WOOD Flash – QIWI: strong 2Q21 results, although some regulatory uncertainty remains
QIWI has published strong 2Q21 results, which were slightly ahead of our estimates. Importantly, management has raised its FY21E guidance for revenue, although it still looks conservative to us, given the strong 1H21 performance. The net income guidance remained unchanged, due to the impact from the disposal of the 45% equity stake in Tochka Bank. We continue to view QIWI’s stock as highly discounted, with quite pessimistic expectations priced in already. QIWI is trading at 5.4x and 5.1x P/Es, based on our 2021E and 2022E estimates, and offers a c.10% dividend yield.
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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