Qiwi 2Q14 IFRS numbers [EMBIN (Emerging Markets Business Information News]
(EMBIN (Emerging Markets Business Information News) Via Acquire Media NewsEdge) Qiwi has released an impressive set of 2Q14 IFRS numbers, posting top line growth of 35% YoY and a 10-13.5pp expansion in margins, beating consensus by 8% at the top line, 19% on EBITDA and 17% at the bottom line. The company showed its growing exposure to the unfolding Russian e-commerce market amid decreasing dependence on payments to mobile operators. According to Bloomberg, the stock trades with 2014-15F P/E of 24.7x and 19.3x (vs. Yandexâ€™s 23.9x and 19.4x, respectively). The company is one of our preferred stocks from the Russian technology universe, and following the release and managementâ€™s upgraded guidance, we now see the Streetâ€™s earnings expectations as overly conservative.
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