Prosus - Growth confirmed, focus on profitability going forward
41% ecommerce revenue growth – Edtech & Payments above, Etail below estimates. Losses deepened quite a bit but seen improvements in Classifieds and Food.H1 FY25 target for consolidated profitabilityNet cash at USD 1.5bn pro-forma with investments having peaked in H1Meituan shares distributed in March 2023; no decision made yet but likely to be sold if market allows itWe estimate Prosus' NAV to be EUR 83 p/s implying a discount of 31.7%. After updating our model and applying our 24% target discount, we arrive at our new TP of EUR 72 vs. 79. As this provides 27% upside, BUY reiterated. VisibilityProsus NV Formerly known as Myriad International Holdings NV. Prosus NV, formerly Myriad International Holdings NV, is a Netherland-based global consumer Internet group. The Company is organized into six business areas: Classifieds, Payments & Fintech, Food delivery, Etail, Ventures and Travel. It also holds investments in listed Social & Internet assets. The Classifieds business area manages mobile and digital marketplaces. The Payments & Fintech business area includes PayU, a Payment Service Platform. The Food delivery business area manages food delivery companies. The Travel business area operates a travel online platform. The Etail business area includes business to consumer e-commerce companies. The Venture business area looks for and invests in early stage companies.
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