Naspers, the undisputed JSE heavyweight champion, weighs in with a market cap of R1.45 trillion. But its market cap should arguably be R450m (31%) higher than it is. That would lift its market cap to R1.9 trillion, putting it in line with the value of its 31.17% stake in Tencent, a Chinese internet, gaming and tech giant.Looking at the market cap conundrum another way, if the market is valuing Naspers’s holding in Tencent at its full R1.9 trillion, it is placing a negative value of R450m on its other assets. They are assets which in Naspers’s year to March generated revenue of $3.9bn with the bulk ($3.65bn) from e-commerce interests."Shareholder pressure on Naspers’s management to take action to unlock value is mounting," says Evan Walker of 36One Asset Management.Not that such calls are new. "They have been around since Naspers’s share price was R200," says Walker. That was 10 years ago. Naspers’s price is now R3,370.Solutions punted by analysts include splitting Naspers into two s...

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