BofA Says Prosus' Ongoing Share Buyback Remains Key Factor to Investment Case

11:59 PM EST, 11/04/2026 (MT Newswires) -- BofA Global Research believes Prosus' (PRX.AS, PRX.JO) ongoing share buyback program continues to drive its investment case, pointing to a cumulative $49.6 billion buyback since June 2022 that has helped stabilize its discount to listed assets. "PRX buyback between Oct 26 - Oct 30 amounted to 2,365k shares (-2% WoW) for a consideration of $90m that compares with $157m weekly average since buyback started. Over the past 4 weeks, PRX/NPN bought back 371/114m in stock," analysts said Wednesday. "Total buyback since it started in June 2022 amounts to c.$49.6bn out of which $35.7bn at PRX and $13.9bn at NPN. This respectively represents 30.4%/27.8% of total PRX/NPN outstanding shares." Against this backdrop, BofA reiterated its buy rating and price objectives of 65 euros and 1,222 rand on the stocks. Looking ahead, the research firm expects investors to focus on the technology investor's first-half fiscal earnings as the next key catalyst to ease concerns about food delivery fundamentals and a potential slowdown in share repurchases. BofA expects management to highlight progress on Just Eat Takeaway.com's turnaround and iFood's market share stabilization to rebuild investor confidence. "With the stock effectively pricing in a negative value for these assets, we remain constructive heading into 2027, when we expect stronger underlying fundamentals to become increasingly evident," the note said.