Yandex: More investment into e-commerce (stays BUY)
We have adjusted our near-term estimates for Yandex, to reflect its higher ambitions and the more-competitive landscape in the Russian e-commerce sector. Our new EBITDA estimate for 2021E is 24% lower than previously and 18% below the Bloomberg consensus. As a result, we reduce our PT to USD 81, from USD 92 previously. We still see Yandex as one of the most attractive opportunities in the Russian technology space, primarily because of its growing ecosystem, which allows it to achieve cost synergies through improved customer retention rates (CRR) and lower customer acquisition costs (CAC), as well as a deeper integration of its key services, e.g. ride-hailing and delivery in the e-commerce business.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.
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