Yandex - Draft Taxi Legislation Unlikely to Significantly Affect Operations
Draft taxi legislation was submitted to the Duma yesterday that was developed by a group of deputies led by a member of the Federation Council, Andrei Turchak, in cooperation with ride-hailing companies. The draft law is aimed at passenger safety and the overall development of the Russian ride-hailing industry. It does not set restrictions on pricing and should not affect the potential monetization of ride-hailing companies in any way. We view the proposed legislation as quite sensible. It would not entail any significant changes to Yandex.Taxi's operations, which are already almost fully compliant. We reiterate our BUY recommendation and $52.40 per share price target for Yandex.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.
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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