WOOD Flash – Yandex: 1Q21 – accelerating growth, stronger outlook
Yandex has reported stronger than expected results, due mainly to the much better profitability of the taxi segment, and faster growth in the core Search & Portal (S&P) segment and media businesses. Importantly, management has raised its revenue outlook for FY21E by 3% and confirmed the acceleration of growth during the past quarter, as well as in April 2021, in all the key segments. The company also confirmed its expectations of a flat EBITDA margin in the S&P segment in FY21E on a like-for-like basis. We maintain our positive view on the company as its ecosystem continues to strengthen, which should affect its long-term profitability positively, although its current high investments into e-commerce are reducing the near-term profitability. As long as the e-commerce business does not fail completely, we see these investments as an attractive use of shareholder funds, especially in light of the synergies with other services.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.
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