MultiChoice could to be the third-largest primary listing on the JSE in a decade when it makes its debut on the bourse next month. The market is expected to value Naspers's pay-TV unit at between R40bn and R75bn, which would put MultiChoice in the league of Steinhoff Africa Retail, (now called Pepkor) and just behind Bidcorp in terms of size for a recent listing in Johannesburg. Naspers last year announced it was unbundling MultiChoice to shareholders and this week cast more light on the company's standalone sales, profit and dividend numbers. MultiChoice, headquartered in Randburg, Johannesburg, only a stone's throw from the house where it tapes reality show Big Brother, generated R47bn in revenue, with a trading profit of R6bn and core headline earnings of more than R1bn. It also plans a dividend of R2.5bn for 2020. A business with modest growth but high cash flow, MultiChoice will likely be compared to companies in the telecommunications category, such as Vodacom and MTN, said Ol...

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