Intrinsic value of QIWI ADR - QIWI

Previous Close

$17.53

  Intrinsic Value

$22.04

stock screener

  Rating & Target

buy

+26%

  Value-price divergence*

+1508%

Previous close

$17.53

 
Intrinsic value

$22.04

 
Up/down potential

+26%

 
Rating

buy

 
Value-price divergence*

+1508%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of QIWI stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  1.00
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  304
  310
  317
  325
  335
  345
  356
  368
  381
  395
  410
  427
  444
  462
  482
  503
  525
  548
  573
  599
  626
  655
  686
  718
  752
  788
  826
  865
  907
  951
  997
Variable operating expenses, $m
 
  225
  230
  236
  242
  249
  257
  265
  274
  284
  295
  295
  307
  320
  333
  348
  363
  379
  396
  414
  433
  453
  474
  497
  520
  545
  571
  599
  628
  658
  690
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  234
  225
  230
  236
  242
  249
  257
  265
  274
  284
  295
  295
  307
  320
  333
  348
  363
  379
  396
  414
  433
  453
  474
  497
  520
  545
  571
  599
  628
  658
  690
Operating income, $m
  70
  85
  87
  90
  92
  96
  99
  103
  107
  111
  116
  131
  137
  142
  149
  155
  162
  169
  176
  185
  193
  202
  211
  221
  232
  243
  254
  267
  280
  293
  307
EBITDA, $m
  84
  103
  105
  108
  111
  114
  118
  122
  126
  131
  136
  141
  147
  153
  159
  166
  173
  181
  189
  198
  207
  217
  227
  237
  249
  260
  273
  286
  300
  314
  330
Interest expense (income), $m
  2
  0
  0
  1
  1
  1
  2
  3
  3
  4
  5
  5
  6
  7
  8
  9
  10
  11
  12
  13
  15
  16
  17
  19
  21
  22
  24
  26
  28
  30
  32
Earnings before tax, $m
  53
  85
  87
  89
  91
  94
  97
  100
  104
  107
  111
  126
  131
  136
  141
  146
  152
  158
  164
  171
  178
  186
  194
  202
  211
  221
  230
  241
  252
  263
  275
Tax expense, $m
  11
  23
  23
  24
  25
  25
  26
  27
  28
  29
  30
  34
  35
  37
  38
  39
  41
  43
  44
  46
  48
  50
  52
  55
  57
  60
  62
  65
  68
  71
  74
Net income, $m
  42
  62
  63
  65
  67
  69
  71
  73
  76
  78
  81
  92
  95
  99
  103
  107
  111
  115
  120
  125
  130
  136
  142
  148
  154
  161
  168
  176
  184
  192
  201

