We’ve recently updated our valuation analysis.

Naspers Valuation

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

Valuation Score

1/6

Valuation Score 1/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

NPN key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue8x
Enterprise Value/EBITDA-183.9x
PEG Ratio63.8x

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.
CompanyPEEstimated GrowthMarket Cap
Peer Average16.3x
HIL HomeChoice International
12.4xn/aR2.5b
PRX Prosus
21.2x23.0%€103.0b
PPH Pepkor Holdings
12.5x5.7%R76.6b
WHL Woolworths Holdings
19.1x11.1%R71.0b
NPN Naspers
19.9x0.3%R734.4b

Price-To-Earnings vs Peers: NPN is expensive based on its Price-To-Earnings Ratio (19.9x) compared to the peer average (16.3x).


Price to Earnings Ratio vs Industry

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

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a39.5%
n/an/an/a

Price-To-Earnings vs Industry: NPN is good value based on its Price-To-Earnings Ratio (19.9x) compared to the Global Online Retail industry average (24.6x)


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 Ratio19.9x
Fair PE Ratio16.3x

Price-To-Earnings vs Fair Ratio: NPN is expensive based on its Price-To-Earnings Ratio (19.9x) compared to the estimated Fair Price-To-Earnings Ratio (16.3x).


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 (ZAR3539.51) is trading above our estimate of fair value (ZAR127.93)

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


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
CurrentR3,539.51
R3,620.63
+2.3%
16.2%R4,737.39R2,922.72n/a11
Jan ’24R2,824.34
R3,406.88
+20.6%
14.1%R4,433.26R2,696.60n/a11
Dec ’23R2,671.30
R3,262.64
+22.1%
15.6%R4,430.13R2,498.85n/a11
Nov ’23R2,056.35
R3,563.23
+73.3%
13.0%R4,539.32R2,942.91n/a11
Oct ’23R2,263.29
R3,844.48
+69.9%
14.4%R4,816.05R2,881.06n/a11
Sep ’23R2,342.10
R3,629.30
+55.0%
13.9%R4,499.93R2,744.09n/a11
Aug ’23R2,372.48
R3,607.19
+52.0%
15.1%R4,593.44R2,681.72n/a11
Jul ’23R2,517.50
R3,307.19
+31.4%
23.9%R4,516.02R1,917.32n/a11
Jun ’23R1,680.33
R3,098.59
+84.4%
26.1%R4,335.86R1,840.83n/a11
May ’23R1,607.75
R3,338.47
+107.6%
24.7%R4,422.49R1,923.37n/a12
Apr ’23R1,721.30
R3,400.53
+97.6%
23.5%R4,177.36R1,772.24n/a12
Mar ’23R1,939.03
R4,099.88
+111.4%
13.3%R4,977.80R2,745.84n/a13
Feb ’23R2,509.01
R4,213.93
+68.0%
8.3%R4,878.05R3,459.38n/a13
Jan ’23R2,472.00
R4,219.16
+70.7%
9.4%R4,963.69R3,520.12R2,824.3413
Dec ’22R2,469.38
R4,433.00
+79.5%
8.4%R5,165.45R3,663.20R2,671.3013
Nov ’22R2,590.14
R4,532.87
+75.0%
16.4%R5,639.13R3,376.02R2,056.3513
Oct ’22R2,467.97
R4,560.97
+84.8%
14.2%R5,422.06R3,342.24R2,263.2912
Sep ’22R2,590.00
R4,379.24
+69.1%
13.9%R5,230.90R3,224.40R2,342.1012
Aug ’22R2,822.00
R4,831.85
+71.2%
11.9%R5,718.37R3,940.70R2,372.4811
Jul ’22R2,961.00
R4,769.09
+61.1%
12.6%R5,906.57R3,861.40R2,517.5011
Jun ’22R3,077.23
R4,755.51
+54.5%
11.4%R5,813.77R3,906.78R1,680.3310
May ’22R3,310.41
R5,145.91
+55.4%
11.2%R6,091.53R4,178.00R1,607.7512
Apr ’22R3,719.00
R5,177.69
+39.2%
10.7%R5,943.62R4,271.37R1,721.3012
Mar ’22R3,648.99
R5,114.32
+40.2%
15.3%R6,341.75R4,054.26R1,939.0312
Feb ’22R3,532.50
R4,773.28
+35.1%
14.4%R6,258.28R3,602.11R2,509.0113
Jan ’22R3,019.35
R4,405.60
+45.9%
14.3%R5,704.14R3,335.16R2,472.0014

Analyst Forecast: Target price is less than 20% higher than the current share price.


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