Naspers Limited

JSE:NPN Stock Report

Market Cap: R690.9b

Naspers Valuation

Is NPN undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of NPN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: NPN (ZAR4220) is trading above our estimate of fair value (ZAR1309.61)

Significantly Below Fair Value: NPN is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for NPN?

Key metric: As NPN is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for NPN. This is calculated by dividing NPN's market cap by their current earnings.
What is NPN's PE Ratio?
PE Ratio10.9x
EarningsUS$3.47b
Market CapUS$37.71b

Price to Earnings Ratio vs Peers

How does NPN's PE Ratio compare to its peers?

The above table shows the PE ratio for NPN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average31.1x
WHL Woolworths Holdings
21.8x15.3%R56.7b
EBAY eBay
15.3x2.2%US$31.1b
PPH Pepkor Holdings
47x31.0%R109.6b
CPNG Coupang
40x30.8%US$41.3b
NPN Naspers
10.9x19.8%R690.9b

Price-To-Earnings vs Peers: NPN is good value based on its Price-To-Earnings Ratio (10.9x) compared to the peer average (31.1x).

Price to Earnings Ratio vs Industry

How does NPN's PE Ratio compare vs other companies in the Global Multiline Retail Industry?

6 CompaniesPrice / EarningsEstimated GrowthMarket Cap
NPN 10.9xIndustry Avg. 22.1xNo. of Companies24PE01632486480+
6 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: NPN is good value based on its Price-To-Earnings Ratio (10.9x) compared to the Global Multiline Retail industry average (22.1x).

Price to Earnings Ratio vs Fair Ratio

What is NPN's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

NPN PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio10.9x
Fair PE Ratio23.8x

Price-To-Earnings vs Fair Ratio: NPN is good value based on its Price-To-Earnings Ratio (10.9x) compared to the estimated Fair Price-To-Earnings Ratio (23.8x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst NPN forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentR4,220.00
R5,656.36
+34.0%
16.1%R7,344.87R4,088.10n/a8
Dec ’25R4,068.00
R5,435.50
+33.6%
18.2%R7,295.56R4,081.43n/a8
Nov ’25R4,216.31
R5,225.44
+23.9%
18.3%R7,133.83R4,107.08n/a8
Oct ’25R4,237.18
R4,825.35
+13.9%
12.0%R5,683.03R4,096.18n/a8
Sep ’25R3,677.75
R5,002.40
+36.0%
12.5%R5,925.84R4,104.99n/a8
Aug ’25R3,471.15
R5,093.45
+46.7%
12.6%R6,074.18R4,088.55n/a8
Jul ’25R3,466.91
R4,997.87
+44.2%
12.8%R6,047.65R4,076.53n/a8
Jun ’25R3,728.33
R5,011.04
+34.4%
12.9%R5,780.28R4,088.56n/a8
May ’25R3,607.37
R4,640.91
+28.7%
9.0%R5,188.84R4,087.59n/a8
Apr ’25R3,357.55
R4,639.06
+38.2%
8.8%R5,181.42R4,064.96n/a8
Mar ’25R3,121.28
R4,805.05
+53.9%
9.7%R5,295.40R4,085.64n/a8
Feb ’25R3,177.29
R4,737.85
+49.1%
9.0%R5,186.08R4,092.52n/a8
Jan ’25R3,128.00
R4,610.06
+47.4%
9.4%R5,175.06R4,030.58n/a9
Dec ’24R3,387.95
R4,610.06
+36.1%
9.4%R5,175.06R4,030.58R4,068.009
Nov ’24R2,928.01
R4,636.15
+58.3%
9.8%R5,378.60R4,108.99R4,216.319
Oct ’24R3,025.55
R4,626.31
+52.9%
9.8%R5,374.73R4,106.03R4,237.189
Sep ’24R3,245.08
R4,567.94
+40.8%
9.4%R5,243.55R4,102.87R3,677.759
Aug ’24R3,547.95
R4,316.88
+21.7%
8.9%R5,079.56R3,864.92R3,471.159
Jul ’24R3,399.00
R4,484.66
+31.9%
10.7%R5,382.08R3,817.27R3,466.919
Jun ’24R3,073.74
R4,428.74
+44.1%
16.8%R5,405.34R3,393.49R3,728.3310
May ’24R3,261.20
R4,222.53
+29.5%
15.9%R5,040.53R3,157.50R3,607.3710
Apr ’24R3,292.96
R4,201.47
+27.6%
15.8%R5,004.04R3,125.99R3,357.5510
Mar ’24R3,419.27
R4,216.84
+23.3%
14.7%R5,087.75R3,178.28R3,121.2811
Feb ’24R3,333.99
R3,784.41
+13.5%
15.7%R4,805.99R3,002.27R3,177.2911
Jan ’24R2,824.34
R3,407.64
+20.7%
14.1%R4,433.26R2,696.60R3,128.0011
Dec ’23R2,671.30
R3,263.36
+22.2%
15.6%R4,430.13R2,498.85R3,387.9511

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/22 07:19
End of Day Share Price 2024/12/20 00:00
Earnings2024/09/30
Annual Earnings2024/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Naspers Limited is covered by 22 analysts. 7 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Maurice PatrickBarclays
Andrew RossBarclays
John-Paul DavidsBarclays