NPSNY - Naspers Limited
| Previous Close | 33.65 |
| Open | 32.66 |
| Bid | 0.00 x 0 |
| Ask | 0.00 x 0 |
| Day's Range | 32.28 - 32.89 |
| 52 Week Range | 32.28 - 52.08 |
| Volume | 791,198 |
| Avg. Volume | 362,378 |
| Market Cap | 47.749B |
| Beta (3Y Monthly) | 1.30 |
| PE Ratio (TTM) | 10.32 |
| EPS (TTM) | 3.16 |
| Earnings Date | N/A |
| Forward Dividend & Yield | 0.09 (0.19%) |
| Ex-Dividend Date | 2019-09-12 |
| 1y Target Est | N/A |
- Bloomberg
Naspers's Prosus Unit Divides Investment Bank Opinions
(Bloomberg) -- Prosus NV, which listed in Amsterdam just last week, is splitting opinion among the first investment banks to cover the stock.While Jefferies rates the Naspers Ltd. tech-investments unit underperform, Bank of America Merrill Lynch recommends that investors buy the stock.Jefferies began coverage of Prosus, which owns a 31% stake in Chinese tech giant Tencent Holdings Ltd., with a price target of 61 euros, implying a downside of around 16% from current levels.Analyst Ken Rumph wrote in a note that there is “frustration” that while Naspers and Prosus have been good investors, there has been no return of any gains. While unattractive operations were spun off and the Dutch listing accessed more passive capital, the e-commerce disclosure remains “thin” for a public company, Rumph also said. He expects Prosus’s net asset value to be largely driven by Tencent.“After current index flows, we expect Prosus to trade back toward a wider discount as active investors realize they have an ambitious patient capital investor, not a value-maximizing wind-up on their hands,” he wrote in a note.Bank of America Merrill Lynch analyst Cesar Tiron is more optimistic, with his 97-euro price objective implying potential upside of 33%. Prosus offers exposure to “best-in-class” emerging-market internet assets, he wrote in a note.Cape Town-based Naspers carved out Prosus for a separate listing to attract a more global investor base and realize more value, while weakening the group’s dominance over the Johannesburg stock exchange.Prosus shares fell as much as 2.1% Monday and traded at 72.97 euros as of 12:47 p.m. Amsterdam time, with the retreat taking them 4% below their 76 euros debut level last Wednesday.Last week, Spin-Off Research began its coverage of Prosus with a buy rating and 99 euros price target.(Updates to add BofAML rating and analyst comments.)To contact the reporter on this story: Kit Rees in London at krees1@bloomberg.netTo contact the editors responsible for this story: Celeste Perri at cperri@bloomberg.net, John Viljoen, Paul JarvisFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Financial Times
Stocks to watch: Airbus, Safran, LVMH, Tullow, Prosus, Cineworld
● Airbus led the explorers lower on reports that the World Trade Organization had formally approved a US request to impose tariffs on some European goods, the latest chapter in a 15-year tit-for-tat dispute over aircraft subsidies. The settlement panel on the Airbus-Boeing dispute had sent a confidential ruling to the European Commission and the US Trade Representative that gave the US the right to impose “punitive tariffs” on EU products “from cheeses to Airbus planes and parts”, Politico reported. The WTO still needs to rule on an Airbus counterclaim that Boeing was being supported by subsidies from the US government, which is running six to nine months behind Boeing’s claim against Airbus.
