Prosus NV Formerly known as Myriad International Holdings NV. Prosus NV, formerly Myriad International Holdings NV, is a Netherland-based global consumer Internet group. The Company is organized into six business areas: Classifieds, Payments & Fintech, Food delivery, Etail, Ventures and Travel. It also holds investments in listed Social & Internet assets. The Classifieds business area manages mobile and digital marketplaces. The Payments & Fintech business area includes PayU, a Payment Service Platform. The Food delivery business area manages food delivery companies. The Travel business area operates a travel online platform. The Etail business area includes business to consumer e-commerce companies. The Venture business area looks for and invests in early stage companies.
  • Ticker1ALH
  • ISINNL0013654783
  • ExchangeJohannesburg Stock Exchange
  • SectorSoftware & Computer Services
  • CountryNetherlands
Expert Corporate Governance Service (ECGS)

Prosus

ECGS notes that as a result of the Covid-19 pandemic the AGM will be held as an electronic meeting only. Consequently, it will not be possible to attend the AGM in person. In general, Prosus is in compliance with the Dutch regulations relating to the organization and procedures of the AGM. Under ITEM 2 an advisory vote on the Company’s executive remuneration report is requested. ECGS notes that the total variable salary granted in the year under review, corresponding to 1062% of annual base salary, exceeds the maximum threshold under its guidelines. Accordingly, ECGS recommends to vote OPPOS...

PROSUS NV sees an upgrade to Positive due to a better fundamental star rating

The general evaluation of PROSUS NV (NL), a company active in the Broadcasting & Entertainment industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date June 30, 2020, the closing price was EUR 82.74 and its potential was estimated at EUR 88.55.

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Stay Defensive With Technology, Health Care, Staples Upside momentum continues to wane for global equities, a trend we mentioned in last week's Int'l Compass. In that report we highlighted early signs of lower highs forming in the major global indexes. Price action this week has indeed confirmed lower highs for now in the MSCI ACWI, ACWI ex-US, EAFE, and EM indexes. These lower highs increase the probability for breakdowns and a deeper pullback, but we do not want to get ahead of ourselves. Until we see breakdowns we still view global equities as being in a period of consolidation. · ...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Stay Defensive With Technology, Health Care, Staples Upside momentum continues to wane for global equities, a trend we mentioned in last week's Int'l Compass. In that report we highlighted early signs of lower highs forming in the major global indexes. Price action this week has indeed confirmed lower highs for now in the MSCI ACWI, ACWI ex-US, EAFE, and EM indexes. These lower highs increase the probability for breakdowns and a deeper pullback, but we do not want to get ahead of ourselves. Until we see breakdowns we still view global equities as being in a period of consolidation. · ...

Kevin Mattison ...
  • Ruhan du Plessis

Naspers ,PRX | Growth, incentives and discounts

Naspers placed 1.4% of Prosus, raising c.USD1.5bn which will be used for Naspers' first ever N-share buyback. The buyback announcement further signals management's intent on actively managing the discount. The listing of Prosus, unbundling MultiChoice, selling 2% of Tencent and exiting most of Naspers' longtail etail portfolio are previous actions taken as part of the strategic intent to the reduce the c.44% discount that Naspers trades at to its underlying assets. In our view, a key part of the disconnect is that NPN is investing for growth, which in the short-term detracts from the Tence...

Charl Wolmarans ...
  • Kevin Mattison

Naspers ,PRX | Reclassification

Prosus' first results post listing delivered slower core HEPS growth (+7% y/y) compared to the growth in Tencent's contribution (+12% y/y), which was last seen in FY'17, as the Group expanded its food delivery and classifieds investments. We expect this theme will persist over the next two years. In our view, the investment could accelerate if the Group is successful in its Just Eat acquisition. Further, this step change in investment will slow the growth of profits from the classifieds business and increase investor uncertainty given the relatively nascent state of the global food delivery...

Charl Wolmarans ...
  • Kevin Mattison

Naspers ,PRX | Order execution | PRX Initiation | NPN earnings downgrade

The discount that Naspers trades at to its underlying investments is static following the listing of Prosus. On a see-through basis, a Naspers shareholder opting for Prosus (or taking Prosus indirectly through Naspers) is in a similar position as before the listing in Sep'19. While Prosus trades at a 22.6% discount to NAV, Naspers, on a see-through basis, trades at a 36.5% discount to NAV. Prosus and Naspers report H1'20 results on Friday 22 Nov '19. We expect Prosus and Naspers to deliver 12% y/y H1'20 core HEPS growth, below growth in Tencent's contribution at 15% y/y, due to increased inve...

PROSUS NV sees an upgrade to Positive due to a better fundamental star rating

The general evaluation of PROSUS NV (NL), a company active in the Broadcasting & Entertainment industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date June 30, 2020, the closing price was EUR 82.74 and its potential was estimated at EUR 88.55.

Expert Corporate Governance Service (ECGS)

Prosus

ECGS notes that as a result of the Covid-19 pandemic the AGM will be held as an electronic meeting only. Consequently, it will not be possible to attend the AGM in person. In general, Prosus is in compliance with the Dutch regulations relating to the organization and procedures of the AGM. Under ITEM 2 an advisory vote on the Company’s executive remuneration report is requested. ECGS notes that the total variable salary granted in the year under review, corresponding to 1062% of annual base salary, exceeds the maximum threshold under its guidelines. Accordingly, ECGS recommends to vote OPPOS...

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