Investment idea Naspers and Prosus

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Naspers is a multinational holding company, headquartered in Cape Town, with interests in online retail, publishing and venture capital investments. Naspers's principal shareholder is its Dutch listed investment subsidiary Prosus, which owns approximately 49% of its parent as part of a cross-ownership structure. • On 23 November 2022, Naspers and Prosus released half-year results for the period ending 30 September 2022. • In addition to the results, Prosus also announced that Just Eat Takeaway.com’s shareholders had approved Prosus’s acquisition of the remaining 33.3% stake in iFood. • Tencent also announced a special dividend of 958 million Meituan shares to shareholders. Prosus will consider these shares as held for sale. • Highlights from the 1H23 results include the following: • o Total economic interest revenue increased by 1% for Naspers and Prosus. Consolidated revenue increased by 14% for Naspers and rose by 18% for Prosus. • o The trading losses continued to widen for both companies from lower Tencent profits and increased losses in the e-commerce portfolio. • o In the prior period, a gain of $12.3 billion was made from the disposal of a 2% stake in Tencent in April 2021. The equivalent gain in the current period was only $2.7 billion, leading to significantly smaller profit for the period ($2.5bn vs $15.8bn previously; -84%). • o HEPS and CHEPS decreased due to lower results from Tencent. • o Prosus has received $2.4 billion in proceeds from the disposal of Avito, the Russian classifieds business. Avito is therefore excluded from continuing operations in the financial results. • We maintain our hold recommendation on both counters. • Please join us on Thursday at 11h30 for our Microsoft Teams Q A sessions. Click here to join: https://www.psg.co.za/wealthonline#in...

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