- Bloomberg
Naspers CEO Dons His Go-To Outfit for Day in the Spotlight
(Bloomberg) -- Naspers Ltd. Chief Executive Officer Bob van Dijk may be stealing a page from the Steve Jobs personal-branding playbook. Jobs had his black turtleneck, and Van Dijk has his open-necked white shirt.The head of Africa’s biggest company has been photographed five times by Bloomberg News over the past four years, and each time he’s opted for the same laid-back style.True to form, Van Dijk arrived at Amsterdam’s stock exchange on Wednesday dressed in his go-to outfit, pairing the customary shirt with a pair of blue smart-casual trousers to bang the opening gong and watch shares in his company’s newly-listed technology business soar.Read More: Naspers Unit Soars in Debut to Close Discount With TencentIt’s not unusual for powerful people to adopt a kind of uniform that makes them instantly recognizable -- from Jobs and his turtlenecks to Barack Obama’s closely-tailored suits. Now Van Dijk is running one of Europe’s two biggest technology companies, he may want a similar recognized look.Prosus NV -- as Van Dijk’s new business is called -- has operations all over the world, from food delivery in Brazil to online travel booking in India. Van Dijk spends about 200 days a year on the road to keep watch over his scattered empire and jokingly refers to his executive team as “the flying circus” -- another reason not to have to worry about clothing.“For a person who’s running a large, listed company there’s a case to be made to wear the same, simple thing every day,” says Jort Kelder, a Dutch fashion expert with a clothing line at upmarket men’s retailer Suitsupply. “It’s so clothing doesn’t become an issue for them. Their appearance doesn’t distract from what they are doing.”\--With assistance from Ellen Proper, Robert Williams, Loni Prinsloo and Gem Atkinson.To contact the reporters on this story: John Bowker in Johannesburg at jbowker2@bloomberg.net;Ruben Munsterman in Amsterdam at rmunsterman1@bloomberg.netTo contact the editors responsible for this story: Thomas Pfeiffer at tpfeiffer3@bloomberg.net, John McCorryFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Reuters
Naspers spin-off Prosus surges 25% on Amsterdam market debut
Shares in Prosus, a spin-off from Naspers that includes the e-commerce group's 31% stake in Chinese tech giant Tencent, surged more than 25% on their stock market debut in Amsterdam on Wednesday, creating one of Europe's largest internet companies. Prosus comprises South African group Naspers' global empire of consumer internet assets, including the stake in Tencent, the world's biggest video game company and home to China's hugely popular WeChat social media platform. "We've become so big that further growth of our company on the JSE (Johannesburg Stock Exchange) would be difficult," Naspers CEO Bob van Dijk told reporters after the listing, which values Prosus at more than $100 billion.
- Bloomberg
Naspers Unit Soars in Debut to Close Discount With Tencent
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Naspers Ltd.’s newly listed internet unit received an enthusiastic early response from investors, soaring on its trading debut to close a valuation discount to its biggest investment, Chinese tech giant Tencent Holdings Ltd.Prosus NV, as the new Amsterdam-listed company is known, jumped as much as 32% in early trading to value the business at about 125 billion euros ($138 billion). The group’s 31% stake in WeChat creator Tencent is worth about $131 billion, the result of a timely investment made almost two decades ago.The investor reaction is an early vindication of the strategy masterminded by Naspers Chief Executive Officer Bob van Dijk, who took the helm of the Cape Town-based company five years ago. His plan to carve out Prosus into a new listing in Amsterdam was designed to attract a more global investor base and realize more value, while weakening the group’s dominance over the Johannesburg stock exchange.The move to Euronext is “to facilitate our next phase of growth,” Van Dijk said in an interview with Bloomberg TV just after the market opened. Prosus’s classified-ads business is the largest in the world, while the group also sees fast expansion in internet payments, food delivery and online trading in second-hand goods, he said.While the discount to Tencent was all but wiped out, the firm is still trading below the sum of its parts when you add other assets, including shareholdings in Russia’s Mail.Ru Group Ltd. and Delivery Hero SE of Germany. Van Dijk’s next challenge will be to generate higher returns from those investments and prove that Prosus isn’t merely a proxy for holding Tencent stock.