Prosus N.V.

The growing Tencent dividend ($759M in FY2024, $1.0B in FY2025) provides a reliable annual cash inflow, and marketplace platforms like iFood and OLX generate high-frequency repeat transactions. However, e-commerce revenues are transactional rather than contractual, with no disclosed backlog or retention data approaching the 70% recurring threshold.

Tencent represents roughly 80% of consolidated NAV, creating extreme concentration at the asset level. Within e-commerce, the FY2025 acquisition of Just Eat Takeaway further skews the operational mix toward food delivery, reducing segment balance. Classifieds and payments are meaningful but secondary contributors.

Operational revenues span Latin America (iFood, Despegar, OLX Brazil), Europe (JET, OLX Europe), and India (PayU, Swiggy stake), with no single operating country exceeding roughly 40% of e-commerce revenues. However, the Tencent stake ties total NAV heavily to China-specific regulatory and geopolitical risk.

OLX classifieds and PayU carry natural operating leverage as online marketplaces; OLX adjusted EBIT rose to $270M in FY2025, roughly 50% higher than the prior year, on limited incremental cost. Food delivery through iFood and JET tempers the overall picture given its labor-intensive delivery infrastructure, which limits margin expansion potential.

E-commerce revenues are predominantly transactional — food delivery orders, classifieds listings, and payment processing volume — rather than subscription or long-term contractual. The Tencent dividend adds a recurring, asset-backed cash inflow, but this is not reflected in consolidated revenue and does not shift the revenue mix meaningfully toward the mission-critical or contractual end of the quality spectrum.