Naspers (JSE: NPN) traded at approximately ZAR 3,200 per share in early 2026, equivalent to roughly $175 USD. The stock has fallen sharply from its ZAR 4,300+ peak in 2021 and continues to trade at a substantial discount to its underlying Tencent stake value, a persistent structural problem Naspers and its Prosus subsidiary have tried to address through buybacks and strategic restructuring.
Stock Price of Naspers
JSE share price (ZAR) — ticker NPN. Data from the Tencent investment era (2001) through early 2026. The share price is almost entirely a proxy for Tencent's market value plus a persistent holding company discount.
Naspers Stock Forecast
Analyst views on NPN are cautiously positive for 2026, with JSE price targets ranging from ZAR 3,000 to ZAR 4,200. The bull case depends on Tencent's share price recovery and a narrowing of the holding company discount through Prosus buybacks. The key risk is continued Chinese regulatory pressure on Tencent's gaming and fintech businesses. Ongoing e-commerce losses in Prosus also weigh on sentiment, as the business has yet to reach profitability at a consolidated level.
Naspers Valuation
Timeline of Naspers Funding
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1915
Founder Capital / Newspaper LaunchDe Nationale Pers is founded in Cape Town with capital from Afrikaner community backers to publish Die Burger, a Dutch-language daily that becomes the financial foundation of the entire Naspers group.
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1985
M-Net Launch — Subscription TVNaspers launches M-Net using retained profits from its print division, creating Africa's first subscription television channel and building the cash flow base that funds its subsequent technology investments.
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2001
$32M Tencent InvestmentNaspers invests $32 million for a 46.5% stake in Tencent Holdings, a small Shenzhen-based internet company, funded from balance sheet reserves — an investment that grows into a position worth over $100 billion by 2021.
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2019
Prosus IPO on Euronext AmsterdamNaspers lists its international internet assets as Prosus on Euronext Amsterdam, raising capital and creating a separately traded vehicle to reduce JSE concentration risk from its outsized Tencent holding.
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2022
Cross-Holding Buyback StructureNaspers and Prosus launch a novel cross-holding buyback programme, using Tencent stake disposals to fund share repurchases in both companies simultaneously, designed to narrow the persistent holding company discount.