New Street Research - NASPERS (NPN) New Street Prosus / Naspers (Buy) - Naspers sells Prosus shares to fund buyback

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New Street Research

Alastair Jones

EUR 1177.30 For Business Accounts Only

New Street Prosus / Naspers (Buy) - Naspers sells Prosus shares to fund buyback

Naspers has sold 1.3% of its 74% stake in Prosus to raise capital for a future share buyback at Naspers level. Investors have been pushing for a buyback given the success at narrowing other holdco discounts (e.g. Softbank).

22/01/2020 2 EN

Underlying

NASPERS

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New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
Global healthcare thematic research

We provide debt research on:

Pan European Telecom Services and Cable

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Analysts

Alastair Jones

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Aequitas Research

Prosus updates on Tencent and JD.com

Today Prosus announced that it will begin an open-ended share repurchase programme of Prosus and Naspers shares which will be funded by on-market sale of Tencent shares. Prosus also announced that it has sold its entire shareholding in JD.com, to raise US$3.67bn, on-market in Jun 2022. In this note, we talk about the implication and timing of today’s announcements.

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Aequitas Research

JD.com Tencent distribution

On 23rd Dec 2021, Tencent declared a special interim dividend in the form of a distribution in specie of 457.326m Class A ordinary shares of JD.com, making Prosus the third largest shareholder in JD.com with a 4.2% stake. While Tencent went ex-div on 20th Jan 2022, the actual settlement of the distribution only happened on 25th Mar 2022. On that day, the bulk of the stock that Tencent had distributed moved into CCASS with the exception of shares held by Prosus. There was another large movement in CCASS around 11th Apr 2022, which couldn’t be directly attributed to any shareholder. Since th...

EUR 87.90

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Aequitas Research

JD.com Tencent distribution

On 23rd Dec 2021, Tencent declared a special interim dividend in the form of a distribution in specie of 457.326m Class A ordinary shares of JD.com on the basis of 1 Class A ordinary share of JD.com for every 21 shares held by the qualifying shareholders. While Tencent went ex-div on 20th Jan 2022, the actual settlement of the distribution only happened on 25th Mar 2022. We have looked at the background of the possible deal in our earlier note JD.com Tencent distribution - The US$10bn overhang and JD.com Tencent distribution - Updates on the now US$15bn overhang and the Prosus angle. In t...

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Tariffs & TSMC: the baseline & what’s next

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New Street Prosus / Naspers (Buy) - Naspers sells Prosus shares to fund buyback

Prosus updates on Tencent and JD.com

JD.com Tencent distribution

JD.com Tencent distribution

Tariffs & TSMC: the baseline & what’s next

TeleColumbus Q4 results and 2025 outlook – Bullish thesis intact

Odido (T-Mobile NL) (Equal Weight) Q4 24: Good cost control and operational gearing; IPO still possible in 2025

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