Prosus - H1 24 results: Profitability coming closer
E-commerce portfolio revenue up 16% with trading losses coming down quicklyCompany pulls profitability target of H1-25 forward to H2-24SBB to remain in place as long a discount remains elevatedWe estimate today's NAV to be EUR 42.9 p/s implying a discount of 30%. This is in line with our target discount. Our TP moves to EUR 33 (vs. EUR 35 before). Hold reiterated. Our main worry is not about the portfolio but rather the unpredictability of the Chinese government whose decisions have a major impact on the stock evolution of Prosus' most important asset: Tencent.Prosus 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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