To the vast majority of analysts, omitting Naspers from a balanced portfolio is like putting Lionel Messi on the bench — for a whole season of, say, the Champions League — on the basis that he just might lose his touch. It’s a big call, knowing that he’d probably be scoring in almost every match — and needless to say, invested fans would be furious. Not everyone is a Messi fan though, just as some aren’t drinking the Naspers Kool-Aid. The Internet and entertainment giant has fast become the JSE’s biggest constituent, and most analysts see a lot more growth ahead. In fact, not one analyst tracked by Bloomberg has a "sell" rating on Naspers. Of the 16 analysts who cover the stock, 15 recommend it as a "buy". Investec is the only firm with a more conservative "hold" rating. While optimists reckon that governance concerns (related to Naspers’s pay policy, the fact that chairman Koos Bekker is a former CEO, and the opaque ownership structure) should be argued against, they mostly don’t b...

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