MARC HASENFUSS: Watch Caxton, the Naspers antithesis
There may be more than a few contrarian market watchers who prefer the conservative vision of Caxton prime-mover Terry Moolman to the all-conquering global thrust of Naspers chair Koos Bekker
Caxton and CTP Publishers & Printers, which is still earning most of its keep from newspapers, magazines and printing and packaging, could well be regarded as the antithesis of Naspers. Whereas Naspers has been ripped away from its print-media roots by an array of technology investments, Caxton still seems content to tinker with its (well-managed) traditional operations. That’s not to say there’s not much to like about Caxton. In fact, there may be more than a few contrarian market watchers who prefer the conservative vision of Caxton prime-mover Terry Moolman to the all-conquering global thrust of Naspers chair Koos Bekker. Caxton, on a trailing earnings multiple of around 10 times, may seem a fair rating, noting the changing media landscape. It’s worth noting the company’s operations are still churning out convincing free cash flows, and the allocation of this capital will determine Caxton’s long-term viability. The fair value of cash and cash equivalents topped R1.9bn, with cash ...
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