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  353
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  675
  353
  361
  370
  381
  392
  405
  419
  433
  450
  467
  485
  505
  526
  548
  572
  597
  623
  651
  681
  712
  745
  780
  817
  856
  896
  939
  984
  1,032
  1,082
  1,134
Adjusted assets (=assets-cash), $m
  322
  353
  361
  370
  381
  392
  405
  419
  433
  450
  467
  485
  505
  526
  548
  572
  597
  623
  651
  681
  712
  745
  780
  817
  856
  896
  939
  984
  1,032
  1,082
  1,134
Revenue / Adjusted assets
  0.944
  0.878
  0.878
  0.878
  0.879
  0.880
  0.879
  0.878
  0.880
  0.878
  0.878
  0.880
  0.879
  0.878
  0.880
  0.879
  0.879
  0.880
  0.880
  0.880
  0.879
  0.879
  0.879
  0.879
  0.879
  0.879
  0.880
  0.879
  0.879
  0.879
  0.879
Average production assets, $m
  101
  103
  105
  108
  111
  114
  118
  122
  126
  131
  136
  141
  147
  153
  159
  166
  174
  181
  190
  198
  207
  217
  227
  238
  249
  261
  273
  286
  300
  315
  330
Working capital, $m
  142
  -31
  -32
  -33
  -33
  -34
  -36
  -37
  -38
  -40
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -60
  -63
  -66
  -69
  -72
  -75
  -79
  -83
  -87
  -91
  -95
  -100
Total debt, $m
  40
  6
  13
  20
  29
  39
  50
  62
  75
  88
  103
  119
  136
  154
  173
  193
  214
  237
  261
  286
  313
  341
  371
  403
  436
  470
  507
  546
  586
  629
  674
Total liabilities, $m
  336
  302
  309
  316
  325
  335
  346
  358
  371
  384
  399
  415
  432
  450
  469
  489
  510
  533
  557
  582
  609
  637
  667
  699
  732
  766
  803
  842
  882
  925
  970
Total equity, $m
  339
  51
  52
  54
  55
  57
  59
  61
  63
  65
  68
  70
  73
  76
  79
  83
  87
  90
  94
  99
  103
  108
  113
  118
  124
  130
  136
  143
  150
  157
  164
Total liabilities and equity, $m
  675
  353
  361
  370
  380
  392
  405
  419
  434
  449
  467
  485
  505
  526
  548
  572
  597
  623
  651
  681
  712
  745
  780
  817
  856
  896
  939
  985
  1,032
  1,082
  1,134
Debt-to-equity ratio
  0.118
  0.110
  0.240
  0.380
  0.530
  0.690
  0.850
  1.020
  1.190
  1.360
  1.520
  1.690
  1.850
  2.010
  2.170
  2.330
  2.480
  2.620
  2.760
  2.900
  3.030
  3.160
  3.280
  3.400
  3.510
  3.620
  3.720
  3.820
  3.920
  4.010
  4.100
Adjusted equity ratio
  0.081
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  42
  62
  63
  65
  67
  69
  71
  73
  76
  78
  81
  92
  95
  99
  103
  107
  111
  115
  120
  125
  130
  136
  142
  148
  154
  161
  168
  176
  184
  192
  201
Depreciation, amort., depletion, $m
  14
  18
  18
  18
  18
  18
  19
  19
  19
  20
  20
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  18
  18
  19
  20
  21
  22
Funds from operations, $m
  97
  80
  81
  83
  85
  87
  89
  92
  95
  98
  101
  102
  105
  109
  113
  118
  123
  128
  133
  138
  144
  150
  157
  164
  171
  179
  187
  195
  204
  213
  223
Change in working capital, $m
  3
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
Cash from operations, $m
  94
  80
  82
  84
  86
  88
  91
  93
  96
  99
  103
  103
  107
  111
  115
  120
  125
  130
  135
  141
  147
  153
  160
  167
  174
  182
  190
  199
  208
  218
  228
Maintenance CAPEX, $m
  0
  -7
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
New CAPEX, $m
  -12
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -15
  -15
Cash from investing activities, $m
  3
  -9
  -9
  -10
  -10
  -10
  -12
  -12
  -12
  -14
  -14
  -14
  -16
  -16
  -16
  -18
  -18
  -20
  -20
  -22
  -22
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -35
  -36
Free cash flow, $m
  97
  71
  73
  74
  75
  77
  79
  81
  84
  86
  89
  89
  92
  95
  99
  102
  106
  110
  115
  120
  124
  130
  135
  141
  147
  154
  160
  168
  175
  183
  191
Issuance/(repayment) of debt, $m
  0
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  27
  28
  30
  31
  33
  35
  37
  39
  41
  43
  45
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  0
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  27
  28
  30
  31
  33
  35
  37
  39
  41
  43
  45
Total cash flow (excl. dividends), $m
  73
  77
  79
  82
  84
  87
  90
  93
  96
  100
  104
  105
  109
  113
  118
  123
  128
  133
  139
  145
  151
  158
  165
  172
  180
  188
  197
  206
  216
  226
  236
Retained Cash Flow (-), $m
  42
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
Prev. year cash balance distribution, $m
 
  289
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  365
  78
  81
  83
  85
  88
  91
  94
  97
  101
  102
  106
  110
  114
  119
  124
  129
  135
  141
  147
  153
  160
  167
  175
  183
  191
  200
  209
  218
  229
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  350
  72
  70
  68
  66
  64
  62
  59
  56
  53
  48
  45
  42
  38
  35
  32
  28
  25
  22
  19
  16
  13
  11
  9
  7
  6
  4
  3
  2
  2
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
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Qiwi plc, together with its subsidiaries, operates electronic online payment systems primarily in the Russian Federation, Kazakhstan, Moldova, Belarus, Romania, and the United Arab Emirates. The company provides payment services across physical, online, and mobile channels through a network of approximately 115,000 kiosks and 57,000 terminals that run its proprietary software. Its products include Visa Qiwi Wallet, Qiwi Wallet, and Qiwi Wallet Europe, which are online and mobile payment processing, and money transfer systems that allow accountholders to pay for the products and services of merchants, as well as perform peer-to-peer money transfers through a virtual wallet in the online and mobile environment; and Visa-branded prepaid cards. The company was incorporated in 2007 and is based in Nicosia, Cyprus.

FINANCIAL RATIOS  of  QIWI ADR (QIWI)

Valuation Ratios
P/E Ratio 25.3
Price to Sales 3.5
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 11.3
Price to Free Cash Flow 13
Growth Rates
Sales Growth Rate 1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 140%
Cap. Spend. - 3 Yr. Gr. Rate 14.9%
Financial Strength
Quick Ratio 9
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 11.8%
Interest Coverage 28
Management Effectiveness
Return On Assets 6.3%
Ret/ On Assets - 3 Yr. Avg. 13.6%
Return On Total Capital 10.5%
Ret/ On T. Cap. - 3 Yr. Avg. 38.4%
Return On Equity 11.7%
Return On Equity - 3 Yr. Avg. 44.2%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 51.6%
Gross Margin - 3 Yr. Avg. 51.1%
EBITDA Margin 22.7%
EBITDA Margin - 3 Yr. Avg. 35%
Operating Margin 23%
Oper. Margin - 3 Yr. Avg. 25.7%
Pre-Tax Margin 17.4%
Pre-Tax Margin - 3 Yr. Avg. 30.8%
Net Profit Margin 13.8%
Net Profit Margin - 3 Yr. Avg. 25.7%
Effective Tax Rate 20.8%
Eff/ Tax Rate - 3 Yr. Avg. 17%
Payout Ratio 188.1%

QIWI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the QIWI stock intrinsic value calculation we used $304 million for the last fiscal year's total revenue generated by QIWI ADR. The default revenue input number comes from 2016 income statement of QIWI ADR. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our QIWI stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for QIWI is calculated based on our internal credit rating of QIWI ADR, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of QIWI ADR.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of QIWI stock the variable cost ratio is equal to 72.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for QIWI stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.1% for QIWI ADR.

