Sberbank - Mail.ru Group Ltd. Sponsored GDR (MAIL) Mail.ru Group - We Still Give it a Like

Report

Sberbank

Svetlana Sukhanova

Mail.ru Group - We Still Give it a Like

We turned positive on Mail.ru Group in October 2016 on expectations of a turnaround in 1H17, which turned out to be the right call. Even after 56% growth YTD, we keep our BUY on the stock and expect upside surprises across key verticals. Social networks are benefitting from market uplift and non-ad marketing budgets. Delivery Club is a trailblazer and the leader among online food marketplaces, and it is investing in market expansion, gaining market share as a result. Youla significantly narrowed the gap with market leader Avito, so that the latter might end up having to seek a partnership. Online games are enjoying strong operating momentum.

17/08/2017 43 EN

Underlying

Mail.ru Group Ltd. Sponsored GDR

Mail.Ru Group is an Internet company based in the Russian Federation. Co. operates the email service [email protected] and two IM networks in Russia - Mail.Ru Agent and ICQ. Co. operates two Russian-language online social networking sites: Moi [email protected] and Odnoklassniki.ru, and owns a strategic minority equity stake in the social network Vkontakte. Co. is also engaged in developing projects in E-commerce and operating more than 40 thematic vertical sites, targeting various user categories. Co. is also Russia's predominant online games company. Co. maintains a portfolio of online games which includes 34 MMO games and over 30 games for social networking sites.

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US5603172082 London Stock Exchange British Virgin Islands

Provider

Sberbank

Sberbank CIB Investment Research is a research firm offering equity, fixed income, economics, and strategy research. It covers analysis on all aspects of Russia’s capital markets, issues and industries. The firm analyzes trends in Russia and combines local knowledge with a global perspective. It processes macroeconomic data, market and company-specific news, stock quotes and other information for providing research reports. The firm provides details and latest prices on the most traded names and most traded paper on all segments Russian market. In strategy research, it provides thematic research, tips and descriptions of the methodology used to evaluate companies.

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Analysts

Svetlana Sukhanova

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Mail.ru Group - We Still Give it a Like

Statement of VK on regulatory news disclosure

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