Notable insider buys at Prosus & Nordea Bank
Fabricio Bloisi, CEO of Prosus since Aug 24, has purchased €20m of stock at €48.29, increasing his stake by ~325%. This is his second purchase since joining, following a €4m purchase at €31.71 last year. Notably, this latest investment is 5x larger and made at a 50% higher price - underscoring growing conviction in the company’s outlook. Meanwhile, three Nordea Bank directors bought a combined €189k of stock at ~€12.20 post-earnings. Jonas Synnegren (Non-Exec since May 20) made his first buy since joining (€104k), Petra Van Hoeken (Non-Exec since Mar 19) made her largest buy to date (€35k) and Lars Rohde (Non-Exec since Mar 24) bought €50k of stock in his first purchase. Smart Insider assigns both stocks a +1 rating (highest conviction).
Edition: 216
- 25 July, 2025
Prosus (PRX NA) Netherlands
Communications
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.
Edition: 191
- 26 July, 2024
Prosus (PRX NA) Netherlands
Communications
The long-term open-ended share repurchase programme, funded by PRX’s on-market sale of its Tencent shares, is a massive positive catalyst for reducing the discount to NAV from its trough of ~60%. However, given the estimated short- to medium-term drag on cash flow from consolidated operations, Wium Malan concludes that it is difficult to argue for much less than a 30% discount. He also thinks it is likely that PRX’s management will significantly scale back its buyback programme should the discount approach the 20% level.
Edition: 139
- 08 July, 2022