Page 18 - bne_Tech_07_2018

Fintech
July 2018 www.intellinews.com I Page 18
Russia's TCS banking group mulls buying online ticketing service
Russia's Tinkoff Credit Systems (TCS) banking group is considering acquiring the country's leading online ticketing service Kassir.ru, RBC daily reported, citing unnamed sources. Kassir’s earnings stood at RUB1.3bn ($200mn) in 2017.
Tinkoff Bank is a part of the TCS group and is the major player on Russia's retail lending market, and also runs the country’s leading online bank.
"TCS Group may consider the ticketing service
an organic addition to its developing [online] eco platform," Aton Equity commented, pointing out that Russian mobile major MTS recently acquired another big ticketing operator, Ticketland.ru, which suggests that the segment is of interest to big players.
While the deal is not yet officially confirmed
by TCS the news is neutral for the stock, Aton believes, noting that the size of the deal could be
"fairly material for the bank" taking into account Kassir's financials. The analysts have a Buy recommendation for TCS shares with a target price of $22.3.
In June, the founder of TCS Group Oleg Tinkov acquired 440,000 of the bank's GDRs for $9.2mn, implying a price of $20.9 per GDR, and said it planned to buy out more shares worth $20mn.
Analysts from BCS Global Markets commented on June 28 that Tinkov is "usually seen" buying shares on price weakness, confirming confidence in the business’ strong performance. BCS reminds that Tinkov sold 6.6% of TCS in an SPO in November 2017 at $19.7 per GDR.
Aton Equity noted that Tinkov and the management team acquired GDRs at around $9-$12 per GDR last year, and since then the stock has doubled
in value.