Sberbank - Mail.ru Group Ltd. Sponsored GDR (MAIL) Mail.ru Group - Reiterate BUY, Expect More Deals

Report

Sberbank

Svetlana Sukhanova

Mail.ru Group - Reiterate BUY, Expect More Deals

Mail.ru Group (MRG) has confirmed its strong capability in deal-making by either striking or moving forward with three deals so far this year: AliExpress Russia (AER), a non-binding agreement for partnership with O2O that crystalized the value of Delivery Club and Citymobil, and in e-sports. We think that MRG might potentially create more partnerships in the next 12 months, including building a music and media ecosystem and in the classifieds vertical. We reiterate our BUY call on MRG but decrease our target price by 5% to $28.20 per GDR, which is mostly due to a downward revision of the e-commerce stake to bring it in line with the AER deal valuation.

27/08/2019 9 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 - Reiterate BUY, Expect More Deals

Statement of VK on regulatory news disclosure

VK releases FY 2022 Annual Report

VK Company: VK announces coupon payments

Russian Consumer - Unemployment and Income: The Outlook for 2022

Russian Banks - What We Know at This Stage

Russia FX/Rates Snapshot - March 24, 2022. Ruble Could Take a Pause After Sharp Gains

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