This Big Tech Stock Is Always on Sale

The Wall Street Journal2021-06-21

Tencent’s anchor shareholder Prosus has revealed the value of its $39 billion portfolio of startups—and the full extent of its discount problem Getting 50% off isn’t such an unmissable opportunity ...

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精彩评论

Gingerice
2021-06-22
Gingerice
Buy
ganput
2021-06-22
ganput
Comment pls. Great like pls. Thanks
Munching
2021-06-22
Munching
Great
Black83black
2021-06-22
Black83black
Lobang sale!!! Buy buy buy 😈😈😈😈😈
ramius75
2021-06-22
ramius75
😱
mao1e
2021-06-22
mao1e
Wow thanks
- SP1980:
  good

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The Amsterdam-based company also owns a portfolio of e-commerce startups that, like Tencent, have mainly thrived during the pandemic. Prosus revealed an estimate by Deloitte of their valuation for the first time Monday. According to the accounting firm, they are worth in aggregate $39 billion, up from roughly $20 billion a year ago.\nThe strong valuation is a double-edged sword. It suggests that Prosus’ operations are headed in the right direction, but it also lays painfully bare the gulf between their value and its stock price. If you add the $39 billion to $216 billion for the Tencent stake, roughly $1 billion for a similar minority stake in Russian internet company Mail.ru and almost $12 billion in net cash, you get an implied equity value of $268 billion for Prosus. Its market capitalization is just $162 billion—a discount of 39%.\nThe gap widens further if you step further up the ownership chain. Prosus is majority-owned by South African holding companyNaspers,NPSNY-0.70%whose shares trade roughly 23% below the value of its Prosus stake. Overall, Naspers shareholders are getting less than half the value of the internet businesses and stakes owned by Prosus.\nSuch financial inefficiency might present an opportunity if the reasons weren’t so intractable. Naspers, which built the portfolio,spun Prosus offto reduce its own heavy weighting on the South African stock market, which gave portfolio managers an ongoing technical reason to sell its stock. Less than two years later, Naspers is as dominant on the exchange as ever.\nProsus and Naspers have a new plan to address the problem, involving a cross-shareholding structure that will end in Prosus owning almost half of Naspers. The project received pushback from investors partly for its complexity, forcing the company to issue a public defense. Shareholders vote on the deal next month.\nComplexity may itself be one reason for the discount problem at Naspers and Prosus: Tying themselves in knots to answer one question just raises more. The only real resolution is a breakup, but the companies need their Tencent shares to fund bets on cash-draining industries like food delivery. 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Great like pls. Thanks","listText":"Comment pls. Great like pls. Thanks","text":"Comment pls. Great like pls. Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/120124984","repostId":1188659531,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":120125266,"gmtCreate":1624316350155,"gmtModify":1634008065801,"author":{"id":"3585889470457472","authorId":"3585889470457472","authorIdStr":"3585889470457472","name":"Munching","avatar":"https://static.tigerbbs.com/7994afc48f9078fd5f5d157fbe40ab8d","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3585889470457472"},"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/120125266","repostId":1188659531,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":120120885,"gmtCreate":1624316030347,"gmtModify":1634008072773,"author":{"id":"3576542985729070","authorId":"3576542985729070","authorIdStr":"3576542985729070","name":"Black83black","avatar":"https://static.tigerbbs.com/68ef81b344574b1c1be3814d613f72a8","vip":1,"crmLevel":7,"crmLevelSwitch":0,"idStr":"3576542985729070"},"htmlText":"Lobang sale!!! Buy buy buy 😈😈😈😈😈","listText":"Lobang sale!!! Buy buy buy 😈😈😈😈😈","text":"Lobang sale!!! Buy buy buy 😈😈😈😈😈","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/120120885","repostId":1188659531,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":120186438,"gmtCreate":1624315206024,"gmtModify":1634008085633,"author":{"id":"3586470645934044","authorId":"3586470645934044","authorIdStr":"3586470645934044","name":"ramius75","avatar":"https://static.tigerbbs.com/10763970a5bf5e3128c5423ebbee8096","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3586470645934044"},"htmlText":"😱","listText":"😱","text":"😱","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/120186438","repostId":1188659531,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":120137220,"gmtCreate":1624313831960,"gmtModify":1634008100721,"author":{"id":"3582927631820174","authorId":"3582927631820174","authorIdStr":"3582927631820174","name":"mao1e","avatar":"https://static.tigerbbs.com/69fd482fe5582beb625c519d3f532457","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3582927631820174"},"htmlText":"Wow thanks","listText":"Wow thanks","text":"Wow thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/120137220","repostId":1188659531,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4941204,"gmtCreate":1624314772028,"gmtModify":1635253392593,"authorId":3573379860144244,"author":{"id":3573379860144244,"authorId":3573379860144244,"name":"SP1980","avatar":"https://static.tigerbbs.com/101a00da82e124351de89d6d885f76b9","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":120137220,"type":1,"supId":0,"prevId":0,"content":"<u>good</u>","text":"<u>good</u>","html":"<u>good</u>"}],"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":113,"commentSize":45,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.28.1","shortVersion":"4.28.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1188659531"}