QIWI: A bet worth taking (stays BUY)
We have raised our price target (PT) for QIWI to USD 29 (from USD 21), and we maintain our BUY rating. We continue to view QIWI as one of the most misunderstood and undervalued companies in the sector, with the market over-emphasising the risks of a share overhang, as well as concerns over the sustainability of revenue from betting and the recent management changes. We are 32% ahead of the consensus estimates for FY20E earnings as we see upside from a more streamlined corporate structure and a generally more resilient business model.
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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