PROSF - Prosus: Discounted Valuation Offers Investors Many Ways To Win
Prosus (PROSY), a recent spinoff from Naspers (NPSNY), offers investors multiple ways to win at current valuations. Following the September spin, Prosus' NAV discount has widened materially despite its more tax-efficient structure relative to Naspers. In my view, this offers investors access to Prosus' assets (e.g., Tencent (TCEHY)) at a significant discount as well as the optionality to benefit from continued efforts by management to narrow the discount via further value crystallization initiatives.
Spinoff Background
Prosus was formed from Naspers' partial spin-off of its international, consumer internet assets on the Euronext.