Yandex N.V. Cl A

Yandex is an internet and technology company that operates an internet search engine in Russia. Co. builds intelligent products and services powered by machine learning. Co.'s products and services are based on complex, unique technologies that are not easily replicated. Co. generates substantially all of its revenues from online advertising. Co. also generates revenues from its e-commerce offerings, classifieds and e-hailing service. Co.'s businesses are organized in the following operating segments: Search and Portal; E-commerce; Taxi; Classifieds and Experimental businesses.
  • TickerYNDX
  • ISINNL0009805522
  • ExchangeNASDAQ Stock Market
  • SectorSoftware & Computer Services
  • CountryNetherlands
Anastasia Khakhaeva ...
  • Andrew Keeley
  • Andrey Krylov
  • Fedor Kornachev
  • Kirill Rogachev
  • Mikhail Krasnoperov
  • Svetlana Sukhanova

Sberbank CIB Ivanov Consumer Confidence Tracker. July 2020 - A Return to Normalcy

We continue to track the Ivanovs' savings and spending patterns, as well as their perceptions, to get an idea of how entire sectors and individual companies are performing and might perform in the future. We also look at competition among Russia's public food retailers. This is our regular survey, which was conducted in the usual way in the last month of the quarter (over June 1-20, when the lockdown started easing). So where we refer to 2Q20, we mean this regular quarterly survey. This is different from the special unscheduled Ivanov report that we published in May (which was largely dedicate...

Andrey Kuznetsov ...
  • Cole Akeson

Retail Investor Statistics - Record Flows into Stocks in June

Moscow Exchange has published the June statistics on retail brokerage accounts. Individual investors bought R65.1 bln ($950 mln) worth of stocks over the month, which is the highest number on record. Retail investors also continued to put money into mutual funds. Russian asset managers saw inflows of R14 bln in June. Part of this money went into the bond market, although we estimate that around half was invested in equities. This brings the size of inflows into the local market to $1.05 bln.Given that the market barely moved in June (RTS edged down 0.6%), other market participants - companies ...

Research Team

WOOD Daily: YNDX US; HC CY; DOM PW; BELA GA; WIZZ LN; CGEO LN; CPS PW; PGE PW; CEE Telecoms

HEADLINES: • Yandex: yes, Beru (stays BUY) • Hellenic Bank: all you need is capital (stays BUY) • Dom Development: 2Q trading update POSITIVE • Jumbo: 1H20 sales down 17% yoy to EUR 279m • Wizz Air: carries more passengers than Ryanair in June NEUTRAL • Georgia Capital: GHG share exchange offer declared unconditional as to acceptances NEUTRAL • Cyfrowy Polsat: secures antimonopoly regulator approval to purchase Interia NEUTRAL • PGE: miners demanding Zloczew mine be built • CEE telecoms: Telenor splits retail and infrastructure business NEUTRAL • Short News (ATRS, AFLT)

Ildar Davletshin, CFA

Yandex: Yes, Beru (stays BUY)

We have increased our price target (PT) for Yandex to USD 70 (from USD 41), while maintaining our BUY rating. The main drivers behind our higher valuation are the lower discount rate (12%, vs. 15% previously), the consolidation of the e-commerce business (the Beru marketplace) and our higher margin assumptions for the core – Search & Portal – division, following its good progress during 1H20. We believe that e-commerce could become the second most important growth driver for Yandex in the medium term (after Ride-Hailing), and potentially the third-largest contributor to its valuation. Yandex ...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Compass: Weekly Equity Strategy

Upgrading cap-weighted Communications to overweight; 10 to 2's Treasury spread breaking out We continue to move increasingly toward the bullish camp and we believe equities are poised for higher prices moving forward. Below we highlight several developments which help lead us to this conclusion. • 10 to 2's Treasury yield spread widening & breaking out. The 10 to 2's spread is quietly breaking out to YTD highs and breaking above a ~2.5-year downtrend. This steepening yield curve is good for Financials/banks and also the economy as recession concerns are subsiding... see chart below. • Comm...

