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Technology Stocks : Yandex N.V.

YNDX 18.94

0.0%

Mar 5 4:00 PM EST

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From: zax	3/13/2012 11:37:43 PM
	of 78

Russian Search Engine Yandex Is Undervalued seekingalpha.com March 13, 2012 by: Emerging Money \| about: YNDX, includes: RSX Russian internet technology firm Yandex ( YNDX) is set to announce earnings next week. Analysts are expecting the search engine giant to report EPS of 15 cents on $190 million in revenues. Yandex dominates the internet search space in Russia with 64% market share. The company maintains a presence in other CIS nations like Belarus and Kazakhstan, and is attempting to enter the fast-growing Turkish market. Russia ( RSX) is already trading at incredibly cheap valuations. Stocks on Moscow’s exchange are trading at only 4 times enterprise value divided by EBITDA, and 5 times when evaluating non-petroleum components. Compared to its emerging market peers trading at 6.5 times EV/EBITDA, Russia is about 40% cheaper. Troika Dialog analyst Anna Lepetukhina feels that Yandex specifically is too cheap, claiming that the company “has excellent prospects and a fast sales-growth rate...(Yandex), right now it is undervalued.” That certainly appears to be true when you compare Yandex to its domestic and foreign peers. Russian e-mail provider Mail.ru trades at 48 times trailing earnings, compared to Yandex at 38.7 times. Analogous Chinese firm Baidu ( BIDU) trades at 45.8 times trailing earnings. Yandex is down roughly 17% from its initial public offering in May. Given its strong fundamentals and relatively cheap price, investors looking to gain exposure to Russia’s middle class might want give it careful consideration.

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