Naspers Limited
Thesis
Naspers is undervalued as the market is attributing a negative value to its unlisted assets while its publicly traded interests are worth significantly more than its market cap. The investment thesis suggests buying Naspers and shorting its publicly traded assets to exploit this mispricing, with a projected net return of 738%. The 'stub' representing Naspers' unlisted assets is estimated to be worth over $20 billion, indicating a substantial upside.
Did it work?
The investment thesis for Naspers suggested a significant undervaluation with a projected net return of 738%. However, the stock has declined by 73.5% over the elapsed 148 months, indicating that the anticipated value of its unlisted assets did not materialize and the market has not recognized the supposed mispricing. This substantial loss confirms that the thesis did not play out as expected.
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