This calculator tries to predict how the market value of Naspers will change relative to the value of its 33.1% stake in China’s Tencent after the South African company lists its internet investments in Amsterdam.
The calculator starts by showing Naspers’ market value compared to its Tencent stake on March 24, before it announced plans for the spinoff. The discount was 29%.
It then shows what happens to Naspers’ market value after it transfers the Tencent stake - and some other internet investments - into the Amsterdam-listed subsidiary, which is called Prosus.
The answer depends on how close Prosus’s market capitalisation will be to the value of its Tencent stake. It also depends on how closely Naspers’ worth tracks the value of its 73% stake in Prosus.
The default assumption is that Prosus will trade at a 15% discount to the Tencent stake, and that Naspers will trade at a 5% discount to the value of its stake in Prosus.
You can change the two discounts by moving the sliders on the right.
For more interactive calculators and agenda-setting comment visit: BREAKINGVIEWS
The calculator starts by showing Naspers’ market value compared to its Tencent stake on March 24, before it announced plans for the spinoff. The discount was 29%.
It then shows what happens to Naspers’ market value after it transfers the Tencent stake - and some other internet investments - into the Amsterdam-listed subsidiary, which is called Prosus.
The answer depends on how close Prosus’s market capitalisation will be to the value of its Tencent stake. It also depends on how closely Naspers’ worth tracks the value of its 73% stake in Prosus.
The default assumption is that Prosus will trade at a 15% discount to the Tencent stake, and that Naspers will trade at a 5% discount to the value of its stake in Prosus.
You can change the two discounts by moving the sliders on the right.
For more interactive calculators and agenda-setting comment visit: BREAKINGVIEWS