Ahead of the listing of Prosus, investors can calculate what the market is implying the discount will be on Prosus, depending on what they assume the Naspers discount returns to once it is no longer trading with the embedded option to take up Prosus shares. If we assume that Naspers returns to a 37%-40% discount once Prosus lists (a similar discount to that prior to Naspers announcing its plans to list Prosus), it implies that the market is pricing in a discount of 15%-23% on Prosus. This looks reasonable to us and suggests that there is not an obvious risk-free trade to be made here ahead of the Prosus listing. Figure 3: Implied discounts on Naspers and Prosus post-listing: Source: Bloomberg, Anchor What are the critical dates/times of which investor should be aware? We note that, from the above timeline, it is possible to see at what discounts the two instruments (Naspers and Prosus) trade relative to NAV before finally deciding which option to choose.