VOL. XCIV, NO. 247
★ WIDE MOAT STOCKS & COMPETITIVE ADVANTAGES ★
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Monday, December 29, 2025
Prosus N.V.
PRX · Euronext Amsterdam
Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.
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Overview
Prosus is a Netherlands-based consumer internet and ecommerce group listed in Amsterdam (PRX), with major operating positions in food delivery (iFood), classifieds (OLX), payments/fintech (PayU) and etail (eMAG). The strongest operating moats tend to come from local marketplace network effects and logistics density in iFood, and marketplace liquidity in OLX, supporting monetization via commissions, advertising and seller services. Payments and etail face tougher price competition and lower-confidence moat durability. Prosus also pursues cross-portfolio ecosystem synergies (membership and shared AI/tech) intended to improve retention and reduce acquisition costs, but execution and regulation are key risks.
Primary segment
Etail (eMAG marketplace + fulfillment)
Market structure
Competitive
Market share
—
HHI: —
Coverage
5 segments · 8 tags
Updated 2025-12-28
Segments
Food Delivery (iFood ecosystem + delivery investments)
Online food delivery platforms
Revenue
21%
Structure
Oligopoly
Pricing
moderate
Share
75%-85% (reported)
Peers
Classifieds (OLX Group)
Online classifieds marketplaces (motors, real estate, general classifieds)
Revenue
12.7%
Structure
Oligopoly
Pricing
strong
Share
—
Peers
Payments & Fintech (PayU, Iyzico)
Online payment processing and fintech services for merchants
Revenue
21%
Structure
Competitive
Pricing
weak
Share
—
Peers
Etail (eMAG marketplace + fulfillment)
Online retail marketplace and fulfillment in Central & Eastern Europe
Revenue
40.3%
Structure
Competitive
Pricing
weak
Share
—
Peers
Ecosystem & Other ecommerce (cross-portfolio synergies, ventures)
Cross-portfolio ecosystem building across consumer internet services
Revenue
5%
Structure
Competitive
Pricing
none
Share
—
Peers
—
Moat Claims
Food Delivery (iFood ecosystem + delivery investments)
Online food delivery platforms
Revenue share derived from Prosus FY2025 ecommerce segment revenues (FY ended 2025-03-31).
Two Sided Network
Network
Two Sided Network
Strength: 4/5 · Durability: durable · Confidence: 4/5 · 1 evidence
Large local user base, merchant selection, and courier supply reinforce each other; scale improves liquidity and selection.
Erosion risks
- Aggressive subsidy wars from deep-pocketed entrants
- Multi-homing by restaurants and couriers
- Regulation limiting commissions or changing gig-work economics
Leading indicators
- Monthly orders and order frequency
- Restaurant/merchant churn and multi-homing rate
- Courier density and average delivery time
Counterarguments
- Network effects are local and can be disrupted with heavy promotions
- Consumers face low switching costs across apps
Physical Network Density
Supply
Physical Network Density
Strength: 4/5 · Durability: medium · Confidence: 3/5 · 1 evidence
Dense courier supply improves delivery times and utilization, supporting unit economics and service quality.
Erosion risks
- Driver/courier labor regulation and benefit mandates
- Competitors building overlapping courier networks
- Higher fuel/insurance costs compressing courier supply
Leading indicators
- Average delivery time and on-time rate
- Courier churn / active couriers
- Contribution margin per order
Counterarguments
- Courier networks can be replicated with incentives
- Density advantage can fade if demand slows or competition fragments supply
Habit Default
Demand
Habit Default
Strength: 3/5 · Durability: medium · Confidence: 3/5 · 1 evidence
Loyalty/membership programs can increase retention and order frequency, making the platform a default choice.
Erosion risks
- Membership benefits get matched by rivals
- Regulators restrict exclusivity or certain incentives
Leading indicators
- Clube subscriber count / churn
- Repeat rate / cohort retention
- Share of wallet vs competitors
Counterarguments
- Loyalty can be competed away through promotions
- Consumers can hold multiple memberships simultaneously
Classifieds (OLX Group)
Online classifieds marketplaces (motors, real estate, general classifieds)
Prosus FY2025 reported OLX adjusted EBIT margin ~35% and accelerating profitability.
Two Sided Network
Network
Two Sided Network
Strength: 4/5 · Durability: durable · Confidence: 4/5 · 1 evidence
High marketplace liquidity (listings and buyers) reinforces itself; leading platforms tend to concentrate supply and demand in verticals.
Erosion risks
- Search/social platforms disintermediate classifieds discovery
- Vertical competitors invest heavily in SEO and marketing
- Fraud and trust incidents reduce user participation
Leading indicators
- Active listings and listing growth in key verticals
- Buyer sessions / conversion rates
- Take rate / ARPU for professional sellers
Counterarguments
- Switching costs are low for consumers; traffic can move with SEO ranking changes
- Paid acquisition can temporarily overcome network advantages
Brand Trust
Demand
Brand Trust
Strength: 3/5 · Durability: medium · Confidence: 3/5 · 1 evidence
Trust and verification features reduce perceived transaction risk and improve conversion, supporting monetization in motors/real estate.
