With MultiChoice preparing to go it alone, investors should be aware that companies that fly the Naspers coop sometimes have a hard landing. Take Novus Holdings, the printing group that was unbundled four years ago. Partly because of a new, less favourable printing contract with Naspers’s Media24 unit, Novus’s share price has had a torrid ride — falling from R13.25 at listing in March 2015 to just R4.30 on Monday. Needless to say, some investors are concerned that MultiChoice might face a similar fate. To the sceptics, satellite TV is a sunset industry just like print media, and Naspers is getting out at the right time. While analysts expect MultiChoice to make it relatively easily into the JSE’s top 40 index — with most valuations ranging from R50bn to R90bn — Gryphon Asset Management portfolio manager Casparus Treurnicht expects the stock to eventually slide off that important list. “In my belief, MultiChoice will eventually trade at a sub-10 p:e ratio,” says Treurnicht. Even thou...

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