A pretty badly taken trading update from Naspers yesterday, Byron said this morning, well, what did they want, thirty percent? Let us regurgitate the official release: "We expect core headline earnings per share to be between 10% and 20% higher than the comparable period's 1 426 cents. Shareholders are reminded that the board considers core headline earnings an appropriate indicator of the sustainable operating performance of the group, as it adjusts for non-recurring and non-operational items"
Results are expected on the 27th of June. We watch these closely of course, as I said the markets did not take kindly to the update, but we would tend to be sucked in by the squid agree with Goldman Sachs, the discount to NAV is where the short term juice is. There would be many detractors, and in fact the reason why the discount is applied in the local market is simple, analysts out there do not believe the valuations in Hong Kong and London. The stock was down just over two percent. As we have said before, this is in part an NAV stock (so you have to strip the parts out) and it needs to attract a different valuation. Nevertheless, this is slightly disappointing. We will have more when the numbers hit the screens.