Goldman starts Prosus at neutral, flags NAV discount risk

Tencent Holdings

04/06/2026 12:01

** Goldman Sachs initiates Prosus PRX.AS with a "neutral" rating and a €41 target price, saying current guidance may fail to narrow its net asset value (NAV) discount 
** The broker says guidance is "insufficient to narrow its discount to its NAV over the next 12 months" as the firm may sell more Tencent shares for buybacks
** Goldman Sachs says investors had expected buybacks to run at about $7 billion this year, but the CEO recently indicated a roughly $5 billion run rate
** Prosus' Brazilian food delivery platform iFood is "fighting off new competition", it adds, noting the company expects iFood's 2027 EBITDA to fall to $100-150 million
** Of 19 analysts covering Prosus, 16 rate the stock "strong buy" or "buy,"​ three rate it "hold" and none rate it "strong sell" or "sell" - LSEG data 

 (Reporting by Margaux Perrin and Lucie Barbier in Gdansk)
 ((Margaux.Perrin@thomsonreuters.com and Lucie.Barbier@thomsonreuters.com))