Naspers released a trading update yesterday and it was well received. Check this out: "We expect core headline earnings per share to be between 25% and 35% higher than
the comparable period's 648 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." This is for the half year. Remember that this is a strange old thing, that second line, because there is so much deal related activity the auditors must be pulling their hair out. And shareholders are doing what we are, take this and that, add it together, discount this and that, and your sum of the parts is tada ...... the current share price not so? We still think that this stock has legs based on the assumption that the internet businesses will continue to deliver stronger earnings contributions in the coming years.