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TMCNet:  Qiwi 2Q14 IFRS numbers [EMBIN (Emerging Markets Business Information News]

[August 10, 2014]

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. Yandex’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 management’s upgraded guidance, we now see the Street’s earnings expectations as overly conservative.


(c) 2014 EMBIN (Emerging Markets Business Information News) Provided by SyndiGate Media Inc. (Syndigate.info).

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