Naspers Limited (NPN) Fair Value & Analysis
Consumer Cyclical · ZA · Market cap 648B ZAC · ISIN ZAE000015889
What is Naspers Limited really worth?
A solid business, but trading 262% above our fair value of R208.07.
Strengths
Risks
Fair value as of: Aug 20, 2026
From 22 valuation models · updated 16 days ago
Fair value updated Aug 20, 2026, revised from R60.08 to R208.07 (+246.3%) since Aug 13, 2026. Share price −16.0% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
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 R753.92 price screens above the R208.07 fair value. 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 20, 2026.
Analysis
Naspers Limited (NPN) currently trades at R753.92, while our model-based Fair Value estimate is R208.07, implying the stock looks roughly 262.3% overvalued today. The Quality Score stands at 65/100 (solid quality), in the Consumer Cyclical sector. Bull case: the Growth Earnings group reads highest at a median of R119.43 per share, and 0 of the 22 models we run sit above the R753.92 price. Bear case: the Asset-Based group reads lowest at R20.93, and 22 of the 22 models stay below the price. Evidence for this calculation is high.
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 R753.92, 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 −50% fair-value upside, at −72%, NPN screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2026 figures, and about 5 months have passed since. In that time the company retained roughly 48.38 ZAR per share, which is 23.3 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.
All 22 models by family
Widest divergence: Growth Earnings (R119.43) versus Growth DCF (R3.21). Highest evidence: FCF DCF (75).
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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) 31
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.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
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 $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.
NPN screens 262% overvalued. Compare with Amazon.com, Inc →
Peer Group
Internet Retail · 103 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
Strength profile in five axes (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 AMZN | $256.26 | $127.67 | −50% |
| Alibaba Group 89988 | HK$97.45 | HK$48.38 | −50% |
| PDD Holdings PDD | $85.69 | $225.48 | +163% |
| MercadoLibre, Inc MELI | $1,966 | $798.98 | −59% |
| DoorDash, Inc DASH | $222.00 | $38.64 | −83% |
| Sea Limited SE | $118.32 | $52.70 | −55% |
| JD.com, Inc 89618 | ¥95.45 | ¥73.98 | −22% |
| eBay Inc EBAY | $105.62 | $60.13 | −43% |
| Coupang, Inc CPNG | $16.32 | $2.79 | −83% |
| Delivery Hero SE DHER | €37.05 | €12.71 | −66% |
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