Anna Kurbatova

Yandex and Sberbank close to divorce – negative for YNDX, neutral for SBER

Yandex (YNDX US, O/W, TP $48.3) and Sberbank (U/R) are reportedly preparing a deal on separation of their jointly owned Internet assets Yandex.Market and Yandex.Money. Yandex is likely to purchase a 45% share in Yandex.Market from Sberbank for cash (and thus consolidate 90% stake), while Sberbank will get 100% in Yandex.Money. Yandex may also announce a secondary offer up to 5% Class A shares to the market. The divorce news is not surprising for us or the market, as speculations about disagre...

Anastasia Khakhaeva ...
  • Andrew Keeley
  • Andrey Krylov
  • Fedor Kornachev
  • Kirill Rogachev
  • Mikhail Krasnoperov
  • Svetlana Sukhanova

Sberbank CIB Ivanov Consumer Confidence Tracker. July 2020 - A Return to Normalcy

We continue to track the Ivanovs' savings and spending patterns, as well as their perceptions, to get an idea of how entire sectors and individual companies are performing and might perform in the future. We also look at competition among Russia's public food retailers. This is our regular survey, which was conducted in the usual way in the last month of the quarter (over June 1-20, when the lockdown started easing). So where we refer to 2Q20, we mean this regular quarterly survey. This is different from the special unscheduled Ivanov report that we published in May (which was largely dedicate...

Andrey Kuznetsov ...
  • Cole Akeson

Retail Investor Statistics - Record Flows into Stocks in June

Moscow Exchange has published the June statistics on retail brokerage accounts. Individual investors bought R65.1 bln ($950 mln) worth of stocks over the month, which is the highest number on record. Retail investors also continued to put money into mutual funds. Russian asset managers saw inflows of R14 bln in June. Part of this money went into the bond market, although we estimate that around half was invested in equities. This brings the size of inflows into the local market to $1.05 bln.Given that the market barely moved in June (RTS edged down 0.6%), other market participants - companies ...

Ildar Davletshin, CFA

Yandex: Yes, Beru (stays BUY)

We have increased our price target (PT) for Yandex to USD 70 (from USD 41), while maintaining our BUY rating. The main drivers behind our higher valuation are the lower discount rate (12%, vs. 15% previously), the consolidation of the e-commerce business (the Beru marketplace) and our higher margin assumptions for the core – Search & Portal – division, following its good progress during 1H20. We believe that e-commerce could become the second most important growth driver for Yandex in the medium term (after Ride-Hailing), and potentially the third-largest contributor to its valuation. Yandex ...

Anna Kurbatova ...
  • Evgeniy Kipnis
  • Olesya Vorobyeva

Yandex NV: Divorce deal with Sberbank, US$1bn of new capital raised – neutral-to-positive

Yandex (YNDX US, E/W, TP $47.7) made a big announcement late on Tuesday night, including the deal on the purchase of a 45% stake in Yandex.Market JV from Sberbank, an ABB of newly issued shares (US$400mn placed on 24 June vs. US$200mn initially offered) as well as preliminary 2Q20 results. We expect increased interest in Yandex stock from the events, but would warn investors from being overoptimistic, as risks are also there (Yandex.Market monetisation outlook, Russian online advertising rec...

Anastasia Khakhaeva ...
  • Svetlana Sukhanova

Yandex - Catalysts Start Materializing

On Tuesday, Yandex announced the reorganization of it e-commerce and fintech JVs - something that we had flagged in a recent report - and completed a $1 bln share placement, including a $600 mln private placement (both of which still look questionable to us). It also reported preliminary 2Q20 results, which looked rather neutral on balance. We reiterate our BUY recommendation on the stock and target price of $58.26 per share for the US listing and R3,775 per share for the Moscow listing. The next catalyst is potential entry to the MSCI Index in August.> Consolidation of Yandex.Market. It was o...

