Sberbank - Mail.ru Group Ltd. Sponsored GDR (MAIL) Mail.ru Group - Strong Beat Supports BUY Rating

Report

Sberbank

Anastasia Khakhaeva ...

Svetlana Sukhanova

Mail.ru Group - Strong Beat Supports BUY Rating

Mail.ru Group's 3Q19 results came in strong and beat the consensus by 2.8% on revenues and 3.8% on EBITDA. The company reiterated its full-year guidance (revenues up 22-24% to R86-88 bln, EBITDA of around R30 bln), but highlighted that at least two game launches would be shifted to 2020 (including Warface mobile), which could point to the lower end of the range (the Bloomberg consensus suggests EBITDA of R29.1 bln). Overall, given the decent 3Q19 and reiteration of the guidance today, together with the stock's recent underperformance, MRG looks like a strong BUY at our target price of $28.20 per share.

24/10/2019 3 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

Anastasia Khakhaeva

Svetlana Sukhanova

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Mail.ru Group - Strong Beat Supports BUY Rating

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

CIS Market Daily - March 24, 2022

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