Technlogie bedrijven koop je in het algemeen niet voor het dividend, voor zo ver daar al sprake van is. “When you see a lot of people spend a lot of money, there’s usually something in it. Deep pockets let it build online businesses or aggregate local players into global platforms. PayU, a payments arm, has grown rapidly, notably in India. Unless shareholders have a real say in what Prosus is for, it may never do. Perhaps appropriately enough for an executive who is under constant pressure to find the “next big thing” and who exists in the shadow of the most successful tech investment yet made (Tencent), Van Dijk is unperturbed by these grim facts. The unexpected upshot of a South African investment in China is a European consumer-internet giant. Of 2020’s vagaries, covid-19 should help lure new customers online. But challenges abound. Net sales by activity break down as follows: A year ago Naspers listed Prosus, a vehicle for its online bets, in Amsterdam. Prosus’s overwhelming lack of success for the single most valuable deal it (or Naspers) has yet targeted represents something of a challenge for shareholders. “On the one hand, you do want to be disciplined and not overspend on acquisitions,” says Ken Rumph of Jefferies, an investment bank. © 2020 Arena Holdings. He insists Prosus has found a distinctive approach. And then there is the matter of whether market growth would play out as Van Dijk has forecast, which is that food delivery will become an essential part of daily life. Naspers itself has similar super-voting shareholders, who are seen as close to management. An Indian e-commerce investment, Flipkart, generated a return of $1.6bn when it was sold to Walmart in 2018. � 6 ( | � ( S � �� �x �0 �� ֠ �X � �� �� �8 �� �� �` � �� {� !s@ #j� %b� 'Zh �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� � ` ` ��XICC_PROFILE HLino mntrRGB XYZ � 1 acspMSFT IEC sRGB �� �-HP cprt P 3desc � lwtpt � bkpt rXYZ gXYZ , bXYZ @ dmnd T pdmdd � �vued L �view � $lumi � meas $tech 0 rTRC. It can back businesses for the very long term and, because it runs some of them, has “an operator’s DNA”. Even assuming two or three players emerge dominant, and that these positions are secure from aspirant players, what are the chances of regulatory interference? Questions submitted for the annual general meeting 4 … Het moederbedrijf van Prosus - Napster - keert wel jaarlijks een bescheiden dividend … Even if the parent sold down its stake, its shares would carry 1,000 times more voting power than anyone else’s. Register (it’s quick and free) or sign in now. At Uber Eats, every $2 of revenue is believed to create $3 of cost, says John Colley, a professor of business at Warwick University. Shareholders who wanted out of Naspers to own Prosus may still continue to sell Naspers for some time to come. The prospect offered by the Just Eat deal, of creating the world’s largest food delivery business — ahead of major players such as Uber Eats and Deliveroo — was evidently too compelling not to make the £5bn (R93.79bn) offer and then increase it twice to a “full and final” £5.5bn. 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But the ongoing trade skirmishes between America and China pose a risk for owners of Chinese assets. But, he argues, it can still deliver value. If it was eventually to pay out, Prosus — with Just Eat as part of its food delivery offering — would have had to survive an extremely costly and volatile consolidation process that could drag on for years. Use of this site constitutes acceptance of our Terms & Conditions and Privacy Policy. Some of its investments are in industries likely to be profitable only if mergers create winners that could attract the gaze of trustbusters. Its market capitalisation of $167bn is about a fifth less than the value of its Tencent shares. Might they now have to get used to even larger sums being offered for unprofitable businesses? But its chairman, the former Naspers chief executive who pulled off the Tencent deal, is no counterweight. Its boss, Bob van Dijk, acknowledges the firm’s model may be unusual in the tech world. Its share price has risen of late, but not as fast as those of its holdings. stream If you were listening closely you might have heard a collective sigh of relief from Prosus's shareholders on Friday as they received confirmation that the company’s R100bn takeover offer had been rejected by Just Eat shareholders. %���� Prosus is een holding met een portefeuille van bedrijven, in het geval van Prosus vrijwel allemaal in de technologie sector. Prosus has invested billions—and has ever more billions to invest, thanks to Tencent’s continued success—into all manner of online ventures, from e-commerce to food delivery, distance learning and classified ads. The prospect of attaining the “winner-takes-all” network effect is what drives the likes of Uber, Amazon and Prosus to invest heavily in loss-making businesses. They opted instead for the share-only deal that allows them to remain shareholders in the combined entity. By trimming the lucrative stake bit by bit—it sold about 2% of the firm in 2018, raising $10bn—Prosus can indulge its bosses’ empire-building instincts while giving shareholders access to Tencent’s growth. Prosus’s minority stakes in Delivery Hero, a food-delivery service active in 40 countries, and, a Russian social-media firm, are worth much more than what it paid. Other firms have grappled with the curse of success. Many Prosus bets have tricky economics, promising jam tomorrow with fruit and sugar nowhere to be seen today. Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January. Bekker is known to have had excellent relationships with senior Chinese officials over … 1 0 obj Tencent shares tumbled, dragging Prosus down with it. Add the other firms it has stakes in, some of which are listed, as well as $4.5bn of net cash on its balance-sheet, and the discount rises to 33%—a gap of $80bn or so (see chart). “On the other, if you keep on finishing second you don’t get to execute your strategy.”. The classifieds business it built up, OLX, has 300m monthly users in 22 markets. The decision by the UK’s Competition and Market Authority to intervene in a proposed transaction between Amazon and Deliveroo suggests the passive regulatory approach can no longer be taken for granted. Prosus Euronext listing AGM News Back; News Latest news Stock exchange announcements Covid 19 Shareholder information Back; Shareholder information Shareholder information Shareholder information FAQs Debt investors Governance Back; Governance Board of Directors Management team Remuneration Voting structure Calendar Contacts Brand Portal The management of what is now Prosus has made bets which, though less spectacular than Tencent, would not shame most venture capitalists. Can you give some background why the board position of Koos Bekker at Tencent isn't . All that was needed was Prosus’s financial support. But Prosus is a subsidiary of a century-old firm. SoftBank, a Japanese group which also made a bundle off Alibaba, took a different route. It is also the closest that Europe has to the global tech stars that dominate the world’s stockmarkets. The remaining Prosus shareholding will be the free float created through a capitalisation issue, the results of which are expected to be announced on Monday, 16 September 2019. <>/ExtGState<>/Font<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 595 842] /Contents 6 0 R/Group<>/Tabs/S>> Mr van Dijk need not worry about debt or activist investors, who would no doubt campaign to offload the Tencent stake. 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