Has something fundamental gone wrong at Naspers?
Even if you cut out the noise, Tencent still looks vulnerable, says Tim Acker of Allan Gray. But that doesn't mean the long-term investor should shun Naspers/Prosus
After an extended period of stellar performance the Naspers share has now underperformed the market, as represented by the Capped Swix, over five years. Has something fundamental gone wrong at Naspers, or is there value to be had at the current price?
To understand, the business must be looked at in three parts: Tencent; the collection of other businesses; and the combined value relative to the share price...