A third representative holding is Naspers (NPN), a company most investors would not recognize despite its $60 billion market capitalization. Naspers is a South African conglomerate that owns a diverse array of media and Internet holdings in emerging markets. The company’s satellite TV business is the largest in Africa with 10 million subscribers, and its online classified ad business operates in 31 countries with leading positions in key markets such as Brazil, India, Indonesia, and Russia. Naspers also owns 15% of Flipkart, one of the leading e-commerce businesses in India. Moreover, in 2010 Naspers invested $34 million in Tencent Holdings, one of China’s largest, most innovative and most used Internet portals, and today the company’s 34% stake is worth $72 billion. Considering that Naspers total market capitalization is $60 billion and also includes other assets, the company’s valuation is attractive in our view.
From David Global Fund Semi-Annual Review 2016.
