Investment Thesis
We see Naspers’ (OTCPK:NPSNY) decision to form a new group to list in AEX under the perspective of what it could mean for the discount to the asset value. There are three main sources of NPSNY's discount:
- Distrust that management will sustainably return that value to shareholders when investors could own the majority of the assets directly;
- Obscure accounting and messaging, by pretending to be an operator when mainly they operate as an investor;
- The supervoting complex control structure that doesn’t allow much challenging of the current discount.
With that being