Research Team

WOOD Daily: YNDX US; HC CY; DOM PW; BELA GA; WIZZ LN; CGEO LN; CPS PW; PGE PW; CEE Telecoms

HEADLINES: • Yandex: yes, Beru (stays BUY) • Hellenic Bank: all you need is capital (stays BUY) • Dom Development: 2Q trading update POSITIVE • Jumbo: 1H20 sales down 17% yoy to EUR 279m • Wizz Air: carries more passengers than Ryanair in June NEUTRAL • Georgia Capital: GHG share exchange offer declared unconditional as to acceptances NEUTRAL • Cyfrowy Polsat: secures antimonopoly regulator approval to purchase Interia NEUTRAL • PGE: miners demanding Zloczew mine be built • CEE telecoms: Telenor splits retail and infrastructure business NEUTRAL • Short News (ATRS, AFLT)

Research Team

The Rear-View Mirror – EME markets: Equity returns mixed as rebound forces weaken

EME Equity Market – June 2020 Market performance – in June, Turkish equities performed the best (+7.7%), while Hungary was the weakest (-2.2%). Following its rebound in the past couple of months, the MSCI EM Europe Index declined in June, losing 1.8% in EUR terms and 0.6% in local currency terms. Turkish equities were the best performers, with the ISE30 Index +7.7%, followed by Prague’s PX Index (+3.5%), and the WIG20 (+2.3%). After its good run in May, the Romanian BET lost 0.3% in June, while the Russian MOEX was down 2%. Greek equities declined 2.1%, while the worst-performing index was the...

Anastasia Khakhaeva ...
  • Andrew Keeley
  • Andrey Kuznetsov
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Cole Akeson
  • Kirill Rogachev
  • Research Team
  • Rodion Lomivorotov
  • Svetlana Sukhanova

CIS Market Daily - 25 июня 2020

КОММЕНТАРИЙ И ПРОГНОЗ - ГЛОБАЛЬНЫЕ РЫНКИ ОТСТУПИЛИ ИЗ-ЗА КОРОНАВИРУСА, АКЦИИ ЯНДЕКСА ВЫРОСЛИВ среду рынки Европы и США понесли потери из-за новостей о росте заболеваемости коронавирусом в отдельных регионах США, а также в Индии, Бразилии и других странах. Индекс MSCI ACWI упал на 2,2%, нефть Брент с момента закрытия торгов в Москве (во вторник) упала в цене более чем на 8% и сейчас стоит менее $40/барр. Рынки АТР сегодня снижаются; мы ожидаем, что российские акции также покажут негативную динамику в начале торгов. НОВОСТИ> MSCI: Турция и Аргентина - под угрозой исключения из MSCI EM, Исландия ...

Anastasia Khakhaeva ...
  • Andrew Keeley
  • Andrey Kuznetsov
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Cole Akeson
  • Kirill Rogachev
  • Research Team
  • Rodion Lomivorotov
  • Svetlana Sukhanova

CIS Market Daily - June 25, 2020

MARKET COMMENT - GLOBAL RETREAT ON LATEST COVID-19 FEARS, WHILE YANDEX OUTPERFORMEDEuropean and American markets tumbled yesterday following news of spiking Covid-19 infections in parts of the US, India, Brazil and elsewhere. The MSCI ACWI fell 2.2%, while Brent has now fallen more than 8% to below $40/bbl since Moscow's last close. APAC markets are broadly down this morning, and we expect a weak morning for Russian stocks.STORIES> MSCI: Turkey and Argentina risk EM exclusion, Iceland to join FM> SberIndex improves only slightly in the week to June 21> Personal income tax hike, payments for ch...

Research Team

WOOD Daily: LPP PW; KTY PW; TITC GA; YNDX US; GR Macro; BRISA TI

HEADLINES: • LPP: 1Q20 slightly below prelims, FY20E guidance unchanged, while June has been promising NEUTRAL • Kety: 2Q20P EBITDA 16% above our forecast, ND/EBITDA at only 0.75x, 2020E forecasts confirmed POSITIVE • Titan Cement: reassuring trading update POSITIVE • Yandex: conference call - more details on e-commerce plans POSITIVE • Greece macro: some downside for GDP, but too soon to say • Brisa: appoints new CEO NEUTRAL • Short News (PL banks, CDR)

YANDEX NV with less fundamental stars is reduced to Neutral

YANDEX NV (US), a company active in the Internet industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 2 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date May 29, 2020, the closing price was USD 40.23 and its expected value was estimated at USD 38.16.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

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