Prosus struggles to find investments anywhere close to Tencent’s returns
CEO Bob van Dijk has announced plans to buy back as much as $5bn in shares in itself and Naspers
Prosus, which became Europe’s largest technology company this week, has always been something of a Gordian knot for investors.
The Amsterdam-based company derives the entirety of its €141bn market capitalisation from its 31% stake in Tencent Holdings, the Chinese e-commerce giant. Indeed, it trades at a $59bn discount to the value of that holding, meaning that investors essentially ascribe a negative value to its other investments, such as Russia’s Mail. Ru Group and Brazilian food delivery platform iFood...