The shares jumped to … Overall, Prosus' core headline earnings per share (HEPS) reached $2.07 ($2.03 on a fully-diluted basis), which was largely in-line with the trading statement guidance of $1.97-2.13 released prior to the FY20 announcement.Prosus' outlook statement made clear its intentions to reinvest across food delivery, classifieds, and payments in an effort to drive future profitability, which I view as a key positive. Prosus Stock Key Figures MORE Market Cap (USD) Index inclusion could trigger value unlock from increased passive AUM fund flow, a narrower holding company discount, and increased interest from developed market investors. Prosus has holdings in Tencent, the Chinese internet-based technology and cultural enterprise, the Russian internet business Mail.ru Group, payment technology company PayU, OLX, the global online marketplace, as well as food delivery services iFood (Brazil), Delivery Hero (Germany) and Swiggy (India). As a result, dividends (excluding Tencent) increased by ~$75m on the back of the classifieds' contribution. Prosus ( OTCPK:PROSY ) has outperformed since I last covered the stock, but I …
Although Euronext reportedly gave a reference price of €58.70 per Prosus share, shares opened at €76 apiece on the first day of trading, surged to an intraday high of €77.40 and closed at €74.19. Prosus has already announced several in-market consolidation deals (three in classifieds and one in food delivery) over the last few months, using a mix of equity/ cash financing.I'd also point out that management incentives are aligned - for instance, the CFO has a 15% weighting within his short-term incentives for FY21 related to proposing measures for reducing the discount.
Euronext had given an indicative price of 58.70 euros per share for Prosus, implying a market value of 95.3 billion euros ($105 billion). 1, 2020 at 2:44 a.m.
The stock performance into the June review suggests scope for a narrowing discount as the review approaches.Plans to reinvest in the business highlight the long-term orientation.At <20x earnings, Prosus represents growth at a very reasonable price.For a ~30-40% EPS grower, Prosus trades very reasonably at <20x P/E, in my view, as the market continues to discount Prosus' various Internet stakes.
Prosus ProspectusProsus Articles of AssociationProsus Articles of Association (Dutch) Learn more about our full year results here. The company is well-capitalized as well, with a net cash position of $4.5bn, and an undrawn ~$2.5bn revolving facility as of FY20. Prosus N.V. (formerly Myriad International Holdings N.V.) is a holding company in the service of the global Internet consumer group (Naspers). The core portfolio has largely benefited from COVID-19, with pockets of weakness isolated in classifieds and Swiggy.Net, the e-commerce outperformance drove the 16% YoY growth in trading profits, offsetting continued investments into Online Food Delivery. “It’s going to be an interesting hour of trade after opening this morning.”Reporting by Toby Sterling; Editing by Susan FentonThe Tencent stake has been worth more than Naspers itself for years, and dominated the $103 billion group’s finances. I see this as unjustified, given Prosus' focus on discount reduction via a more tax-efficient structure, improvements to its liquidity, and management's proven track record.Key risks include disappointments or underperformance at Tencent, given the weighting of Tencent in the portfolio, and exposure to capital allocation decisions at the parent company (Naspers) level, which could create an overhang on Prosus shares.Focus on discount reduction is also encouraging.With the vast majority of its NAV derived from its Tencent stake, Prosus' periodic results typically offer little in the way of material surprises. The acceleration was led by food delivery, where growth essentially doubled, while Classifieds, payments, and Etail also remained strong at ~20% YoY growth rates. IPO date. Wed 11/09/2019. ET on Seeking Alpha Prosus N.V. 2020 Q4 - Results - Earnings Call Presentation In the process, it created what is said to be the largest internet company in Europe and one of the top ten in the world based on asset value.
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