WOOD Flash – Mail.ru: 2Q21E results preview – focus on Games and JVs (due on 29 July)
Mail.ru plans to report its results on 29 July. Similar to Yandex, we expect the results to be broadly neutral, owing to the abnormal base effects of the past year, as well as the regulatory changes and the evolving competitive landscape in various verticals. We expect the total revenue to grow by 15% yoy (vs. 20% in 2020 and 27% in 1Q21), affected negatively by the Games segment (-1%), due to the high base effect in 2Q20. At the same time, we expect an incremental improvement in the EBITDA, to 23% (from 21% in 1Q21), due to a gradual recovery of the Games margins (to 17%, from 13% in the previous quarter). During the call, we would be interested to learn more about the margin outlook and growth dynamics of the Games business, as well as to better understand the performance of the O2O and AER JVs, including the possible capital needs and the changes in ownership structure.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.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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