Acciones de Prosus: Crecimiento de dos dígitos con una valiación de descuento

In an increasingly fragmented global internet landscape, investors are on the hunt for undervalued opportunities that offer both growth potential and a margin of safety. Prosus (PJSG.AS), the Dutch multinational holding company with a vast portfolio spanning e-commerce, fintech, and digital media, has emerged as a compelling candidate. With a current price-to-earnings (P/E) ratio of 10.82-well below its 3-year (17.67) and 10-year (27.71) historical averages-and a track record of robust earnings growth, Prosus appears to offer a rare combination of affordability and scalability according to Wisesheets.

A Bargain Valuation Amid Global Fragmentation

The internet sector, once dominated by a few tech giants, has become increasingly fragmented, with regional players gaining traction in markets like Latin America, Southeast Asia, and Africa. Prosus, through its subsidiaries such as iFood, OLX, and Delivery Hero, has positioned itself as a key player in these emerging markets.

According to a report by Wisesheets, its current P/E ratio of 10.82 suggests the stock is trading at a discount relative to its historical norms, even as core headline earnings per share are projected to grow by 20.1%-28.5% in the period ending September 2025. This divergence between valuation and performance hints at a potential mispricing, particularly for investors seeking exposure to global internet growth without overpaying for it.

E-commerce-Driven Earnings Momentum

Prosus's E-commerce segment, which includes Food Delivery, Classifieds, Payments & Fintech, and Etail, has been a standout performer. In the first half of FY25, consolidated E-commerce revenue surged 26% year-over-year to US$3.0 billion, while adjusted EBIT improved fivefold to US$181 million. Subsidiaries like iFood and Delivery Hero have driven this growth, with iFood reporting a 34% revenue increase and Delivery Hero achieving a 22% rise in adjusted EBIT. Meanwhile, OLX (Classifieds) and PayU (Fintech) have expanded their profitability margins, reflecting the company's ability to scale operations in diverse markets.

Looking ahead, Prosus anticipates an EPS of $3.82, representing a 51% year-over-year increase. This optimism is underpinned by strategic investments in artificial intelligence (AI) and generative AI (GenAI) technologies, which are being integrated across its ecosystem to enhance customer experiences and operational efficiency. For instance, AI-driven personalization tools on OLX and PayU's fraud detection systems are already yielding measurable improvements in user engagement and cost management.

Strategic Positioning in a Shifting Market

The fragmented nature of the global internet sector has created both challenges and opportunities. While large U.S.-centric tech stocks face regulatory headwinds and saturation, regional players like Prosus are capitalizing on untapped demand in emerging markets. As stated by Prosus in its 2024 annual report, the company's "ecosystem approach" allows it to leverage cross-selling opportunities and data synergies across its platforms, creating a flywheel effect that accelerates growth. This model is particularly effective in markets where digital adoption is still in its early stages, such as India and Southeast Asia, where Prosus's fintech and e-commerce platforms are gaining traction.

Risks and Considerations

While the valuation and growth metrics are attractive, investors should remain mindful of macroeconomic risks, including currency volatility in emerging markets and regulatory scrutiny of digital platforms. Additionally, Prosus's reliance on equity investments-such as its stake in Tencent-introduces exposure to the performance of third-party assets. However, given its current P/E ratio and the projected 51% EPS growth, these risks appear to be priced into the stock, offering a margin of safety for long-term investors.

Conclusion

Prosus presents a unique opportunity for investors seeking undervalued global internet exposure. Its bargain valuation, coupled with a diversified portfolio of high-growth subsidiaries and a strategic focus on AI-driven innovation, positions it to outperform in a fragmented market landscape. As the company continues to scale its operations and capitalize on emerging market demand, the current discount to historical valuations may not last. For those willing to navigate the complexities of a decentralized internet ecosystem, Prosus offers a compelling case for double-digit returns.