WOOD Flash – Yandex: 2Q21 results – accelerating growth in E-commerce
The key takeaway, for us, from the 2Q21 results is that there are signs, for the first time, that the increased investments into the E-commerce business have started to translate into faster growth and market share gains. Another important takeaway is the company’s general transition from focusing on product and processes, to a more customer-focused business model, centred around Yandex.Plus, its subscription service. We believe that Yandex stands out from its competitors, due to its most advanced ecosystem, which increases customer loyalty, reduces customer acquisition costs (CAC), and benefits the long-term margin through various shared synergies. We were also encouraged to see much more granular disclosure of the segment results, especially within the Taxi business. The current share price reflects the value of just the Search & Portal (S&P) and Taxi businesses, on our estimates, with E-commerce, Media and the other segments coming for free, essentially.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.
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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