Cheap Tencent? My Prosus Analysis
In this video, I take a deep dive into Prosus, the listed investment company built around its Tencent stake.
We start with the portfolio structure and why Tencent still dominates the story, then look at the main listed assets and the harder-to-value unlisted businesses across Europe, India and Latin America. The goal is to understand what Prosus really owns beyond Tencent, and whether that diversification has actually created value.
Then we move to capital allocation, buybacks, the 2023 restructuring, adjusted NAV, and the persistent discount to NAV. Finally, we discuss the key investment question behind the stock: is Prosus simply a cheap way to buy Tencent, or is the discount justified by the risks in the rest of the portfolio?
Chapters
00:00 Introduction
00:33 Portfolio structure and Tencent exposure
03:17 Tencent update
06:03 Listed and unlisted assets
11:15 Capital allocation and buybacks
13:45 NAV and discount to NAV
18:02 Conclusion
Keywords
Prosus; Prosus stock; Prosus analysis; Tencent; Tencent stock; Naspers; discount to NAV; holding company discount; stock analysis; investing; value investing; Chinese tech stocks; buybacks; valuation; value trap;
Disclaimer
This video is for education and information only and is not investment advice.
#Prosus #Tencent #StockAnalysis #Investing #ValueInvesting