Naspers management is likely to continue bringing home the bacon
Even by US standards, the company has delivered exceptional returns for long-term shareholders
Naspers has delivered exceptional returns for long-term shareholders. We estimate that a Naspers shareholder in 1980 earned 21% per year in real US dollar terms to today. Only one US-listed share returned more than 20% per annum in real terms over the same period.
The corresponding return for the US stock market has been 9.1% per annum and the 100 most profitable US-listed companies in 1980 that remain listed now delivered a return of just 5.5% per annum. Compounding at that rate for just more than 40 years would have turned $1 into $9, compared with $2,350 from an equivalent investment in Naspers. This last comparison illustrates that many companies struggle to adapt and thrive as they grow and age. ..