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NPN X PRX: Discounts Continue to Come Under Pressure

Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Event-Driven

<ul>
<li>During the last 3 weeks, Naspers and Prosus have come under pressure relative to their underlying portfolios.</li>
<li>Since reaching a new all-time low on the 12th of February, Naspers’ discount has widened by 6 percentage points to 40.7%.</li>
<li>Prosus’ discount has widened 5.7 percentage points to 35.4%. Naspers and Prosus are down 9% and 8% respectively, relative to a decline of 1.9% for Tencent in ZAR.</li>
</ul>


During the last 3 weeks, Naspers and Prosus have come under pressure relative to their underlying portfolios.
Since reaching a new all-time low on the 12th of February, Naspers’ discount has widened by 6 percentage points to 40.7%.
Prosus’ discount has widened 5.7 percentage points to 35.4%. Naspers and Prosus are down 9% and 8% respectively, relative to a decline of 1.9% for Tencent in ZAR.


NPN X PRX Discount Update Discounts Widen to Pare Back Strong YTD Gains