Net Asset Value
Title
This consensus summary is based on the latest publicly available data for listed assets and analyst consensus for unlisted assets. 17 analysts who published between 1 July 2022 and 30 September 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 18 November 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) - 28 November 2022

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Asset value 120.8
Net cash 0.3
Net asset value 121.1
Net asset value per share (EUR) 88.0

Net Asset Value Calculation for Prosus - 28 November 2022

InvestmentSharesHeldSharePriceValue
InvestmentShares held (m)Share price - Local currencyValue (US$'bn)
InvestmentShares held (m)Share Price (LC²)Value (US$'bn)
Listed assets1 94.8
Tencent2 613.7 270.0 90.2
Delivery Hero 68.5 39.0 2.8
Trip.com 32.9 28.1 0.9
Remitly 37.3 10.2 0.4
Skillsoft 61.3 1.9 0.1
Udemy 17.1 15.5 0.3
SimilarWeb 11.2 5.0 0.1
Other2 0.05
Unlisted assets³Value
Unlisted assets - analyst consensus / post-money valuations3 26.0
Classifieds 6.0
Food Delivery4 7.0
Payments & Fintech 3.7
Edtech 3.8
Etail5 2.9
Ventures 2.5
Other6 0.1
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Asset Value 120.8
Net cash / (debt)Value
Net cash / (debt)7 0.3
Pro-forma cash 15.5
Debt( 15.2)
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Net asset value ($'bn) 121.1
Net asset value (EUR'bn) 116.3
Net asset value per share (EUR) 88.0
Net asset value (ZAR'bn)2 075.7
Net asset value per share (ZAR)1 570.3
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Net total shares in issue as at 18 November 2022 (m)8 1 321.8
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Segmental summary (Listed + Unlisted assets) 120.8
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Social & Internet Platforms 90.2
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Ecommerce 30.4
Classifieds 6.0
Food Delivery4 9.8
Payments & Fintech 4.0
Edtech 4.2
Etail5 2.9
Ventures 2.5
Ecommerce other 0.9
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Naspers's assets outside of Prosus 0.1
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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 7.82
USD/EUR 0.96
USD/SEK 10.42
USD/CAD 1.34
USD/ZAR 17.14
Notes
  1. Prevailing share prices updated daily at 00h00 CET - Source: Aletheia.
  2. Other listed assets include DoorDash, Silvergate and VerticalScope.
  3. 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 17 analysts that participated in this consensus are: Alpha Value/Baader, Banco Sabadell, Barclays, Bank of America Merril Lynch, BNP Paribas Exane, Citi Research, Degroof Petercam, Deutsche Bank, Equita, Goldman Sachs, HSBC, Investec, Jefferies, JP Morgan, Morgan Stanley, Nedbank CIB and SBG Securities.
  4. Food Delivery includes the cost to acquire the remaining 33.3% stake in iFood ($1.55bn).
  5. Etail includes eMAG and Prosus's stake in Takealot via its Naspers stake.
  6. Other includes: Prosus's interest in Naspers's assets outside of Prosus (Media24 and net cash, excluding Takealot).
  7. Pro-forma cash is based on the 30 September 2022 central cash balance adjusted for material non-operational events after 30 September. These include publicly announced M&A ($1.55bn) and disposal activity ($2.4bn). Debt balance is as at 30 September 2022.
  8. Open-ended share repurchase programme is currently underway. For the latest information, please refer to our buyback disclosure.