Naspers Limited (NPN) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Naspers Limited ZAR 780, price ZAR 696, upside +12.2%, quality 65 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
60‑month range R281.75 – R1,299 · fair‑value band R598.03 – R1,237 · the R695.51 price screens below the R780.32 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 27, 2026.
Follow Naspers in your weekly email
Every Wednesday you see whether Naspers is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
Naspers Limited operates as a consumer internet company in Africa, Asia, Europe, and internationally.
Show more
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 (NPN) currently trades at R695.51, while our model-based Fair Value estimate is R780.32, implying the stock looks roughly 10.9% undervalued today.
Show more
Valuation
Bull case: the Growth Earnings group reads highest at a median of R1,990 per share, and 10 of the 22 models we run sit above the R695.51 price.
Bear case: the Dividend Discount group reads lowest at R83.79, and 12 of the 22 models stay below the price. Evidence for this calculation is medium.
Scenario range: R598.03 (bear) to R1,237 (bull), the price of R695.51 sits inside 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 65/100 (solid quality), in the Consumer Cyclical sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Naspers Limited reported revenue of $11.1B in FY2026 versus $7.9B in FY2022, a compound +8.7%/yr. Reported net income was $5.1B in FY2026, compounding −19.7%/yr from FY2022.
Key figures
Market cap 546B ZAC · P/E ratio 6.3 · P/S ratio 2.88 · EPS (TTM) R110.57 · Net margin 45.8% · Return on equity 22.1% · Return on assets (EBIT) −0.7% · Operating margin 2.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
Analysts expect earnings well below the last reported figure (earnings in transition, for example expiring patents or contracts); a fair value that looks fair on trailing earnings may then be too optimistic.
The share trades about 46% 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 12%, NPN screens cheaper than that median.
Fair Value models
Bear R598.03Fair Value R780.32Bull R1,237
Price R695.51 · Upside +12.2%
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 2026 figures (about 6 months old). Earnings retained since then (51.87 ZAR 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.90/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+54.5%
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.
+17.9%
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.
+13.3%
Start year 2021 (pandemic). Over 10 years: +6.5% a year
Revenue growth 25 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.
+9.6%
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
’26
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.
≈ +67.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+67.2%
Dividend (yield on the price)0.0%
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.67.2% vs 49.8%, picking up
Profit margin 2021 to 2026 ⓘ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.−20% → 3%
Start year 2021 (pandemic)
⚠ Approximate: the rate leans on 2026, which sits 679% above its own trend.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more 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).
+16.8%
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.
+7.8%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in USD, USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +14.1% a year for the price and +5.3% for the forecasts.
Price, fair value, quality and upside side by side.
Free, no sign-up
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 · 99 stocks
Beats the industry median on 7/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score65 · Above median
Fair Value upside+12.2% · Above median
Profitability
Return on equity (TTM)22.1% · Top 25%
Return on assets0.6% · Below median
Net margin (TTM)105.3% · Top 25%
Operating margin (TTM)2.7% · Below median
Growth and dividend
Revenue growth19.6% · Above median
Dividend yield (TTM)0.0% · Bottom 25%
Balance sheet
Debt / equity0.66× · 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/NPN
Frequently asked questions
Is Naspers Limited (NPN) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of R780.32 versus a price of R695.51, about +12% upside (undervalued).
What is the fair value of NPN?
Our model-based fair value for Naspers Limited is R780.32 (as of Sep 27, 2026), built from audited fundamentals. The current price: R695.51.
What is the quality score of NPN?
Naspers Limited has a Quality Score of 65/100. 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 (NPN)?
Our model-based price target is the fair value of R780.32 (as of Sep 27, 2026) from 22 valuation models. Cautious scenario R598.03, optimistic scenario R1,237. 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 R780.32, about +12% upside versus a price of R695.51 (undervalued). Cautious scenario R598.03, optimistic scenario R1,237. The calculation is refreshed regularly with new filings.
What is the revenue of Naspers Limited (NPN)?
Naspers Limited reported trailing-twelve-month revenue of about $10.8B (latest available figure, as of Sep 27, 2026).
What growth is priced into Naspers Limited (NPN)?
