Page 83 - RusRPTSept19

3% to $52.40 per share mainly due to FX effects. The bank values the Yandex.Taxi JV at $7.77bn, which implies $14.1 per Yandex share, 27% of our target price. Yandex is trading at a 10.5 2020E EV/EBITDA and 20.1 P/E; excluding the taxi JV stake, Yandex's core business is trading at an 8.1 2020E EV/EBITDA, which VTBC sees as attractive and supporting of the BUY rating. In a report, the bank revisited the TAM estimates for shared transportation in Russia and expect that it will reach around RUB2 trillon by 2020, growing at a 2018-25E CAGR of 15%. Yandex.Taxi's share in rides in Russia is estimated at around 20% in 2018 and think it is well positioned to boost its share in the shared transportation market to 60% in the longer run. Yandex is best positioned to become the leading transportation "super app." Outside of Russia, Yandex.Taxi already operates in 17 other countries spanning from the FSU to Africa, with a combined population of 189mn.
83 RUSSIA Country Report September 2019 www.intellinews.com