stake in China's Tencent Holdings Ltd. ... capitalize on the discount. This implies that Naspers has an effective $145bn in value just in Tencent (22% x $660bn). Prosus' share price. By Sandile Mchunu Nov 2, 2020. Now, Tencent’s market cap is $660bn in round numbers. On Friday, van Dijk seemed to tacitly admit the struggle to … The company is valued substantially less than its stake in Tencent alone. Interim results show Tencent is powering strongly ahead, Prosus and Naspers less so. The Amsterdam-based company derives the entirety of its 141 billion-euro ($165 billion) market capitalization from its 31% stake in Tencent Holdings Ltd., the Chinese e-commerce giant. Both Van Dijk and Sgourdos referred to the problematic discount of the Naspers and Prosus … The massive Tencent stake is funding these risky investments. Prosus hopes to close discount to NAV with $5bn share buyback. Sell. No matter how fast the Prosus team runs to chase down the discount, the Tencent team will be running considerably faster driving it up.Being the Internet, there might of course be some totally unseen and currently unseeable scenario that could p Having failed to clinch before valuations went through the roof and still grappling with the long-standing valuation mismatch, he was left with little choice than to hand the money to shareholders. For Corrosive Inequality, Look to the Upper Middle Class, My Unusually Normal Life in Taiwan Amid the Global Pandemic. Tencent’s share has jumped almost 57% so far in 2020, driven by investor interest in tech stocks amid the Covid-19 pandemic. The Naspers/Prosus double-discount structure, coupled with excessive executive remuneration in the view of many market analysts, is a major headache that will be difficult to rectify. The buyback ought to provide some reassurance to investors that van Dijk is wary about overspending on deals, though he can always sell more Tencent stock to fund massive acquisitions when a lockup expires next year. Navigate Preview company Navigate Next company. WATCH: Is there a third way to extricate SA’s economy? The Dutchman has been preoccupied for much of the past five years since his appointment unlocking value trapped in Naspers’ share price, which continues to trade at a hefty discount to its 31% stake in its Chinese money-spinner, Tencent Holdings. Prosus, he argues, is simply Naspers by another name. As the world went into meltdown, life has been good in the happy little bubble that is Taiwan. At the end of the day, having a smaller discount to NAV would be a good thing for existing shareholders,” Treherne said. Talk about nice-to-have corporate headaches, Bob van Dijk, the boss of Prosus, a unit of Naspers’ global internet behemoth, will tell you all about it. It was when the stake started eclipsing Naspers’ market capitalisation that investors started asking uncomfortable questions about Van Dijk’s bonuses and heaped pressure on him to take steps to unlock value. The global investment group is the largest consumer internet company in Europe, and among the largest technology investors in the world, operating across a variety of platforms and geographies. Buy Prosus for exposure to Tencent and high-risk, high-reward investments, but investors should not buy the stock hoping the discount contracts in the coming years. Simple. As of February 10, the Naspers discount to NAV was 42.6%, at the upper end of its … For one thing, shareholders should take comfort in the explicit recognition by Van Dijk that the global hunt for consumer internet takeover targets has pushed prices to levels that would be difficult to justify. But the discount to the overall Naspers portfolio has become even wider. An announcement in recent days that Prosus, which houses the company's international assets including the investment in Tencent, will shower investors with more than R82bn in cash through the repurchase of its own shares, is the latest attempt to tackle the valuation shortfall, which stood at $59bn. The spin-out from Naspers was intended to reduce the discount at which the company traded to its Tencent stake. And Naspers (NPSNY) still controls Prosus, by the way, with a 74% stake, so Naspers shares represent a discount on top of a discount — 74% of Prosus should be worth $99 billion, yet Naspers in South Africa currently has a market cap of $73 billion, so that’s a 26% discount on top of a 20% discount. By Loni Prinsloo (Bloomberg) – Prosus NV plans to buy back a combined $5 billion of shares in the global e-commerce giant and its South African parent Naspers Ltd., a move designed to boost shareholder value and narrow a discount between the company and its stake in Tencent … Van Dijk isn’t so much cutting the Gordian knot as learning to live with it. It is hard to see Naspers giving up that control, meaning Van Dijk is likely to wrestle with the valuation shortfall for a while longer. Tencent's largest investor is listing its $130 billion stake in the Chinese internet giant on Euronext Amsterdam. That was all down to Tencent’s rapid growth, which helped Naspers grind out double-digit profits and deliver an uninterrupted flow of dividends. Prosus shares closed 2.97 percent up at R1 626.93, while Naspers shares closed 3.98 percent higher at R3 152.32. Prosus said last month it … Both Van Dijk and Sgourdos referred to the problematic discount of the Naspers and Prosus … By Loni Prinsloo (Bloomberg) – Prosus NV plans to buy back a combined $5 billion of shares in the global e-commerce giant and its South African parent Naspers Ltd., a move designed to boost shareholder value and narrow a discount between the company and its stake in Tencent … As can be seen from Figure 1 , these discounts to NAV have gone pretty much one way since Prosus listed on 11 September 2019. More at the SA government 's online coronavirus portal or use the 24-hour public:... Shareholders, Prosus continues to trade at a discount to NAV to be c. 45.2 and. 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Rand slips Amid Covid-19 spike a Bloomberg opinion columnist covering Europe 's technology, media and industries! High-Risk high-reward investments and the Prosus discount to NAV to be c. 45.2 % Prosus! Use the 24-hour public hotline: 0800 029 999 Prosus 's discount to overall. For Bloomberg News in San Francisco Dijk has the unenviable task of trying to unravel a top-10 technology! A £4.9-billion bid to acquire the British food delivery platform just Eat, Prosus & Tencent: …... Discount to net asset value we build leading companies that empower people and enrich See!
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