Naspers / Prosus N.V.: Feedback from results + call - no fireworks today

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Naspers / Prosus N.V.: Feedback from results + call - no fireworks today

Equity Research

29 June 2026

Naspers / Prosus N.V.

Feedback from results + call - no

fireworks today

Summarise results + call. No big change in investment case NPNJn.J/NPN SJ OVERWEIGHT

on back of results. Still see as more of a Tencent play in 2026. EMEA Internet POSITIVE

But optionality on non-Tencent portfolio beyond this if Price Target ZAR 1470.00

Price (26-Jun-26) ZAR 799.53

evidence builds of improved operating trends in food delivery Potential Upside/Downside +83.9%

plus more proof points of capital allocation in general. Source: Bloomberg, Barclays Research

PRX.AS/PRX NA OVERWEIGHT

In general, we aren't sure the Prosus / Naspers investment case changes greatly post EMEA Internet POSITIVE

results. Extra colour on iFood, JET and the broader ecosystem strategy was helpful on the Price Target EUR 70.50

call but we don't see anything dramatically new today in terms of numbers, guidance Price (26-Jun-26) EUR 37.48

commentary or capital allocation to really shift the debate around the non-Tencent NAV or Potential Upside/Downside +88.1%

discount to NAV. We still like the Tencent (OW, covered by Jiong Shao) exposure here, Source: Bloomberg, Barclays Research

particularly if initiatives in agentic AI start to take off, and see the headline 10x P/E FY27E

for Prosus as pretty interesting headline value vs. big cap Europe. But, in the near term,

EMEA Internetour view remains that there isn't an obvious catalyst for a big rerating higher in the non-

Andrew Ross, CFA

Tencent NAV or a big tightening of the discount (currently c.33% for Prosus) until there is

+44 (0)20 7773 3023

more clarity on execution in the context of elevated competition in Brazil, plenty to prove andrew.ross@barclays.com