NAV discount widens, SOTP updated for latest investments/disposals; Reiterate Neutral

Research evidence excerpt

NAV discount widens, SOTP updated for latest investments/disposals; Reiterate Neutral

Equity Research

28 July 2026 | 7:04PM BST

PROSUS/NASPERS

NAV discount widens, SOTP updated for latest investments/disposals;

Reiterate Neutral

We initiated on Prosus at the beginning of June with a Neutral rating (link). We were Adam Berlin

+44(20)7051-1586 |

cautious because the discount to NAV was at the low end of the historical range and adam.berlin@gs.com

Goldman Sachs International

we saw material risks to consensus forecasts for Prosus’ operating assets. The latest

James Tatedata makes us incrementally more positive: (1) The discount has widened. When we +44(20)7774-3705 | james.tate@gs.com

initiated, we estimated the discount to NAV was 30%, vs. a historical average of 38% Goldman Sachs International

Pulkit Gubgotra(with a range of 27% to 45% since 2023). It has now increased to 35%. If we use +1(332)245-7520 |

consensus for operating assets, it is 40%. (2) Consensus has moved towards us. When pulkit.gubgotra@gs.comGoldman Sachs India SPL

we initiated, we were 22% below consensus for FY27 adj. EBITDA and 13% for FY28.

Our current forecasts are 2% and 7% below, respectively. However, we would like to

see the discount widen further, and consensus fall further, before becoming more

constructive in our view.

In this report, we update our SOTP and consensus NAV discount calculations to

reflect recent investments and disposals (details inside). We increase our 12-month

price target for Prosus to €39.0 (from €38.0) as we mark-to-market listed assets,

include the effect of recent acquisitions/disposals, and reflect FX moves. Our

12-month price target for Naspers increases to ZAR 887 (from ZAR 838), primarily

on a higher Prosus valuation. We reiterate our Neutral rating on both stocks.