Yandex - Strong Start to the Year
Yandex's 1Q19 results beat the Interfax consensus by 3% on revenues and 2% on EBITDA. Excluding Yandex.Market, revenues rose by 45% y-o-y and adjusted EBITDA by 37%. Yandex's full-year 2019 revenue growth guidance was upgraded to 30-34% for the company overall and to 19-21% for the core business. We reiterate our BUY rating and $51.00 target price.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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