mst@fyi:~$ analyze prosus_naspers

The cleanest analog for a repeatable discount-close machine.

Prosus and Naspers are useful SK Square comps because the main asset is a large listed stake and management explicitly sells part of the underlying asset to buy back discounted wrapper shares.

Prosus NAV Prosus buybacks prices: Yahoo snapshot, May 2026

Actual Numbers

Prosus NAV dated 29 May 2026

Prosus NAVUS$149.4bn

Prosus NAV/shareEUR 60.30

PRX.AS priceEUR 39.02

implied discount35.3%

Tencent valueUS$112.3bn

Tencent / NAV75.2%

Naspers NAV/shareZAR 1,137.5

NPN.JO discount25.1%

Mechanics

why it matters for SK

Buyback mechanism	Sell small Tencent blocks, buy Prosus shares; Naspers sells Prosus and buys Naspers.
Capital returned	Close to US$42bn returned as of 30 September 2025.
Free float retired	30% of Prosus free float and 28% of Naspers free float repurchased.
NAV/share accretion	18% incremental NAV/share accretion at Prosus and 21% at Naspers.
SK read-through	SK Square becomes more compelling if it copies the repeatable below-NAV buyback logic.
Main trap	Tencent remains dominant and China/regulatory risk can overwhelm the wrapper math.