Following the Prosus (PROSY) spin-off, Naspers (NPSNY) trades at a narrowed ~15% discount to its market cap-based NAV (~45% consolidated discount), offering investors an opportunity to buy into Prosus’ underlying Internet assets at a widening “double-discount.”
The recent placement of ~22m Prosus shares adds to the Naspers bull case - Naspers is now equipped to buy up to ~2% of its share capital, implying shares could gain further, particularly considering there is still scope for the buyback program to expand before reaching the 70% ownership threshold. The buyback at the Naspers