Month: August 2020

The Naspers Ecosystem, Part 2: Food Delivery

The Food Delivery business is Naspers’ biggest loss-making venture. Naspers’ exposure extends to its stakes in Delivery Hero [$1.3bn invested to date; ~22% ownership], Swiggy [$837m invested to date; ~39% ownership] and iFood [$400m invested to date; ~55% ownership]. Delivery Hero is a European publicly traded company with operations in across the world. Swiggy is …

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The Naspers Ecosystem, Part 1: Classifieds

The general narrative around Naspers slices the company into two pieces: its Tencent stake and “other businesses”. Through either prodigious foresight or sheer luck, Naspers go into Tencent on the ground floor, investing ~$30m for 35% of the company in its infancy. Since then, Naspers has sold a portion of this investment, but its current …

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Interview with Carriage Services CFO/Head of IR

This is the first of what will hopefully be many interviews that I regularly conduct to supplement my research. Writing is a big part of my investment process and I’ve found that writing these memos has allowed me to take away much more than simply having a one-hour phone conversation. The obvious next step was …

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