Naspers Limited (NAPRF) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Naspers Limited $9.87, price $39.78, upside -75.2%, quality 73 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 29, 2026.
How to read this chart
60‑month range $39.78 – $358.49 · fair‑value band $6.91 – $15.26 · the $39.78 price screens above the $9.87 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 29, 2026.
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Naspers Limited operates as a consumer internet company in Africa, Asia, Europe, and internationally.
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Naspers Limited operates as a consumer internet company in Africa, Asia, Europe, and internationally. The company operates internet platforms, such as classifieds, an online classifieds platform; Payments and Fintech, a mobile and online payment platform; Food Delivery, an online food ordering and delivery platforms; Edtech, an online educational technology platform; and Etail and other e-commerce platforms. It engages in printing and distribution of newspapers, magazines, and books. Naspers Limited was incorporated in 1915 and is headquartered in Cape Town, South Africa.
Stock analysis
Naspers Limited (NAPRF) currently trades at $39.78, while our model-based Fair Value estimate is $9.87, 75.2% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of $26.20 per share, and 0 of the 21 models we run sit above the $39.78 price.
Bear case: the Dividend Discount group reads lowest at $1.11, and 21 of the 21 models stay below the price. Evidence for this calculation is medium.
Scenario range: $6.91 (bear) to $15.26 (bull), the price of $39.78 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 73/100 (solid quality), in the Consumer Cyclical sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Naspers Limited reported revenue of $7.2B in FY2025 versus $5.9B in FY2021, a compound +4.9%/yr. Reported net income was $5.2B in FY2025, compounding −0.3%/yr from FY2021.
Key figures
Market cap $208B · P/E ratio 40.7 · P/S ratio 29.7 · EPS (TTM) $6.75 · Dividend yield 0.1% · Net margin 73.0% · Return on equity 25.8% · Return on assets (EBIT) −1.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 89% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 10% fair-value upside, at −75%, NAPRF screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely ($0.5500 to $30.21). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear $6.91Fair Value $9.87Bull $15.26
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then ($6.70 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+11.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−3.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.4%
Start year 2020 (pandemic). Over 10 years: +1.8% a year
Revenue growth 24 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.0%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+19.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+19.8%
Dividend (yield on the price)0.1%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.19.8% vs 29.2%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−18% → 2%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+3.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+29.5%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +0.8% a year for the price and +26.5% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Internet Retail · 97 stocks
Beats the industry median on 6/10 measures
Overall it ranks above its industry peers.
Valuation
Quality Score73 · Top 25%
Fair Value upside+12.2% · Above median
Profitability
Return on equity (TTM)25.8% · Top 25%
Return on assets0.2% · Below median
Net margin (TTM)72.7% · Top 25%
Operating margin (TTM)4.6% · Above median
Growth and dividend
Revenue growth19.6% · Above median
Dividend yield (TTM)0.1% · Bottom 25%
Balance sheet
Debt / equity0.68× · Highest 25%
Valuation Multiplesvs Internet Retail median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Naspers Limited Fair Value". https://www.fairvalue-calculator.com/stock/NAPRF
Frequently asked questions
Is Naspers Limited (NAPRF) overvalued or undervalued?
As of Sep 29, 2026, our model estimates a fair value of $9.87 versus a price of $39.78, about −75% upside (overvalued).
What is the fair value of NAPRF?
Our model-based fair value for Naspers Limited is $9.87 (as of Sep 29, 2026), built from audited fundamentals. The current price: $39.78.
What is the quality score of NAPRF?
Naspers Limited has a Quality Score of 73/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Naspers Limited (NAPRF)?
Our model-based price target is the fair value of $9.87 (as of Sep 29, 2026) from 21 valuation models. Cautious scenario $6.91, optimistic scenario $15.26. It is a calculation from audited fundamentals, not an analyst target.
What is the Naspers Limited stock forecast for 2026?
Our models put fair value at $9.87, about −75% upside versus a price of $39.78 (overvalued). Cautious scenario $6.91, optimistic scenario $15.26. The calculation is refreshed regularly with new filings.
What is the revenue of Naspers Limited (NAPRF)?
Naspers Limited reported trailing-twelve-month revenue of about $7.9B (latest available figure, as of Sep 29, 2026).
Does Naspers Limited pay a dividend?
Naspers Limited currently shows a dividend yield of about 0.14% relative to its recent price (as of Sep 29, 2026).
What growth is priced into Naspers Limited (NAPRF)?
For today's price to be fair in a discounted-cash-flow model, Naspers Limited would have to grow free cash flow by +3.2 % per year for five years (discount rate 8.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +12.4 % per year. As of Sep 29, 2026.
