MultiChoice Group’s shares have risen to their best level yet since Naspers unbundled the pay-TV operator onto the JSE in late February. The stock reached a high of R123.57 on Wednesday morning, 6.5% up from Tuesday’s close. On February 27, MultiChoice’s first day of trading as a standalone entity, the stock closed at R106.01. The group’s market capitalisation was R52.8bn just before midday on Wednesday, meaning MultiChoice remains firmly in the JSE’s top 40 index. Ahead of its listing, analysts put forward wildly divergent valuations for the group. To some, the DStv owner’s high-growth phase was seemingly over, particularly as Netflix and other online streaming services shake up the pay-TV market. Others are bullish about the group’s prospects, since pay-TV penetration remains low in the rest of Africa and connectivity remains prohibitively expensive to most in SA. The group has 7.2-million subscribers in SA and 6.7-million across 49 other African states, where internet penetration...

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