“Our next step will be to bed down and invest in our core business units,” Chief Financial Officer Basil Sgourdos said by phone.Shares in Prosus -- a Latin word meaning ‘forwards’ -- declined slightly after the early surge. The value as of 11:28 a.m. in Amsterdam was 121 billion euros, making it the third-largest publicly traded company in the Netherlands, behind Royal Dutch Shell Plc and Unilever NV. Its market value rivals that of Europe’s biggest tech company, Germany’s SAP SE.Naspers is retaining a 73% stake in Prosus, and will keep hold of South African businesses including the newspapers that form the basis of the company’s origins a century ago. Its stock rose in Johannesburg, trading 5.4% higher as of 11:28 a.m. local time.“Naspers has been looking to unlock value in the steep discount applied to its Tencent holding and the successful listing of Prosus today has certainly gone some way to achieving that target,” said Neil Campling, an analyst at Mirabaud Securities. “Prosus is not only the Tencent holding though.”(Updates with CFO comment in sixth paragraph.)\--With assistance from Swetha Gopinath, Anna Edwards, Matthew Miller and Kit Rees.To contact the reporters on this story: Loni Prinsloo in Johannesburg at lprinsloo3@bloomberg.net;John Bowker in Johannesburg at jbowker2@bloomberg.netTo contact the editors responsible for this story: Thomas Pfeiffer at tpfeiffer3@bloomberg.net, Jennifer RyanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Financial Times
Naspers internet tech spin-off valued at €123bn as shares soar
A company holding Naspers’ stakes in internet technology groups such as Tencent soared in its Amsterdam stock trading debut, valuing it at €123bn, which instantly propelled it to the top echelons of Europe’s biggest listed companies. Shares in Prosus opened on the Amsterdam bourse on Wednesday at €76, well above a reference price of €58. The listing has instantly made Prosus Europe’s largest consumer internet company and the third-largest stock in Amsterdam behind Royal Dutch Shell and Unilever.
- Reuters
Naspers spin-off Prosus surges 25% on market debut in Amsterdam
Shares in the spin-off of South African e-commerce group Naspers surged more than 25% in the first minutes of their market debut in Amsterdam on Wednesday. Prosus comprises Naspers' global empire of consumer internet assets, with the jewel in the crown a 31% stake in Chinese tech titan Tencent. There is "way more demand than is even available, so that’s good," said the CEO of Euronext Amsterdam, Maurice van Tilburg.
- Bloomberg
Naspers Sets $105 Billion Value for Assets Including Tencent
(Bloomberg) -- Naspers Ltd. is all set to list internet assets including Tencent Holdings Ltd. in Amsterdam after valuing the newly created group at about 95 billion euros ($105 billion).New entity Prosus NV will have 1.62 billion shares priced at 58.70 euros each when it debuts at 9 a.m. on Wednesday, according to a statement from the Euronext stock exchange. The firm will become the Netherlands’ third-largest listed company, behind Royal Dutch Shell Plc and Unilever NV.Naspers will retain 73% of the new company, which will house everything from a 31% stake in Chinese online giant Tencent to food delivery and advertising firms from the U.S. to India and Brazil. Africa’s biggest company by market value built up the portfolio of global assets after investing in Tencent as a startup, turning a $32 million outlay into a stake currently worth $128 billion.Read More: Investor’s Guide to the $100 Billion Naspers Spinoff: ECM WatchThe listing is designed to achieve two main objectives for Cape Town-based Naspers. First, Chief Executive Officer Bob van Dijk wants to attract more international investors to assign more value to the company’s non-Tencent assets, which the market rates at less than zero. Second, the spinoff will reduce Naspers’s dominance of Johannesburg’s stock exchange, where it’s by far the biggest company. Read More: Naspers Prepares to List Global Empire From Ads to Tencent“Outside of Tencent, Naspers’ biggest asset is its exposure to online classifieds,” said Alastair Jones, an analyst at New Street Research in London. “The business is monetizing in 10 countries and already reports $875 million of revenues, with the potential to begin monetizing in another 20 countries. The opportunity is therefore massive, and execution is key.”Naspers shares traded 0.2% lower at 3,522.82 rand at the close in Johannesburg on Tuesday, valuing the company at 1.6 trillion rand ($109 billion). Tencent rose 0.7% to HK$342.60 as of 1:37 p.m. in Hong Kong. (Updates with Tencent shares in the final paragraph)\--With assistance from Swetha Gopinath.To contact the reporter on this story: Loni Prinsloo in Johannesburg at lprinsloo3@bloomberg.netTo contact the editors responsible for this story: John Bowker at jbowker2@bloomberg.net, Thomas PfeifferFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Financial Times
Naspers/Prosus: EU’s springbok tech giant
On Wednesday, South Africa’s Naspers boosted its value by listing a holding vehicle in Amsterdam. With more than $100bn of assets, the demerger is one of the 10 largest consumer tech companies. The new company Prosus is named after the Latin for “forwards”.
