Institutions top up their stakes in MultiChoice
Market currently values MultiChoice shares at R119.45, giving the group a market capitalisation of R52.4bn
Prudential Investment Managers and Allan Gray have both raised their stakes in pay-TV operator MultiChoice, the recently listed group said in a filing on Thursday. Prudential’s clients have raised their collective stake in MultiChoice to 5.4%, while Allan Gray’s interest has lifted slightly above 10%. Bloomberg data shows that Boston-based State Street has also topped up its stake. Naspers listed the pay-TV operator on the JSE in late February by unbundling it to its shareholders. While mooted valuations varied greatly at the time, the market currently values MultiChoice shares at R119.45, giving the group a market capitalisation of R52.4bn. Renier de Bruyn, investment analyst at Sanlam Private Wealth, said in a note published on Tuesday that “MultiChoice shares currently offer good value ... Despite some short-term potential headwinds, there is a long-term investment case to be made for the group”. MultiChoice’s scale in SA and the rest of Africa gives it a competitive advantage ov...
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