Net Asset Value
Title
This consensus summary is based on the latest publicly available data for listed assets and analyst consensus for unlisted assets. 18 analysts who published between 1 January 2022 and 31 March 2022 participated in this consensus.
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) - 29 June 2022

TitleValue
Asset value 164.4
Net cash 1.6
Net asset value 166.0
Net asset value per share (EUR) 111.1

Net Asset Value Calculation for Prosus - 29 June 2022

InvestmentSharesHeldSharePriceValue
InvestmentShares held (m)Share price - Local currencyValue (US$'bn)
InvestmentShares held (m)Share Price (LC²)Value (US$'bn)
Listed assets1 133.0
Tencent2 769.3 365.0 128.8
Delivery Hero 68.5 35.1 2.5
Trip.com 32.9 27.9 0.9
Remitly 37.3 8.0 0.3
Skillsoft 50.0 3.6 0.2
Udemy 17.1 10.8 0.2
SimilarWeb 11.2 8.1 0.1
Sinch 15.3 35.0 0.1
Silvergate 0.1 57.5 0.00
Bakkt 1.6 2.1 0.003
Unlisted assets³Value
Unlisted assets - analyst consensus / post-money valuations2 31.4
Classifieds3 7.5
Food Delivery 8.3
Payments & Fintech 4.0
Edtech 4.2
Etail4 3.6
Ventures 1.9
Other5 1.8
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Asset Value 164.4
Net cash / (debt)Value
Net cash / (debt)6 1.6
Pro-forma cash 17.3
Debt( 15.7)
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Net asset value ($'bn) 166.0
Net asset value (EUR'bn) 157.7
Net asset value per share (EUR) 111.1
Net asset value (ZAR'bn)2 672.3
Net asset value per share (ZAR)1 882.2
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Net total shares in issue as at 24 June 2022 (m) 1 419.8
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Segmental summary (Listed + Unlisted assets) 164.4
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Social & Internet Platforms 128.8
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Ecommerce 35.4
Classifieds3 7.5
Food Delivery 10.9
Payments & Fintech 4.3
Edtech 4.6
Etail6 3.6
Ventures 2.0
Ecommerce other 2.5
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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 0.95
USD/SEK 10.16
USD/ZAR 16.10
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 18 analysts that participated in this consensus are: Avior, Banco Sabadell, Barclays, Bank of America Merril Lynch, BNPP Exane, Citi Research, Credit Suisse, Degroof Petercam, Deutsche Bank, Goldman Sachs, HSBC, Investec, Jefferies, JP Morgan, Morgan Stanley, Nedbank, ODDO BHF and Renaissance Capital.
  3. OLX Group has ceased all involvement in Avito. Avito's valuation is included in "Other Ecommerce"
  4. Etail includes eMAG and Prosus's 49.5% 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) and excludes the BillDesk transaction which is under review by the Competition Commission of India. Debt balance is as at 31 March 2022.