Naspers Limited (NPN) Fair Value & Analysis
Consumer Cyclical · ZA · Market cap 648B ZAC
Strengths
Risks
Fair value as of: Aug 20, 2026
From 22 valuation models · updated yesterday
Fair value updated Aug 20, 2026, revised from R60.08 to R208.07 (+246.3%) since Aug 13, 2026. Share price −5.0% over the past month.
A solid business, but screening 73% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (R317.80). The favourable scenario is already priced in.
- Solid but not exceptional quality (65/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range (R152.29 to R317.80) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 20, 2026.
How to read this chart
60‑month range R281.75 – R1,299 · fair‑value band R152.29 – R317.80 · the R781.57 price screens above the R208.07 fair value. Dashed = 300-day average. As of Aug 20, 2026.
Analysis
Naspers Limited (NPN) currently trades at R781.57, while our model-based Fair Value estimate is R208.07, implying the stock looks roughly 73.4% overvalued today. The Quality Score stands at 65/100 (solid quality), in the Consumer Cyclical sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).
Over the trailing twelve months, Naspers Limited generated revenue of 7.9B ZAR at a net margin of 72.7%. Revenue grew 19.6% year over year. It earns a return on equity of 25.8%. Net debt stands at 11.3B ZAR. Fundamentals as of Aug 20, 2026
Our scenario range runs from R152.29 (bear case) to R317.80 (bull case); at R781.57, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Consumer Cyclical peers we cover trades at -41% fair-value upside, at -73%, NPN screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 22 models by family
Widest divergence: Growth Earnings (R119.43) versus Growth DCF (R3.21). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 20, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 61 · Market factors (momentum, volatility) 30
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
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 …
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
Naspers Limited reported revenue of R11.1B in FY2026 versus R7.9B in FY2022, a compound +8.7%/yr. Reported net income was R5.1B in FY2026, compounding −19.7%/yr from FY2022.
NPN screens 73% overvalued. Compare with Amazon.com, Inc →
Peer Group
Internet Retail · 108 stocks
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.
Valuation Multiples vs Internet Retail median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Internet Retail stocks, each showing price versus our Fair Value estimate (as of Aug 20, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Amazon.com, Inc 1AMZN | €231.35 | €79.98 | -65% |
| Alibaba Group BABA | $125.22 | $76.00 | -39% |
| PDD Holdings PDD | $89.04 | $224.27 | +152% |
| MercadoLibre, Inc MELI | $1,828 | $798.98 | -56% |
| DoorDash, Inc DASH | $216.35 | $38.64 | -82% |
| Sea Limited SE | $128.11 | $52.70 | -59% |
| eBay Inc EBAY | $102.31 | $60.13 | -41% |
| JD.com, Inc JD | €27.00 | €31.73 | +18% |
| Coupang, Inc CPNG | $16.32 | $2.79 | -83% |
| Allegro.eu S.A ALE | 46.44 PLN | 32.94 PLN | -29% |
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Frequently asked questions
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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