Prosus - Simplifying structure amidst struggling ecommerce portfolio
Proposed removal of cross-holding structure to continue open-ended buybackEarnings within pre-announced rangeProfitability remains a key concern. We estimate today's NAV at EUR 98.2 p/s. The current discount of 36% is significantly lower than the record 60% we saw earlier in 2022. However, we believe the lower discount to be the result of the huge share buyback program that the firm is executing rather than an increased investor appreciation. Our target discount moves to 30% vs. 24% before. We continue to believe IRR outside of Tencent is not adequate for the segment. Hence, Hold and TP of EUR 72 is reiterated.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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