QIWI - Strong Beat and Guidance Upgrade
QIWI's 1Q19 results beat the consensus on adjusted EBITDA and adjusted net income by 34% and 28%. Key factors behind the beat were payments net revenue growth (31%, versus the 19.8% we expected; 2019 guidance was upgraded to 20-25%, implying 5-9% upside to our estimate of R18.9 bln) and profitability (the net margin expanded 1.6 pp to 61.8%). Guidance for 2019 was raised across the board, including by around 20% for adjusted net income, implying 7.5-15% upside to our current estimate of R11.3 bln. We confirm our BUY recommendation and $23.83/share target price.
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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