New Street: YNDX US (Buy, TP: US$81, +17%) OZON results and scale of e-commerce growth in Russia supportive
OZON has reported strong numbers showing continued strength in GMV growth (+94%). With Yandex. Market GMV growth in e-commerce of +154% it continues to take share on a y/y basis. In this note we look at the key operating comparisons between Yandex and OZON and whether the recent decision from Yandex management to further accelerate e-commerce investments makes sense given the Q2 data.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.
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