Prosus/PROSY (Tencent Holdco) Sum-of-the-Parts (SOTP) Model
PROSY (Tencent Holding Company) Sum-of-the-parts (SOTP) Model
Prosus/$PROSY SOTP Valuation: Essentially, Naspers/Prosus own 29% of Tencent from a 2001 early-stage investment (before WeChat was a Super App). The investment is now larger than the market cap of the holding company itself. PROSY allows an investor to gain access to Tencent at a material discount.
The Naspers/$PROSY relationship is definitely unique and is one of the many holding company special situations we track.