Strong growth continues at Prosus, on top of increased scale

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Beleggingsadvies 22/11/2021 10:50
Amsterdam, 22 November 2021 – Prosus N.V. (AEX: PRX) delivered a strong performance in the six months ending 30 September 2021, growing ecommerce revenues 53%. The group stepped up investment to further accelerate growth across its increasingly valuable internet businesses.

Ecommerce revenue growth accelerated, up 53% to US$4.2bn
US$5.2bn invested since 1 April 2021 to further accelerate growth
Ecommerce portfolio[1] valuation rises to c.US$50bn[2]
Trading profit grew 8% to US$2.9bn
Core headline earnings grew 2% to US$2.3bn
Bob van Dijk, Group CEO, Prosus and Naspers, commented:

“In the first half of the year, our internet businesses delivered solid growth compounding a strong performance for the same period last year. Our progress is reflected in the increasing value attributed to our ecommerce portfolio and, to capture the significant opportunity ahead, we stepped up investment in our core segments of Food Delivery, Edtech, Payments and Fintech, and Classifieds. Prosus companies now serve more than two billion customers and we continue to build innovative products that make a difference in people’s lives.”

Group performance[3] [4]

[1] Prosus ecommerce portfolio consists of all Prosus internet investments, excluding Tencent and VK/

[2] The estimated market valuation is calculated as at 30 September 2021 using a combination of: (i) prevailing share prices for stakes in listed assets; (ii) valuation estimates derived from the average of sell-side analysts for stakes in unlisted assets; and (iii) post-money valuations on transactions of unlisted assets where analyst consensus is not available.

[3] Group results shown on economic-interest basis (i.e., including a proportionate consolidation of the contribution from associates and joint ventures). Growth percentages shown in local currency terms, adjusted for acquisitions and disposals.

[4] To reconcile revenue on an economic interest basis, with total consolidated revenue, see note 5, on page 24 of the Prosus condensed consolidated interim financial statements for the six months ended 30 September 2021.

Basil Sgourdos, Group CFO, Prosus and Naspers, commented:

“We have made good progress on several fronts in the first six months of the year. Our ecommerce portfolio continues to grow at pace and we are focused on investing behind that growth to build momentum and capture the significant opportunity we see ahead. To this effect, and as an indication of how we are scaling our businesses, we delivered 44% growth in our established and consolidated profitable businesses resulting in increased cash generation to the centre. At the same time as investing for growth, we continued to crystalise returns for shareholders during the period through a US$5bn share-repurchase programme. We also made an important capital structure change, completing the voluntary share exchange offer. Prosus and Naspers are now better sized on their respective stock exchanges. We have set a solid foundation for the group’s future growth.”

Ecommerce portfolio growing rapidly and increasing in value

Ecommerce revenues grew 53% to US$4.2bn versus a strong performance for the same period last year, and outpacing revenue growth at Tencent. This performance was led by 101% growth in Classifieds, 86% growth in Food Delivery, 51% growth in Edtech, and 44% growth in Payments and Fintech.

Analyst consensus estimates of the value of the ecommerce portfolio (excluding Tencent and VK/ are increasing and is now approaching US$50bn. This substantial value appreciation translates to a 22% internal rate of return (IRR) on the US$22 billion invested over the last decade. A detailed breakdown of the net asset value of the Prosus portfolio is on the Prosus website here.

Classifieds – OLX Group

OLX Group delivered a strong performance versus the same period last year. In well-developed markets, such as Russia, Poland and Brazil, the group accelerated the development of new consumer propositions, such as pay-and-ship services, increasing trust and safety across its platforms and scaling its autos transactions business.

Revenues more than doubled to US$1.3bn and trading profit increased significantly, growing 139% to US$108m. Monthly paying listers rose 7% to 4.2m, reflecting the increased focus on monetisation in key markets.

OLX Autos delivered record volumes, with 69,000 car transactions during the period, up from 37,000 for the same period last year. Growth was strong, with revenue increasing 213% to US$605m.

In Russia, Avito delivered a strong performance, growing revenues by 67% to US$313m, with a trading profit margin of 48%.

OLX Europe performed well, with revenue rising 37% to US$230m, and OLX Brasil, our 50% joint venture with Adevinta, also grew strongly, with revenues up 40% to US$37m and improved trading profit.

Food Delivery – iFood, Swiggy and Delivery Hero
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