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Fintech & E-commerce
September 2020 www.intellinews.com I Page 12
the Romanian e-commerce industry. Through the partnership with the Gomag platform, we com- plete a cycle of expanding the services offered to customers in Romania, through the main e-com- merce platforms,” said Alexandr Jeleascov, CEO of Coletaria.ro.
"We know how important the logistics part is
for online stores, and during this period, when the e-commerce market is experiencing a real growth boom, through the partnership Gomag - Coletaria.ro, we offer customers new development opportunities,” said Cosmin Daraban, CEO Gomag.
Russia's e-payment company Qiwi releases strong 2Q20 financial results
Russian tech company Qiwi released strong 2Q20 financial results, that were above consensus
and showed surprisingly strong profitability,
the company said.
The company also notably increased its FY20 guidance, despite, or maybe because of, the coronacrisis.
Qiwi reiterated its plans to distribute at least 50% of the FY20 adjusted net income as dividends and recommended a 2Q20 dividend of $0.33 per share (1.65% yield, 6.6% annualised).
“Given the COVID-19 related pressures in 2Q20, we see the company's performance as strong, while the new guidance implies a positive near-term outlook. We continue to see the overhang risk as the key hurdle to the stock's performance. Our 12-month Target Price of $34 implies an ETR of 75%: Buy reiterated,” VTB Capital (VTBC) said in a note.
Qiwi’s 2Q20 adjusted net revenues rose by 23%
year on year to RUB6.8bn ($91.7mn) and came in 1% above consensus. VTBC highlight the strong performance of the largest ECommerce Vertical, which saw a 7% increase in its net revenues to RUB2.7bn, which was largely driven by a higher yield on flat volumes.
“Overall, this supports our view of a V-shaped recovery in betting-related flows in June. Adjusted EBITDA rose 48% y/y to RUB3.9bn, 3% above consensus and 5% above our forecast. Adjusted net profit was up 40% y/y to RUB2.8bn, 4% above consensus and 6% above our forecast. Overall, the numbers were close to the upper bounds of Qiwi's preliminary estimates provided in July,” VTBC said.
Based on the strong performance in 1H20 and improving outlook, Qiwi increased its FY20 guidance. In particular, the guided growth for the total adjusted net revenue was increased from +3-13% y/y to +7- 15% y/y; for payment services net revenues from -3% to +5% y/y to +3-10% y/y; and for adjusted net profit from +10-30% y/y to +35-50% y/y, the company said.
Qiwi 2Q20 financial highlights RUB mn
2Q19
1Q20
2Q20
Chng, QoQ
Chng, YoY
2Q20F, VTBC
Diff
2Q20F, Cons*
Diff
Adj. Net Revenue
Adj. EBITDA
Adj. EBITDA margin
Adj. net profit
Adj. net margin
5,563
2,639
47%
1,965
35%
6,260
2,298
37%
1,754
28%
6,839 9%
3,905 70%
57% 20.4pp
2,756 57%
40% 12.3pp
23%
48%
9.7pp
40%
6,780 1%
3,733 5%
55% 2.0pp
2,607 6%
6,770 1%
3,790 3%
56%
1.1pp
5.0pp
38% 1.9pp
39%
1.1pp
2,657 4%
Source: Company data, VTB Capital Research; * provided by Interfax as of 18 August 2020