Erosion risks
- Major fraud incidents damage trust
- Regulatory compliance costs rise (KYC/AML, consumer protection)
Leading indicators
- Buyer-to-lead conversion rate
- Complaint and refund rates
- Repeat seller retention
Counterarguments
- Trust features can be copied by competitors
- Trust may shift to payment/escrow providers rather than the platform
Payments & Fintech (PayU, Iyzico)
Online payment processing and fintech services for merchants
Prosus FY2025 described competitive pressure in India payments; fintech economics depend on underwriting and funding costs.
Design In Qualification
Demand
Design In Qualification
Strength: 3/5 · Durability: medium · Confidence: 3/5 · 1 evidence
Merchants integrate PSPs into checkout, reconciliation and risk flows; switching providers can create operational and engineering friction.
Erosion risks
- Payment orchestration makes PSP switching easier
- Price competition compresses take rates
Leading indicators
- Merchant retention / churn
- Share of wallet per merchant
- Net revenue retention (NRR) of payments cohort
Counterarguments
- Modern payment stacks reduce switching friction
- Merchants can multi-home PSPs for redundancy and pricing
Scale Economies Unit Cost
Supply
Scale Economies Unit Cost
Strength: 3/5 · Durability: medium · Confidence: 3/5 · 1 evidence
Higher TPV can spread fixed costs (risk, compliance, platform) and improve data for fraud/risk models.
Erosion risks
- Regulators cap fees or change interchange economics
- Fraud shocks increase loss rates
- Large merchants negotiate pricing aggressively
Leading indicators
- Take rate trend (bps)
- Loss rate / fraud rate
- Cost per transaction
Counterarguments
- Scale does not guarantee pricing power in payments
- Incumbents and global processors can outspend on compliance and risk
Etail (eMAG marketplace + fulfillment)
Online retail marketplace and fulfillment in Central & Eastern Europe
Prosus FY2025 said eMAG achieved overall profitability; segment remains exposed to competitive pricing.
Physical Network Density
Supply
Physical Network Density
Strength: 2/5 · Durability: medium · Confidence: 2/5 · 1 evidence
Fulfillment/logistics build-out can improve delivery speed and reliability, supporting customer experience and seller value proposition.
Erosion risks
- Amazon expansion and intensifying price competition
- Rising last-mile costs and labor constraints
- Inventory and working-capital missteps
Leading indicators
- On-time delivery and NPS
- Fulfillment cost per order
- Marketplace seller growth and retention
Counterarguments
- Logistics networks are capital intensive and can be replicated by large entrants
- Customer switching costs in retail are low
Ecosystem & Other ecommerce (cross-portfolio synergies, ventures)
Cross-portfolio ecosystem building across consumer internet services
Revenue share is residual (FY2025 total ecommerce revenue minus disclosed segment revenues).
Scope Economies
Supply
Scope Economies
Strength: 3/5 · Durability: medium · Confidence: 3/5 · 1 evidence
Shared AI/tech, cross-selling and membership bundles can reduce acquisition cost and improve retention across adjacent services.
Erosion risks
- Synergies fail to materialize; integration complexity
- Regulatory/antitrust constraints on bundling or data sharing
- Portfolio churn dilutes ecosystem benefits
Leading indicators
- Cross-sell conversion rate between platforms
- Customer acquisition cost (CAC) trend
- Attachment rate of new services to membership
Counterarguments
- Consumers may not value bundles enough to change behavior
- Data sharing and integration can be restricted by privacy rules
Evidence
iFood reported 55M active users, 360k couriers and 120M+ orders per month in Brazil.
Direct scale indicators for a two-sided marketplace.
iFood reported a network of 360,000 couriers and ~1,500-city coverage in Brazil.
Courier network size and geographic coverage support density advantages.
iFood performance was driven by increased order frequency and retention via its Clube loyalty programme.
Explicit link between loyalty program and retention/order frequency.
A source said iFood has got over 80% market share in Brazil.
Provides a reported point estimate; used here as a bounded range.
OLX has nearly 60 million daily listings across seven markets (report cited by AFP).
Large listing base supports marketplace liquidity and network effects.
Showing 5 of 10 sources.
Risks & Indicators
Erosion risks
- Aggressive subsidy wars from deep-pocketed entrants
- Multi-homing by restaurants and couriers
- Regulation limiting commissions or changing gig-work economics
- Driver/courier labor regulation and benefit mandates
- Competitors building overlapping courier networks
- Higher fuel/insurance costs compressing courier supply
Leading indicators
- Monthly orders and order frequency
- Restaurant/merchant churn and multi-homing rate
- Courier density and average delivery time
- Take rate and ads revenue per order
- Average delivery time and on-time rate
- Courier churn / active couriers
Curation & Accuracy
This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).
Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.