Market Wrap - Stock Pick — Prosus
Graeme Franck from PSG Wealth Sandton Grayston chose Prosus as his stock pick of the day. "I'm going to go for Prosus, remember they listed just a couple of months ago and the listing price was a capital gains tax event so they had to crystallize a price and that was R1187. I see that close today on around R980 so they down 18% just in that short space of time. It is trading on a PE of 30-32 which sounds high, but going back not so long ago they were on a PE of 70 or 80 and as earnings has come through and the share price has fallen so that multiple has compressed quite nicely."