Communications

Report by Propitious Research

Profitable growth, elevated discount - after effectively removing the cross-holding structure between PRX and Naspers and simplifying its holding in Tencent and other subsidiaries, there has been little impact on their respective discounts to NAV with the Tencent share price and continued open-ended share repurchase programme remaining the main share price drivers. Wium Malan has historically argued that PRX warrants a c.25% (and NPN a further 15%) holding company discount. In his latest report, Wium analyses this discount to NAV, the performance of its underlying consolidated operations, cash flow generation, capital allocation and valuation.