Price target for Prosus increased

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On Friday, ING raised the price target for Prosus from 115.00 to 120.00 euro when maintaining the buying advice.

Analyst Marc Hesselink noted that Prosus sold two percentage points of his interest in Tencent in early April. This reduces Tencent’s contribution to the intrinsic value of Prosus from 83 to 78 percent.

Since Hesselink started following the share in December last year, the discount on the share increased from 30 to 40 percent.

“In the light of the good outlook for the companies in the portfolio of Prosus and the high discount on the share, we maintain the buying advice”, says Hesselink.

The price target was increased by the higher valuation of interests in Tencent and Delivery Hero. The Prosus share yielded 0.4 percent on 87.75 euros on Friday morning.

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