Yandex - Strong Beat, Breakeven on Taxi
Yandex's results came in very strong across the board, beating the consensus by 2% on revenues and 8% on EBITDA. The biggest takeaway was the taxi segment, where revenues grew by 117% y-o-y to R8.8 bln from the strong base and record-high growth in 2Q18 (426%). Taxi showed its first positive EBITDA, of R423 mln, which already means a healthy margin of 4.8%. We reiterate our BUY rating and target price of $51.00 per share.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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