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 (ZAR4095.32) is trading above our estimate of fair value (ZAR1330.34)

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 Ratio11.6x
EarningsUS$3.13b
Market CapUS$36.43b

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 Average21.8x
WHL Woolworths Holdings
24.1x13.6%R62.4b
EBAY eBay
14.5x2.3%US$29.1b
JD JD.com
10.6x8.2%US$51.0b
DOL Dollarama
37.9x9.8%CA$40.4b
NPN Naspers
11.6x17.2%R657.2b

Price-To-Earnings vs Peers: NPN is good value based on its Price-To-Earnings Ratio (11.6x) compared to the peer average (21.8x).


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 11.6xIndustry Avg. 19.9xNo. of Companies20PE01632486480+
6 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: NPN is good value based on its Price-To-Earnings Ratio (11.6x) compared to the Global Multiline Retail industry average (19.9x).


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 Ratio11.6x
Fair PE Ratio23.9x

Price-To-Earnings vs Fair Ratio: NPN is good value based on its Price-To-Earnings Ratio (11.6x) compared to the estimated Fair Price-To-Earnings Ratio (23.9x).


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
CurrentR4,095.32
R5,408.92
+32.1%
18.2%R7,257.77R4,072.92n/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%R5,175.06R4,030.58n/a9
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
Nov ’23R2,056.35
R3,563.04
+73.3%
13.0%R4,539.32R2,942.91R2,928.0111

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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