JPM | EMEA Spec Sits Daily: AAL LN, PRX NA, WOSG LN: EMEA Special Situations Specialist Commentary Merger/Arbitrage + Pre-Announced + Spin-off Event Driven

Research evidence excerpt

JPM | EMEA Spec Sits Daily: AAL LN, PRX NA, WOSG LN: EMEA Special Situations Specialist Commentary Merger/Arbitrage + Pre-Announced + Spin-off Event Driven

Specialist Sales J P M O R G A N

14 July 2026

• We update our Prosus & Naspers SOTP to factor in the latest valuation of Tencent, reflecting Alex’s price target

change from HK$690 to HK$700/share for Tencent and Prosus’ recent announcement of refinancing of $1.6bn

notes due in January 2027 (here). On these revised assumptions and recent FX developments, our price target for PRX

NA remains unchanged overall at €74, PRX SJ changes from R1,390 to R1,385 and NPN SJ changes from R1,450 to

R1,440.

• Prosus and Naspers currently trade at c.38% and 41% discounts to NAV with the discounts remaining broadly stable since

FY26 results. Looking ahead, management has flagged FY27 as the investment year and we expect execution on iFood

margin normalisation and progress on JET’s return‑to‑growth plan to be the key share price catalysts over the next

6-12 months that could improve market sentiment, eventually narrowing the PRX and NPN discounts to NAV over

time. As we have highlighted earlier, we see Tencent share price performance as the only catalyst in the short term until

margin performance in Food Delivery occurs.

• Brown-Forman Corp - CEO Whiting to Retire; Board Considering Internal & External but Company Generally

Evolutionary vs. Revolutionary- Drew Levine here

• This afternoon, Brown-Forman (BF/B, UW) announced that CEO Lawson Whiting plans to retire once the company

names a successor, following a search that will include both internal and external candidates. With the announcement, the

company also reiterated its FY27 outlook.This leadership transition should not be entirely surprising, in our view,