- Financial Times
Prosus debut creates €120bn European tech giant
South Africa’s Naspers created a €120bn European tech giant on Wednesday as shares in a Dutch listing of its global internet assets, including a significant stake in China’s Tencent, soared on debut. By valuing Prosus slightly higher than the Tencent stake’s value, the listing has instantly made it Europe’s largest consumer internet company and tackled a valuation quandary for Naspers.
- Reuters
Factbox: Prosus, tech heavyweight with Tencent stake, to list in Amsterdam
* What is Prosus? Prosus, a Latin word that can be translated as "forwards", is a portfolio manager that invests in fast-growing consumer internet companies in developing nations. The new entity's biggest draw is the stake in conglomerate Tencent, the world's biggest videos game company, a social media platform to rival Facebook via its billion-user WeChat app, as well as a payments giant.
- Reuters
Naspers takes Tencent stake out of Africa with Prosus listing
South African e-commerce group Naspers is listing its global empire of consumer internet assets under the name of Prosus on Wednesday - and the jewel in the crown is a 31% stake in Chinese tech titan Tencent. The spin-off in Amsterdam marks the end of an era for Naspers as it looks to move beyond the legacy of former Chief Executive Koos Bekker's prescient investment of just $34 million in Tencent when it was a startup in 2001, one of the most lucrative bets in corporate history. The stake in Tencent, the world's biggest videogame company and home to the hugely popular WeChat social media platform, is now worth $130 billion and has buttressed Naspers' rapid growth towards becoming Africa's most valuable listed company.
- TechCrunch
The CEO of Naspers -- one of the world's most powerful and lowest-flying investment firms -- is coming to Disrupt
In 2001, Naspers, a media company that launched in 1915 and later evolved intoa media holding company with pay TV interests, agreed to invest $32 millionfor a 46
- Financial Times
Koos Bekker, South Africa’s tech king, goes global
lists its global internet empire in Amsterdam next week, the tale will be told of how its chairman and former chief executive, Koos Bekker, transformed the company with a single $32m bet. that Mr Bekker bought in 2001 is worth about $133bn, making it one of the world’s most successful investments. Naspers is now too large for South Africa’s stock market, leading to the European listing.
