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GRUB - Prosus Waves The White Flag And Initiates Huge Buyback Program
GrubHub Inc.
Prosus has started a $5 billion buyback program.
Prosus' discount to NAV has narrowed to 25%.
Management has listened to the critics and is taking the right course of action to return value to shareholders.
However, a 20%-30% discount continues to be rational.
I am hopeful for iFood's and Swiggy's prospects; the two largest food delivery platforms in emerging markets continue to strengthen their moat during COVID-19.