bullish
Prosus: The More Things Change…
Wium has highlighted this Insight as a Top Pick
291 Views31 Jul 2023 05:00
SUMMARY
- Prosus looks to continue to cut its stake in Tencent by 2-3% every year to fund its open-ended share buyback program.
- Evidence would suggest that the buyback is set to continue at a relatively steady pace for the foreseeable future, which should support the discount to NAV going forward.
- The simplification of the shareholding structure, to remove the cross-holding, could sustainably reduce Prosus’ discount to NAV by roughly 10%.
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