Naspers: Growth requires even larger investments

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Naspers: Growth requires even larger investments

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Naspers

Growth requires even larger investments

Reiterate Rating: BUY | PO: 1,280 ZAR | Price: 870.00 ZAR

Buying opportunity throughout the investment cycle 08 June 2026

NPN is seeking to fast-track the JET turnaround and fend off rising competition from Equity

Meituan and DiDi in Brazil, leading us to cut EBITDA by 13/8% for FY27/28E. Whilst we

now expect only 8% EBITDA growth in FY27E, we see a recovery in FY28E (+38%) driven

Key Changesby improved operational momentum in food and increased monetization and operating

leverage in classifieds. Given NPN’s greater AI focus and its deep value (+45% potential (US$) Previous Current

upside, 10.5x 27E P/E, unlisted assets priced at a negative value assuming a 15% discount Price Obj. ZAR1,319 ZAR1,280

to Tencent), we reiterate Buy and cut our PO from R1,319 to R1,280 mainly driven by FX. 2026E EPS 4.74 4.71

2027E EPS 5.14 5.08

2028E EPS 5.85 5.71Brazil food delivery competition heats up further

Naspers is building an ecosystem around iFood that has a unique branding; well-funded

DiDi offers free delivery and BRL$99 vouchers for customers, zero fees plus reduced Cesar Tiron >>

Research Analyst

commissions and cash upfront to restaurants, alongside +50% rider incentives versus Merrill Lynch (DIFC)

peers. Given DiDi already reached 10-16% in select large cities including Sao Paolo per +971 4 425 8216 cesar.tiron@bofa.com

Valor, we now forecast iFood EBITDA to decrease by 71% in FY27E and a +153%

Ophelie Grassini >>

recovery in FY28, implying cash OPEX of $2.4/2.6bn for FY27/28E, respectively. Research Analyst

Merrill Lynch (DIFC)

JET turnaround ongoing with larger investments +971ophelie.grassini@bofa.com4 425 8332