- Bloomberg
Naspers Prepares to List Global Empire From Ads to Tencent
(Bloomberg) -- When Naspers Ltd.’s Latin America chief cold-called Alec Oxenford in 2010, he got straight to the point: he wanted to buy a majority stake of the Argentinian entrepreneur’s online classifieds business.Within weeks the deal was signed, but the OLX co-founder thought the partnership would last months rather than years.“I thought it was just a big global media company coming over and they were going to conquer us,” said Oxenford, also the co-founder of Letgo, which later became another Naspers e-commerce investment. “Here we are, 10 years later, and planning on the next 10 years,” he said in an interview.Oxenford’s OLX and Letgo are just two Naspers-owned internet ventures that will be carved out into a new $100 billion company called Prosus NV, which is due to list in Amsterdam on Sept. 11. Cape Town-based Naspers will still own about 73% of the entity after it lists, with the remaining shares to float freely.The separation marks a turning point for Naspers, which has grown from a local newspaper publisher into Africa’s most valuable company with global investments in classified ads, food delivery, payments and education technology. The growth has been built on a 31% stake in Chinese giant Tencent Holdings Ltd., worth about $129 billion at current prices.Naspers became a shareholder in Tencent when it invested just $32 million in the then-startup in 2001. The stake has long been worth more than the company itself, and a reason for the Prosus spin off is to attract more international investors and help narrow the gap -- if they value the rest of the business at more than they currently do. Another motivation is that Naspers accounts for such a large portion of Johannesburg’s stock exchange -- about 25% -- that some investors have been forced to sell down the stock to avoid overexposure to a single company.“It seems plausible that the Prosus listing will shrink the discount to the Tencent shares, as it reduces the impact of single-stock limits of JSE investors,” Bloomberg Intelligence analyst John Davies said by email. “But it doesn’t remove the other driver of the discount, which is that investors have not yet seen enough evidence that Naspers will invest its Tencent returns well.”Investors who have met Naspers management on their Prosus roadshow have also been skeptical, with Ruan Stander, a portfolio manager at Allan Gray Ltd. in Cape Town, saying “this one corporate action” may not be enough.Investors Doubt Naspers’ New Listing Can Fix Tencent DiscountThe chance of Naspers making an investment decision as remarkably successful as Tencent is “vanishingly small,” Davies said.But Chief Executive Officer Bob van Dijk is prepared to give it a good go, with the food industry “probably the largest opportunity I’ve run into in my lifetime,” he said.The way people consume food will change “drastically” in the future, the CEO said, comparing home cooking to how people used to make their own clothes a century ago.“The notion that people gather a bunch of ingredients from a shop and put things together three times a day, thirty times a month -- that’s not the way things are going to work anymore,” he said.At the heart of that belief are investments in companies like India’s Swiggy. Its chief executive officer, Sriharsha Majety, says Naspers’s support has inspired newer investors, including Tencent, to also take the plunge. Swiggy has expanded rapidly on the back of smartphone adoption across India, and joins a Naspers food-delivery portfolio that also includes Germany’s Delivery Hero and iFood in Brazil.Prosus companies are united in saying Naspers provides more than just financial support. Last year, Naspers sent a taskforce of as many as 40 people to Brazil to help iFood build out a new artificial-intelligence strategy, helping the company reduce prices by predicting where and when people will want a certain food.\--With assistance from Loni Prinsloo.To contact the reporter on this story: Natalia Drozdiak in Brussels at ndrozdiak1@bloomberg.netTo contact the editors responsible for this story: Giles Turner at gturner35@bloomberg.net, John Bowker, Liezel HillFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Bloomberg
Naspers Says Prosus Unit to Be Valued at About $100 Billion
(Bloomberg) -- Naspers Ltd. said a newly created entity containing assets including a stake in Chinese internet giant Tencent Holdings Ltd. will be valued at about $100 billion.Africa’s largest company by market value received shareholder backing last week to proceed with the listing of Prosus NV in Amsterdam next month. Alongside the Tencent stake, the new company will hold businesses from Brazil to Germany in industries such as online food delivery and classified advertising.A value of $100 billion would make only Royal Dutch Shell Plc and consumer-goods giant Unilever bigger in Amsterdam by market capitalization. The company would overtake ASML Holding NV, a semiconductor gear-maker priced at about 80 billion euros ($89 billion).Naspers opted to spin off Prosus -- in which it will keep