For European tech, it’s been an ongoing concern that the world’s third-largest economy hasn’t had a flag-bearing consumer tech giant in the league of Apple, Google or Amazon. Now it going to get one. Sort of. For SA, it’s been an astounding accomplishment that it has a company of that stature. Now it’s going to lose it. Sort of.
For Sgourdos the key to the problem is that Naspers now constitutes almost 25% of the entire JSE, which is, for all kinds of reasons, a ceiling level. So whenever it rises to around that level, local investment funds tend to sell the share not necessarily because they want to, but because they have to for diversification reasons.
However, it should also be noted that Nasdaq has a much higher average stock value, so it’s possible that Naspers is giving up some potential here. For example, Tencent, in some ways the measure of Naspers, trades on about 36-times annual earnings, compared to Naspers which trades on about 32-times annual earnings. This price/earnings ratio, or P/E, is even higher in the case of Nasdaq listed Amazon which trades at 64-times annual earnings.
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