WOOD Flash – Mail.ru: 1Q21 results – strong growth momentum continues
Mail.ru has reported generally strong results, with 30% yoy growth in its total revenue, when adjusted for the temporary loss of VAT benefits in the IVAS segment. The company’s level of disclosure has started to improve as well, which is important for its investment case. Mail.ru also provided more financial and operating details for its key JVs. The company reiterated its FY21E guidance (RUB 127-130bn in revenue and an improvement in the EBITDA margin relative to 2020), confirming the strong momentum in the key segments in April, with slightly different dynamics in Games, due to the uneven base effect, driven by the lockdown during 2Q20. The only negative issue, which was flagged already by the company during the previous quarter, is a permanent decline in the Communication & Social margin, to c.45%, from 50%+ historically, due to higher investments in new products.Mail.Ru Group is an Internet company based in the Russian Federation. Co. operates the email service [email protected] and two IM networks in Russia - Mail.Ru Agent and ICQ. Co. operates two Russian-language online social networking sites: Moi [email protected] and Odnoklassniki.ru, and owns a strategic minority equity stake in the social network Vkontakte. Co. is also engaged in developing projects in E-commerce and operating more than 40 thematic vertical sites, targeting various user categories. Co. is also Russia's predominant online games company. Co. maintains a portfolio of online games which includes 34 MMO games and over 30 games for social networking sites.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
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