{"id":43106,"date":"2026-05-21T02:32:28","date_gmt":"2026-05-21T02:32:28","guid":{"rendered":"https:\/\/www.europesays.com\/britain\/43106\/"},"modified":"2026-05-21T02:32:28","modified_gmt":"2026-05-21T02:32:28","slug":"brokers-notes-buy-naspers-sell-british-american-tobacco","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/britain\/43106\/","title":{"rendered":"BROKERS\u2019 NOTES: Buy Naspers, sell British American Tobacco"},"content":{"rendered":"<p class=\"c-paragraph\">Nick Kunze, senior portfolio manager at Sanlam Private Wealth<\/p>\n<p class=\"c-paragraph\">Buy: Naspers<\/p>\n<p><img decoding=\"async\" data-chromatic=\"ignore\" src=\"https:\/\/www.europesays.com\/britain\/wp-content\/uploads\/2026\/05\/BCW5SLAHPVGKPKA2IAOUS23T3E.jpg\" loading=\"lazy\"\/>Naspers logo (Supplied ) <\/p>\n<p class=\"c-paragraph\">Naspers is a global consumer internet company. Through its majority-owned subsidiary Prosus, it operates and invests globally in markets with long-term growth potential. The group\u2019s segments include food delivery, classifieds, payments and fintech, edtech, e-tail and other e-commerce. The investment case for Naspers centres on its successful transition from an investment holding company to a profitable operational powerhouse, primarily through Prosus. Naspers\u2019s share price is down about 15% year to date, largely reflecting weakness in global technology stocks and sentiment towards Chinese tech. It\u2019s important to note that the decline has not been driven by a deterioration in its underlying assets. Also key is that Naspers trades at a significant discount to the value of its underlying holdings. Tencent still dominates, but the non-Tencent assets are now becoming meaningful businesses. Historically, this has provided a good entry level to a high-quality business.<\/p>\n<p><img decoding=\"async\" data-chromatic=\"ignore\" src=\"https:\/\/www.europesays.com\/britain\/wp-content\/uploads\/2026\/05\/LPB25KRF2NHKVEBISHZUZMYB4M.JPG\" loading=\"lazy\"\/>(Picture: DADO RUVIC\/Reuters) <\/p>\n<p class=\"c-paragraph\">Sell: British American Tobacco<\/p>\n<p class=\"c-paragraph\">British American Tobacco (BAT) is a global multicategory consumer goods company that provides tobacco and nicotine products. Its segments include the US, Asia Pacific, the Middle East, Africa, the Americas and Europe. BAT has historically been a core holding in most portfolios looking for a solid cash-generative and decent dividend-paying business. With the stock at around R960, the share is now fully priced, trading at a forward earnings multiple of 12.2. In February, BAT released its preliminary financial 2025 results, reiterating its medium-term growth algorithm but guiding that 2026 performance is expected at the lower end of the range. FX is also expected to remain a modest headwind. Despite its defensive qualities, the sluggish growth outlook and high earnings multiple lead us to see better opportunities elsewhere in the market.<\/p>\n","protected":false},"excerpt":{"rendered":"Nick Kunze, senior portfolio manager at Sanlam Private Wealth Buy: Naspers Naspers logo (Supplied ) Naspers is a&hellip;\n","protected":false},"author":2,"featured_media":43107,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[20745],"tags":[20774,20030,255,21838,21839,21840,8739],"class_list":["post-43106","post","type-post","status-publish","format-standard","has-post-thumbnail","category-british-american-tobacco","tag-bat","tag-british-american-tobacco","tag-china","tag-naspers","tag-prosus","tag-tencent","tag-tobacco"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@UnitedKingdom\/116610226185596839","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/43106","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/comments?post=43106"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/43106\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media\/43107"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media?parent=43106"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/categories?post=43106"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/tags?post=43106"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}