Prosus N.V (PRX.AS): Prosus model update and sell-side breakfast feedback

研报英文原文证据摘录

Prosus N.V (PRX.AS): Prosus model update and sell-side breakfast feedback

Action |

30 Jun 2026 09:55:30 ET │ 14 pages

Prosus N.V (PRX.AS)

Prosus model update and sell-side breakfast feedback

CITI'S TAKE

Buy We update our Prosus model following FY26 results on 29-Jun and

provide key feedback from the CFO sell-side breakfast. We increase our Price (29 Jun 26 16:30) €38.39

FY27/28e Consolidated eCommerce Revenue and aEBITDA forecasts, Target price €52.00↓

primarily reflecting better-than-expected FY26 results. Our FY27/28e from €53.00

Group Revenue forecasts increase +4%/+4% and aEBITDA +2%/+2%. Our Expected share price return 35.5%

Core Headline EPS forecasts fall -8%/-8%, reflecting higher net interest Expected dividend yield 0.8%

costs and amortisation of intangibles. Our updated forecasts imply FY27e

Expected total return 36.3% growth of c2% for eCommerce aEBITDA and +4% for FCF, consistent with

Market Cap €83,940M management commentary that earnings should be broadly flat YoY. Our

forecasts imply +6% FY27e Core Headline Earnings growth, reflecting US$95,540M

Tencent earnings momentum. Management has not provided explicit

FY27e guidance, but our FY27e aEBITDA forecasts for iFood of $133m

(guide: $100-150m) and JET of $109m (guide: >$100m) are in line with the

Monique PollardAC

outlook communicated in the FY26 shareholder letter published on 12- +44-20-7508-0686

May. Our SOTP-based TP falls to €52 (from €53) on updated estimates; monique.pollard@citi.com

Buy.

Jamie Bass

+44-20-7508-6383

Sell-side breakfast feedback — Much of the conversation at the group breakfast jamie.bass@citi.com

with the CFO centred around Prosus’ food businesses, specifically iFood and JET: (1)

On timing of investments: management expects iFood investments to be from 1H Vandita Sood

weighted.