For today's price to be fair in a discounted-cash-flow model, Naspers Limited would have to grow free cash flow by +16.8 % per year for five years (discount rate 11.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +13.3 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of NPN use?
Our models discount Naspers Limited at 11.9 %: a base by market capitalisation (large), damped by beta 0.68, country premium for South Africa. 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 +16.8 % per year a year over ten years, using the same discount rate (11.9 %) and the same formula as our fair value.
How much growth has Naspers Limited (NPN) delivered so far?
Over the past 5 years revenue at Naspers Limited grew +13.3 % a year. The price currently implies +16.8 % 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 (NPN) growing?
The median revenue growth in the sector is +3.3 % a year. That is the yardstick for the growth priced into Naspers Limited (+16.8 % 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 (NPN)?
The free-cash-flow yield on the price is 4.69 %: that much free cash flow Naspers Limited produces per unit of market value. When it exceeds the discount rate of our models (11.9 %), 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 (NPN)?
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 R780.32 per share (as of Sep 27, 2026), against a price of R695.51. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is Naspers Limited stock overvalued or undervalued in 2026?
As of Sep 27, 2026, NPN trades below its calculated fair value: price R695.51, fair value R780.32, a gap of about +12% (undervalued). 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 NPN?
No. The price is what the market pays today (R695.51); the fair value is what the company's own numbers justify (R780.32). For Naspers Limited the two are R84.81 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 546B ZAC (market capitalisation, as of Sep 27, 2026). Per share that is R695.51; our models calculate a fair value of R780.32 per share.
What do the bullish and bearish scenarios say about NPN?
Our models span a range for Naspers Limited: cautious scenario R598.03, base R780.32, optimistic R1,237 per share (as of Sep 27, 2026, price R695.51). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of NPN?
Naspers Limited trades at a price-to-earnings ratio of 6.3 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of R780.32 is built from several models across several years. Excluding one-off items of fiscal year 2026 it is 9.2 (reported 6.3). Other multiples: PEG 239.1, P/B 1.4, P/S 7.0, EV/EBITDA 151.6.
What is the PEG ratio of NPN?
The PEG ratio of Naspers Limited is 239.09 (P/E divided by earnings growth, as of Sep 27, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Naspers Limited (NPN)?
Balance-sheet figures for Naspers Limited (as of Sep 27, 2026): return on equity 22.1%, debt of 0.66 per unit of equity. They feed the Quality Score of 65/100, which measures business quality independently of the share price.
How far is NPN from its 52-week high?
Naspers Limited trades at R695.51, about 46% below its 52-week high of R1,299 and at the low of R695.51 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of R780.32 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 27, 2026: price R695.51, calculated fair value R780.32 (+12%), Quality Score 65/100, from 22 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 NPN calculated?
We run Naspers Limited through 22 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 R780.32, 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 15.0 % above its aggregate fair value. Naspers Limited currently trades 11 % below its own fair value, and the market average says nothing about that. 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 (NPN)?
The closing price on Oct 2, 2026 was R695.51. Our model-based fair value is R780.32, about +12% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Naspers Limited right now?
A fairly wide model range (R598.03 to R1,237) leaves room in how you read the outcome. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Key figures of Naspers Limited
How large is the market capitalisation of Naspers Limited (NPN)?
The market capitalisation of Naspers Limited is 546B ZAC. 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 (NPN)?
The price-to-sales ratio of Naspers Limited is 2.88 (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 (NPN)?
Earnings per share at Naspers Limited are R110.57 (price ÷ EPS = P/E 6.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Naspers Limited (NPN)?
The net margin of Naspers Limited is 45.8% (fiscal year 2026). 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 (NPN)?
The return on equity (ROE) of Naspers Limited is 22.1% (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 (NPN)?
On an EBIT basis the return on assets of Naspers Limited is −0.7% (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 (NPN)?
The operating margin of Naspers Limited is 2.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Naspers Limited (NPN)?
Revenue at Naspers Limited is growing +19.6% versus a year earlier (3y avg +17.9%). 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 (NPN)?
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 (NPN) carry?
The net debt of Naspers Limited is $11.3B (fiscal year 2026, ≈ 7.4 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch Naspers Limited in the live analysis
One click puts Naspers Limited on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.
Some data
Sep 27, 2026