Page 8 - bne_Tech_07_2019

Leaders
July 2019 www.intellinews.com I Page 8
VTBC takes the deal as positive for Yandex, although needing more information on Vezet's financials. Unaccounting for Vezet, the analysts have a Buy recommendation on Yandex with unchanged 12-month target price of $46 implying an estimated total return (ETR) of 14%.
BCS Global Markets believes that the acquisition of Vezet could add 25-30% to Yandex.Taxi’s gross merchandise volume (GMV) run-rate.
"The deal’s valuation looks very attractive to Yandex – a mere 0.4 Enterprise Value to GMV implied for Vezet ($300-400mn deal),
we estimate, suggesting clear value accretion for Yandex.Taxi, which, we believe, deserves 1.5 EV/GMV multiple, and could make better use of the traffic currently flowing through Vezet," BCS GM argues.
Online taxi booking, carsharing and car-pooling is an emerging business in Russia, attracting investment and already subject to fierce competition. The total Russian carsharing
and taxi market in 2017-2025 will grow 2.5-fold to RUB1.6 trillion ($24bn), as estimated
by Sberbank CIB.