Prosus N.V. (PRX.AS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+83.1%

€63.90

vs €34.91 price

Levered DCF

€3.27

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

4.01

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	8.58×	8.96×	16.76×	28.18×	4.33×	61.46×	30.14×	81.2×
P/B	1.85×	2.17×	2.79×	6.04×	1.61×	10.65×	3.89×	12.62×
P/S	10.3×	17.95×	21.08×	46.7×	11.8×	89.66×	33.99×	129.5×
EV / EBITDA	240.55×	8.98×	16.7×	26.33×	4.56×	59.21×	27.28×	71.6×
Gross margin	44.8%	42.5%	40.6%	28.7%	30.0%	32.5%	34.6%	39.7%
Operating margin	3.1%	2.8%	-10.0%	-23.2%	-12.5%	-19.1%	-17.8%	-15.6%
Net margin	119.9%	200.4%	120.8%	175.4%	272.8%	145.6%	113.2%	162.7%
Current ratio	2.43×	3.54×	4.77×	5.31×	3.46×	1.78×	4.24×	6.33×
Debt / equity	0.33×	0.32×	0.4×	0.36×	0.32×	0.19×	0.13×	0.12×
Interest coverage	0.47×	0.32×	-1.06×	-2.52×	-2.13×	-3.73×	-2.66×	0×
Dividend yield	0.5%	0.2%	0.2%	0.1%	0.3%	0.0%	0.2%	0.0%
Payout ratio	4.4%	2.2%	3.0%	1.9%	1.3%	2.9%	5.7%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	21.5%	24.2%	16.0%	22.7%	37.2%	17.3%	13.0%	15.8%
Return on invested capital	0.4%	0.3%	-0.9%	-2.2%	-1.3%	-1.9%	-1.7%	-1.2%
Return on assets	14.6%	17.0%	10.7%	15.5%	26.3%	13.4%	10.5%	13.1%
Free cash flow yield	1.5%	1.6%	0.8%	-0.1%	-1.0%	0.0%	-0.3%	-0.1%
Earnings yield	11.6%	11.2%	5.7%	3.8%	23.1%	1.6%	3.3%	1.3%
Enterprise value	€110.2B	€120.1B	€129.4B	€276B	€87.4B	€463.4B	€113B	€345B
Net debt / EBITDA	23.8×	0.7×	1.83×	0.64×	0.34×	0.59×	-0.04×	0.24×
Cash conversion cycle (days)	71	125	32	10	5	8	-1	-3