Yandex - Staying Sanguine
We reiterate our BUY rating on Yandex. We have cut our target price by 4% to $48.80 per share due to a negative FX effect, though this is partially offset by an upgrade to our Yandex.Taxi valuation. We consider Yandex to be in its best ever fundamental shape, with improved visibility over profitability in the taxi segment (which could make plans for an IPO more viable) and the monetization of initiatives such as Zen (an algorithmic news feed), Yandex.Auto (an automotive multimedia system) and Yandex.Station (a smart speaker) and the multimedia ecosystem surrounding it. We think the market should slowly but surely start to price this in, resulting in value appreciation 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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