Besides its close to zero dividend yield, Naspers ticks several boxes in his list of shares to avoid, writes Robert Laing A COMMON mistake novice investors make is thinking a share like Naspers which is trading at above R2,150 is expensive while "1c" shares (a South African equivalent of penny stocks) like Nutritional Holdings and Mine Restoration Investments are cheap.You can’t simply judge how expensive a share is purely by its price. Investment ratios are needed — and these show none of the three shares above are bargains.One way to measure the cheapness of a share is to divide its price by its "book value" — defined as what would be left for shareholders after all of a listed company’s assets were sold and its creditors paid.The easiest way to estimate a company’s book value is to use the net asset value reported in its most recent financial results.Naspers’s book value is about R360 per share, based on the $23.79 net asset value as at March 31 it reported on Friday.That means N...

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