Private.
Private. Some are already pushing Naspers, which will own at least 73 per cent of the Dutch listed company, not to rely so much on the Tencent success-driven share price to reward executives. By that token, Naspers must have a “Koos Bekker discount”.
Naspers is controlled by two opaque holding companies reportedly linked to Bekker and other bosses.Another method of value creation management could use to use cash proceeds from the sale of its investments to buy back stock.
Invest alongside founders: Sachin Bansal and Binny Bansal each retained ~5% stakes in Flipkart until the point of sale. . That’s a 550,000% return on investment in just 17 years, before considering dividends – a 66% compound annual return.Naspers is a cheap stock that gives investors exposure to a unique portfolio of companies. ... son. Mr Murdoch picked MySpace. They are all individuals at the helm of their respective industries with decades of experience and a global footprint in business. Identify an attractive market, in Flipkart’s case India. Now Bob thinks by carving out its international internet businesses, including the 31 percent holding in the Chinese tech giant, for a listing on Euronext Amsterdam, the company will tap into a bigger pool of capital and shrink a discount that’s been worsened by Naspers’ outsize presence on the Johannesburg Stock Exchange. Mr Bekker chose Tencent. To the average retail investor, these asset classes and their superior return streams are effectively unavailable.I don’t think this was just blind luck, either. The media and television subscription group headquartered in South Africa offers in services in over 130 countries.The Johannesburg-quoted shares of Naspers give it a worth of R1.4-trillion ($98bn). Born 1900s. Identify a secular trend: e-commerce, which is a well-known disruptive force in the retail world. That is about 37% below the value of its quoted stakes, added to an estimate for unquoted investments from Citi. Ancestors . In the 1980s the couple moved to New York. “It was a great investment,” says Albert Saporta, a Geneva-based investor. SoftBank’s $100bn Vision Fund has better exposure to developed markets through well-known groups such as WeWork, Slack, Uber and Grab.LetGo’s growth in the US seems impressive, and the company is potentially worth big money to a strategic buyer. This has left it with net cash. Then again this is a man who can lose US$80-million without blinking. In fact, it’s estimated that Bekker’s shares in the company are currently worth around R6-billion (US$730-million). Koos Bekker was one of the founders of the MTN/Multichoice group of companies, the first pay television service providers in Africa. Brother of Ada Bekker, Alexander Kirsten Bekker, Johannes Bekker, Charles Bekker, Anna Bekker, [private brother (1910s - unknown)], [private sister (1920s - unknown)], [private brother (1920s - unknown)] and [private brother (1920s - unknown)] [children unknown] Died 1970s. a frustrated journalist” who respected the newspapers’ independence, says Ferial Haffajee, a former editor.Instead of joining the US company, Mr Bekker faxed a proposal for a similar service in South Africa to Naspers at a time when the company was concerned about the threat TV posed to print advertising. CEO Koos Bekker has overseen much of that growth, benefiting all the while through the 11.7-million direct and indirect shares he holds in the company. It raised $9.8bn last March by cashing in a 2% stake in Tencent. That’s some serious pocket change. In the past, Naspers’ management has continually focused on the classifieds business stressing its potential for profitability by addressing an underserved market. Naspers is essentially a holding company with an active venture capital arm, funding private companies that are difficult for retail investors to access. Koos did not stop his business with MTN, and he eventually acquired a majority shareholding in Naspers, the company that funded them as they started MTN and Multichoice. It will reduce the weighting of Naspers back home, where it accounts for a quarter of the local index.These are the names that made it to the list of well known South African entrepreneurs. It was a time of great flux at home. Naspers looks like a riskier proposition otherwise. Both men later used pay-TV cash to bet on the internet.
Genealogy for Jacobus Petrus (Koos) Bekker (1906 - 1973) family tree on Geni, with over 200 million profiles of ancestors and living relatives. The challenges facing SoftBank as it markets Vision Fund II are just the same.The boss of SoftBank admits some investors think of a “Masayoshi Son discount” when trying to value the Japanese tech group. “I don’t recommend it to everyone, because it’s high risk,” he said.Then Mr Bekker spotted a spark in a Shenzhen start-up that has come to dominate China’s internet. Early life; Career Both were early investors in small Chinese companies and were handsomely rewarded.Unfortunately, for Naspers’ shareholders, the market is valuing the company at a discount to its Tencent stake, and an even deeper discount to a sum-of-the-parts valuation. Management has been reluctant to perform meaningful share buybacks in the past but if the discount to the Tencent stake persists, management may be more receptive of the idea or the company may become vulnerable to activists.It’s a recipe that Naspers uses in several industries – e-commerce, food delivery, and classifieds being the companies main focus at this time.Cognizant of my own home-country bias, I have spent the past few years searching for foreign securities to add to my portfolio.
Though the stock has its risks, I believe the discount to its equity portfolio and the exposure to emerging secular trends gives investment in Naspers’ stock significant tailwinds.