What a drag
Prosus and Naspers report both report interim earnings on 23 November. Earnings in USD will be up 27% at the mid-point of the trading statement range. Ingham Analytics say that on the surface this seems a good result but that in fact it isn’t and quantify why in “What a drag.” They calculate that the loss from the rump, excluding Tencent, has increased by approximately 69%. The discounts to the see-through value of the interest in Tencent remain stubbornly high.
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