Chart Events
Performance Outlook
| Previous Close | 605.000 |
| Open | 597.000 |
| Bid | 590.500 x 0 |
| Ask | 591.000 x 0 |
| Day's Range | 584.500 - 610.000 |
| 52 Week Range | 318.000 - 614.000 |
| Volume | 24,885,040 |
| Avg. Volume | 16,824,910 |
| Market Cap | 5.663T |
| Beta (5Y Monthly) | 1.00 |
| PE Ratio (TTM) | 53.66 |
| EPS (TTM) | 11.014 |
| Earnings Date | Nov 12, 2020 |
| Forward Dividend & Yield | 1.20 (0.20%) |
| Ex-Dividend Date | May 15, 2020 |
| 1y Target Est | 388.16 |
- Editor's PickTechCrunch
PUBG Mobile to terminate access for users in India on October 30 following ban order
PUBG Mobile, the sleeper hit mobile game, will terminate all service and access for users in India on October 30, two months after New Delhi banned the game in the world’s second largest internet market over cybersecurity concerns. India on September 2 banned PUBG Mobile Nordic Map: Livik and PUBG Mobile Lite, along with more than 100 apps with links to China. The ban came after India banned TikTok and dozens of other popular Chinese apps in late June.
- Bloomberg
Prosus Has a $5 Billion Solution to a $59 Billion Problem
(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. Indeed, it trades at a $59 billion discount to the value of that holding, meaning that investors essentially ascribe a negative value to its other investments, such as Russia’s Mail.Ru Group Ltd. and Brazilian food delivery platform iFood.Tencent stock has soared 57% increase this year, easily making it the best performer in the firm’s portfolio. This begs the question: Why would Prosus Chief Executive Officer Bob van Dijk put the company’s money in anything else? It’s hard to find other investments that can deliver similar returns. But equally, why invest in Prosus shares to get exposure to Tencent when you could just invest directly in Tencent itself? That’s the Gordian knot which van Dijk has the unenviable task of trying to unravel.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. 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.Van Dijk learned the hard way that shareholders are skittish about how Prosus uses its funds for new dealmaking. The spin-out from Naspers was intended to reduce the discount at which the company traded to its Tencent stake. 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.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. The company’s shares tumbled, reopening the valuation gap to the Tencent holding. Even though Takeaway.com NV ultimately bought Just Eat, Prosus continues to trade at a discount to the value of its assets. The Dutch firm still became Europe’s largest tech company by market capitalization this week after SAP SE shares declined following a profit warning.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. Plus they’ll benefit from the reduced share count through greater exposure to the Chinese giant.Van Dijk isn’t so much cutting the Gordian knot as learning to live with it. And that might be what shareholders need.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Alex Webb is a Bloomberg Opinion columnist covering Europe's technology, media and communications industries. He previously covered Apple and other technology companies for Bloomberg News in San Francisco.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Bloomberg
Prosus Targets $5 Billion Buyback in Plan to Cut Tencent Gap
(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 statement on Friday. The purchase will start following the release of half-year earnings on Nov. 23.“Over the years, our group has achieved improved financial flexibility. It has built a portfolio of e-commerce assets with significant cash-flow generating capabilities,” said Prosus Chief Financial Officer Basil Sgourdos in a statement. “The group is now in a position to both invest in its asset portfolio, and to purchase its own stock when it makes sense from a returns perspective.”The move marks the latest in a series of efforts by Prosus and Naspers to achieve a valuation greater than the sum of its parts, and stop being seen as merely a proxy for investing in WeChat-creator Tencent. Cape Town-based Naspers was an early-stage investor in China’s Tencent, and still holds a 31% stake, but has long been overshadowed by the soaring stock price of its prized asset.Naspers rose 4.1% at 12:08 p.m. in Johannesburg after earlier gaining as much as 4.4% to trade at 3,175 rand. Prosus increased 3.4% in Amsterdam.Naspers spun off most of its internet assets into Prosus just over a year ago in part to resolve the problem, but the move has made little difference. Prosus has a market capitalization of about 135 billion euros ($158 billion), while the Tencent stake is worth about 193 billion euros at current share prices.That means the market assigns a negative value to Prosus’s myriad other businesses, which span from Indian online travel agents to Brazilian food delivery and U.S. education sites.Failed AcquisitionsThe buyback also reflects an inflated cash position after failing to make major acquisitions in the booming e-commerce sector. Prosus lost an $8 billion battle to buy U.K. food group Just Eat Plc to Takeaway.com earlier this year, and in July lost out in a $9 billion auction for EBay Inc.’s classifieds business to Norwegian rival Adevinta ASA“A lot of the international tech assets at the moment are very expensive, and it shows that they see the most value in terms of opportunities out there in their own stock,” said Renier de Bruyn, a Sanlam Private Wealth senior equity research analyst. “There is more than a 50% discount, and they like their current portfolio that they can buy at half the price, so the buyback makes sense.”(Updates with CFO comment, analyst comment, shares)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
