Net Asset Value
Title
This consensus summary is based on the latest publicly available data for listed assets and analyst consensus for unlisted assets. 12 analysts who published between 1 April 2022 and 30 June 2022 participated in this consensus. The number of Tencent shares held and number of Prosus shares in issue have been updated for the current open-ended buyback as of 02 September 2022.
This summary is provided for informational purposes only and is not intended to, nor does it, constitute investment advice or any solicitation to buy, hold or sell securities or other financial instruments.

Prosus Net Asset Value Summary (US$'bn) - 23 September 2022

TitleValue
Asset value 124.4
Net cash 1.9
Net asset value 126.3
Net asset value per share (EUR) 95.1

Net Asset Value Calculation for Prosus - 23 September 2022

InvestmentSharesHeldSharePriceValue
InvestmentShares held (m)Share price - Local currencyValue (US$'bn)
InvestmentShares held (m)Share Price (LC²)Value (US$'bn)
Listed assets1 98.5
Tencent2 692.6 275.0 94.3
Delivery Hero 68.5 38.0 2.5
Trip.com 32.9 26.0 0.9
Remitly 37.3 10.0 0.4
Skillsoft 50.0 1.8 0.1
Udemy 17.1 12.0 0.2
SimilarWeb 11.2 6.4 0.1
DoorDash 0.8 52.0 0.04
Sinch 15.3 14.7 0.02
Silvergate 0.1 74.0 0.01
VerticalScope 0.3 10.5 0.002
Unlisted assets³Value
Unlisted assets - analyst consensus / post-money valuations2 25.9
Classifieds3 6.0
Food Delivery 6.0
Payments & Fintech 3.3
Edtech 4.1
Etail4 3.4
Ventures 2.4
Other5 0.6
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Asset Value 124.4
Net cash / (debt)Value
Net cash / (debt)6 1.9
Pro-forma cash 17.6
Debt( 15.7)
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Net asset value ($'bn) 126.3
Net asset value (EUR'bn) 130.1
Net asset value per share (EUR) 95.1
Net asset value (ZAR'bn)2 250.5
Net asset value per share (ZAR)1 645.8
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Net total shares in issue as at 02 September 2022 (m)7 1 367.4
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Segmental summary (Listed + Unlisted assets) 124.4
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Social & Internet Platforms 94.3
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Ecommerce 29.9
Classifieds3 6.0
Food Delivery 8.5
Payments & Fintech 3.7
Edtech 4.4
Etail4 3.4
Ventures 2.5
Ecommerce other 1.3
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Naspers's assets outside of Prosus 0.1
Title
It should be noted that valuations are, by definition, forward looking and are therefore subject to risks and uncertainties that may materially affect eventual results. None of Prosus, its affiliates or their respective directors, officers and employees shall accept any liability whatsoever for the consequences of any reliance upon or actions taken or not taken based on any of the information in this consensus summary.
The valuations are produced by the contributing analysts and do not represent nor are based on opinions, estimates or forecasts from Prosus. By presenting the consensus information above, Prosus does not endorse or concur with such analyst information, conclusions or recommendations. Prosus has not verified the information received and none of Prosus, its affiliates or their respective directors, officers and employees make any representation or warranty, express or implied, as to, or accept any responsibility for, the accuracy or completeness of the consensus information. Prosus does not assume any responsibility to update, revise or supplement such information.
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Exchange rates - source: Cloudmersive:
USD/HKD 7.85
USD/EUR 1.03
USD/SEK 11.21
USD/CAD 1.35
USD/ZAR 17.82
Notes
  1. Prevailing share prices updated daily at 00h00 CET - Source: Aletheia.
  2. The valuations of unlisted assets are derived from the average estimates of sellside analysts and post-money valuations on transactions where analyst consensus is not available. The 12 analysts that participated in this consensus are: Banco Sabadell, Bank of America Merril Lynch, Credit Suisse, Degroof Petercam, Deutsche Bank, Goldman Sachs, HSBC, Investec, Jefferies, JP Morgan, ODDO BHF and SBG Securities.
  3. OLX Group has ceased all involvement in Avito. Avito's valuation is included in "Other Ecommerce"
  4. Etail includes eMAG and Prosus's stake in Takealot via its Naspers stake.
  5. Other includes: Avito and Prosus's interest in Naspers's assets outside of Prosus (Media24 and net cash, excluding Takealot).
  6. Pro-forma cash is based on the 31 March 2022 cash balance adjusted for material non-operational events after 31 March. These include: publicly announced M&A and disposal activity ($3.7bn), dividend received from Tencent ($572m), coupons paid on bonds and excludes the BillDesk and iFood transactions which are subject to final approvals before closing. Debt balance is as at 31 March 2022.
  7. Open-ended share repurchase programme is currently underway. For the latest information, please refer to our buyback disclosure.