08
July 2025
In our last report on Naspers and Prosus (in January 2025), we discussed Naspers and Prosus half year FY2025 results
Pierre Muller
Equity Analyst, PSG Wealth
Analyst recommendation
Hold
Download full report
| Counter | Share price | Intrinsic value | Upside/(Downside) |
| NPN | R5 419 | R4 983 | -8% |
| PRX | R963 | R935 | -3% |
As at 2 July 2025
Executive Summary
In our last report on Naspers and Prosus (in January 2025), we discussed Naspers and Prosus half year FY2025 results. We have since received the full year results as well as some acquisition activity, summarised below. At the beginning of the year Tencent was placed on a “Chinese military companies” list by the US which had a material impact on both Naspers and Prosus’s share prices in January but has since had a strong recovery. Below we summarise the last 6 months for the company:
• In May 2025, Prosus completed the acquisition of Despegar, a leading online travel agency in Latin America, for approximately $1.7 billion, at a 33% premium to the share price at the time. Despegar generated $774 million in revenue for FY24.
• In February 2025, Prosus announced it had made a cash offer of €4.1 billion for global food delivery company, Just Eat Takeaway.com, at a 63% premium to the share price in February. The acceptance of such has been fully recommended by Just Eat’s board and should conclude towards the end of 2025. The company generated $3.8 billion in sales in FY24.
• Prosus full year results had the following highlights:
o Full year revenue came in at $6.2 billion, a 21% increase for the year.
o Adjusted EBIT came in at $179 million, posting a positive full year number for the first time after reporting a loss of $118 million in 2024.
o Profitability was driven by Classifieds and Food Delivery with EBIT figures of $273 million and $218 million respectively.
o Free cash flow positive for the first time, excluding Tencent.
o 100% increase in dividend (€0.2 – R4.12) per share.
Analyst thesis
Naspers and Prosus shares trade at meaningful discounts to NAV. Management continues to address the closing of the discount, which could unlock value for shareholders. However, Naspers and Prosus still remain significantly exposed to Tencent, which comes with substantial risks. Our view on Tencent, the primary driver of Naspers and Prosus shares and the largest component of NAV, remains cautious, especially given the unpredictable and significant influence of the Chinese government.