a 73% stake -- to ease its dominance of Johannesburg’s stock exchange and help reduce a valuation gap between the Cape Town-based company and its stake in Tencent. The new group’s assets were valued at about $34 billion as of end June, Naspers said in a statement on Monday.Naspers Looks to Invest in AI as Prosus Listing ApprovedNaspers shares erased gains after the publication of the anticipated market value of Prosus, and traded 0.1% higher at 3,421.11 rand as of 11:52 a.m. in Johannesburg.The stock could gain by a further 40% to 4,800 rand, JPMorgan Chase & Co. analysts led by JP Davids said in a note published Monday. “In addition to Tencent’s outperformance, we expect the recent compression in the holding company’s discount to be sustained as it reduces its South African sovereign exposure.”Prosus had net income of about $1.4 billion for the three months through June, compared with $1.1 billion the previous year, Naspers said.JPMorgan, Goldman Sachs Group Inc. and Morgan Stanley are the main financial advisers on the Prosus listing.(Updates with Amsterdam ranking in third paragraph)\--With assistance from Joost Akkermans.To contact the reporters on this story: Loni Prinsloo in Johannesburg at lprinsloo3@bloomberg.net;Renee Bonorchis in Johannesburg at rbonorchis@bloomberg.netTo contact the editors responsible for this story: Rebecca Penty at rpenty@bloomberg.net, John Bowker, Frank ConnellyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Moody's
Tencent Holdings Limited -- Moody's: Tencent's steady 1H 2019 results do not affect its ratings or outlook
Moody's Investors Service says that Tencent Holdings Limited's (A1 stable) first half (1H) 2019 results were broadly in line with Moody's expectations and do not affect the company's A1 issuer or senior unsecured ratings, or the stable outlook on the ratings. "We expect that Tencent will continue to benefit from revenue diversification and generate positive free cash flow to support its investment needs over the next 12-18 months, while maintaining prudent financial discipline and a credit profile commensurate with its A1 ratings, " says Lina Choi, a Moody's Senior Vice President.
- Reuters
Indian e-commerce platform Meesho raises $125 million in Naspers-led funding
Indian digital platform Meesho has raised $125 million in its latest funding round, led by South African internet group Naspers, the e-commerce start-up said on Monday. Cape Town-based Naspers is in the midst of deploying a close to $10 billion war chest to scale up its e-commerce ventures and make new investments in online classifieds, payments and food delivery platforms. U.S. tech giant Facebook also took part in the funding round, together with existing Meesho investors SAIF, Sequoia, Shunwei Capital, RPS and Venture Highway.
- Reuters
Indian e-commerce platform Meesho raises $125 mln in Naspers-led funding
Indian digital platform Meesho has raised $125 million in its latest funding round, led by South African internet group Naspers, the e-commerce start-up said on Monday. Cape Town-based Naspers is in the midst of deploying a close to $10 billion war chest to scale up its e-commerce ventures and make new investments in online classifieds, payments and food delivery platforms. U.S. tech giant Facebook also took part in the funding round, together with existing Meesho investors SAIF, Sequoia, Shunwei Capital, RPS and Venture Highway.
- Moody's
Tencent Holdings Limited -- Moody's: Tencent's rating unaffected by potential investment in Universal Music Group
Moody's Investors Service says that Tencent Holdings Limited's (A1 stable) potential investment of a 10% stake in Universal Music Group (UMG) at a preliminary valuation of E3 billion will not immediately impact Tencent's A1 issuer and senior unsecured ratings, or the stable ratings outlook. "Although the investment -- if completed -- is sizable, we do not expect it will affect Tencent's strong credit profile, in view of the company's strong operating cash flow and track record of prudent financial management," says Lina Choi, a Moody's Senior Vice President.
- Reuters
Nasper's delayed internet assets float to go ahead in September
South African e-commerce giant Naspers said on Friday the delayed multi-billion euro listing of its international internet assets, including its over 30% stake in China's Tencent, will go ahead on Sept. 11. Naspers was forced to delay the listing of its newly created Prosus subsidiary - which houses the assets worth more than 100 billion euros ($112.36 billion) - on Amsterdam's Euronext exchange in June following an administrative error by a third party involved in the planned flotation. "It's a significant step for Naspers and will present a new opportunity for global internet investors," Chief Executive Bob van Dijk said in a statement, adding he was pleased the listing was on track following the delay.
- Bloomberg
Naspers CEO Says Prosus Dutch Listing to Facilitate Growth Wave
Sep.11 -- Naspers Ltd. Chief Executive Officer Bob van Dijk discusses the company's new Dutch listing Prosus NV in an interview in "Bloomberg Markets: European Open."
