Naspers / Prosus N.V.: Model Updates

Research evidence excerpt

Naspers / Prosus N.V.: Model Updates

Equity Research

22 May 2026

Naspers / Prosus N.V.

Model Updates

We update forecasts on back of Tencent Q1 results (positive)

and Prosus shareholder letter (negative).

EMEA Internet

POSITIVE

Model updates. On the back of Tencent’s Q1 results (see note here, covered by Jiong Shao), we Unchanged

incorporate the latest forecasts into our Prosus model, reflecting our new $106 PT ($102 prior)

on the Tencent ADR. We remain bullish on the Tencent investment case and are Overweight.

Andrew Ross, CFA

Then, we cut forecasts on Prosus to reflect the extra investment announced for both JET and +44 (0)20 7773 3023

iFood in the recent shareholder letter (see here) (other divisions broadly unchanged). We nudge andrew.ross@barclays.com

our target discount from 27.5% to 30%. This drives our PT on Prosus to €70.50 (from €71.50). Barclays, UK

This is a lot of upside potential, but it is almost all driven by our positive view on Tencent (a lot

Guillaume Galland, CFA

of potential upside to PT). Our non-Tencent NAV is slightly below consensus, and we continue to +44 (0)20 7773 4061

see the next 12 months as a period of execution to illustrate positive returns on capital guillaume.galland@barclays.com

deployment as well as weather a period of elevated intensity for iFood in Brazil. Our OW rating Barclays, UK

on Prosus is a nice way to play AI in China vs a strong view around the discount tightening (c34% Olivia Venancio

currently) or NAV expansion in the non-Tencent assets in the near term. There is optionality in +44 (0)20 3555 0278

both in the mid to long term. Similarly to Prosus, this flows into our Naspers PT, which goes to olivia.venancio@barclays.com

ZAR 1,470 (from ZAR 1,500). Barclays, UK

Yash Jain

+91 (0)22 6175 3418

yash.jain2@barclays.com