Picture: SUPPLIED
Picture: SUPPLIED

Naspers’s operating assets are producing returns well below the cost of capital and operating profit has been and remains negative.

One reason for the discount is that Naspers/Prosus is investing and reinvesting in value-destroying endeavours.

Michael Avery speaks to Brian Kantor, an economist and former chief investment strategist of Investec Wealth & Investment, and David Holland, a co-founder of Fractal Value Advisors, about misaligned executive pay.

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