What discount rate (WACC) does the fair value of NAPRF use?
Our models discount Naspers Limited at 8.0 %: a base by market capitalisation (mega), damped by beta 0.68, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Naspers Limited that is +3.2 % per year a year over ten years, using the same discount rate (8.0 %) and the same formula as our fair value.
How much growth has Naspers Limited (NAPRF) delivered so far?
Over the past 5 years revenue at Naspers Limited grew +12.4 % a year. The price currently implies +3.2 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Naspers Limited (NAPRF) growing?
The median revenue growth in the sector is +2.9 % a year. That is the yardstick for the growth priced into Naspers Limited (+3.2 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Naspers Limited (NAPRF)?
The free-cash-flow yield on the price is 5.20 %: that much free cash flow Naspers Limited produces per unit of market value. When it exceeds the discount rate of our models (8.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Naspers Limited (NAPRF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Naspers Limited it is $9.87 per share (as of Sep 29, 2026), against a price of $39.78. It is the blended result of 21 valuation models (cash flow, earnings, asset, dividend).
Is Naspers Limited stock overvalued or undervalued in 2026?
As of Sep 29, 2026, NAPRF trades above its calculated fair value: price $39.78, fair value $9.87, a gap of about −75% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of NAPRF?
No. The price is what the market pays today ($39.78); the fair value is what the company's own numbers justify ($9.87). For Naspers Limited the two are $29.91 per share apart. That gap is exactly why we show both numbers side by side.
How much is Naspers Limited worth?
The market values Naspers Limited at about $208B (market capitalisation, as of Sep 29, 2026). Per share that is $39.78; our models calculate a fair value of $9.87 per share.
What do the bullish and bearish scenarios say about NAPRF?
Our models span a range for Naspers Limited: cautious scenario $6.91, base $9.87, optimistic $15.26 per share (as of Sep 29, 2026, price $39.78). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of NAPRF?
Naspers Limited trades at a price-to-earnings ratio of 40.7 (as of Sep 29, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $9.87 is built from several models across several years.
How solid is the balance sheet of Naspers Limited (NAPRF)?
Balance-sheet figures for Naspers Limited (as of Sep 29, 2026): return on equity 25.8%, debt of 0.68 per unit of equity. They feed the Quality Score of 73/100, which measures business quality independently of the share price.
How far is NAPRF from its 52-week high?
Naspers Limited trades at $39.78, about 89% below its 52-week high of $358.49 and at the low of $39.78 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of $9.87 is for.
Which stocks are comparable to Naspers Limited?
From the same area (Consumer Cyclical) we also value Amazon.com, Inc, Alibaba Group, MercadoLibre, Inc, Prosus N.V, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Naspers Limited stock attractive at the current price?
The data as of Sep 29, 2026: price $39.78, calculated fair value $9.87 (−75%), Quality Score 73/100, from 21 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of NAPRF calculated?
We run Naspers Limited through 21 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $9.87, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Naspers Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Naspers Limited (NAPRF)?
The closing price on Oct 1, 2026 was $39.78. Our model-based fair value is $9.87, about −75% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Naspers Limited right now?
A high-quality business (quality 73/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety. The price sits above even our optimistic bull case ($15.26). The favourable scenario is already priced in. A fairly wide model range ($6.91 to $15.26) leaves room in how you read the outcome.
Key figures of Naspers Limited
How large is the market capitalisation of Naspers Limited (NAPRF)?
The market capitalisation of Naspers Limited is $208B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Naspers Limited (NAPRF)?
The price-to-sales ratio of Naspers Limited is 29.7 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Naspers Limited (NAPRF)?
Earnings per share at Naspers Limited are $6.75 (price ÷ EPS = P/E 40.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Naspers Limited (NAPRF)?
The dividend yield of Naspers Limited is 0.1% (payout 0.8%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Naspers Limited (NAPRF)?
The net margin of Naspers Limited is 73.0% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Naspers Limited (NAPRF)?
The return on equity (ROE) of Naspers Limited is 25.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Naspers Limited (NAPRF)?
On an EBIT basis the return on assets of Naspers Limited is −1.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Naspers Limited (NAPRF)?
The operating margin of Naspers Limited is 4.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Naspers Limited (NAPRF)?
Revenue at Naspers Limited is growing +19.6% versus a year earlier (3y avg −3.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Naspers Limited (NAPRF)?
Earnings per share at Naspers Limited are growing +36.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Naspers Limited (NAPRF) carry?
The net debt of Naspers Limited is $10.3B (fiscal year 2025, ≈ 5.8 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Sep 29, 2026