Corporate tax rate of 27% is the nominal tax rate for QIWI ADR. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the QIWI stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for QIWI are equal to 33.1%.

Life of production assets of 14.8 years is the average useful life of capital assets used in QIWI ADR operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for QIWI is equal to -10%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $339 million for QIWI ADR - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 60.332 million for QIWI ADR is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of QIWI ADR at the current share price and the inputted number of shares is $1.1 billion.

RELATED COMPANIES Price Int.Val. Rating
PYPL PayPal Holding 59.44 47.57  hold
MGI MoneyGram Inte 15.50 4.06  str.sell
WU Western Union 18.88 21.76  hold
V VISA Cl A 102.51 136.73  buy
MBT Mobile TeleSys 8.86 11.30  buy
EEFT Euronet Worldw 95.19 144.77  str.buy
EVTC Evertec 18.50 13.76  sell
GPN Global Payment 93.76 34.97  str.sell

COMPANY NEWS

▶ QIWI Announces Second Quarter 2017 Financial Results   [Aug-15-17 06:30AM  GlobeNewswire]
▶ ETFs with exposure to Qiwi Plc : August 11, 2017   [Aug-11-17 06:20PM  Capital Cube]
▶ Here's Why Shares of Qiwi Are Down 9% Today   [Jul-17-17 03:47PM  Motley Fool]
▶ Top Ranked Income Stocks to Buy for July 13th   [Jul-13-17 06:07AM  Zacks]
▶ Top Ranked Income Stocks to Buy for July 11th   [Jul-11-17 11:28AM  Zacks]
▶ Top Ranked Income Stocks to Buy for July 5th   [Jul-05-17 11:02AM  Zacks]
▶ Top Ranked Income Stocks to Buy for June 28th   [Jun-28-17 11:31AM  Zacks]
▶ ETFs with exposure to Qiwi Plc : June 19, 2017   [Jun-19-17 04:01PM  Capital Cube]
▶ Top Ranked Income Stocks to Buy for June 12th   [Jun-12-17 07:49AM  Zacks]
▶ Top Ranked Income Stocks to Buy for June 8th   [Jun-08-17 11:38AM  Zacks]
▶ Top Ranked Income Stocks to Buy for June 6th   [Jun-06-17 06:08AM  Zacks]
▶ QIWI Announces 2017 Annual General Meeting   [Apr-18-17 05:00PM  GlobeNewswire]
▶ QIWI Announces Change to Dividend Record Date   [Mar-23-17 08:00AM  GlobeNewswire]
▶ QIWI Group Joins Fintech Association   [Jan-12-17 04:30PM  GlobeNewswire]
▶ ETFs with exposure to Qiwi Plc : January 11, 2017   [Jan-11-17 01:14PM  Capital Cube]
▶ ETFs with exposure to Qiwi Plc : December 19, 2016   [Dec-19-16 02:01PM  Capital Cube]
▶ Is Qiwi PLC (QIWI) a Good Stock to Buy?   [Dec-13-16 01:21AM  at Insider Monkey]
▶ Sergey Solonin Appointed as Head of FinNet Working Group   [Oct-25-16 09:22AM  GlobeNewswire]
▶ QIWI Joins R3 Consortium   [Oct-12-16 07:00AM  GlobeNewswire]
▶ QIWI Acquires Fintech Startup Plati Potom   [Oct-06-16 07:30AM  GlobeNewswire]
▶ QIWI Announces Change to Dividend Record Date   [Aug-16-16 05:00PM  GlobeNewswire]
▶ Russia's Qiwi Up 5% On 1Q Earnings   [May-18-16 04:20PM  at Barrons.com]
▶ QIWI Announces 2016 Annual General Meeting   [Apr-20-16 06:26PM  GlobeNewswire]
▶ Visa QIWI Wallet receives M-Wallet of the Year award   [Apr-12-16 08:14AM  GlobeNewswire]
▶ QIWI Revises Full-Year 2015 Guidance   [Feb-03-16 06:30AM  GlobeNewswire]
▶ Micex, RTS Diverge Widely On Moscow Market Views   [Jan-21-16 06:13PM  at Investor's Business Daily]
▶ Russia Stocks & Ruble Slammed, Central Bank Stymied   [Jan-20-16 01:01PM  at Barrons.com]
▶ Why Are These Stocks Making Big Friday Moves?   [Jan-15-16 01:59PM  at Insider Monkey]
▶ Hedge Funds Are Not Overly Excited About BroadSoft Inc (BSFT)   [Nov-28  06:49PM  at Insider Monkey]
▶ Qiwi: Lower 3Q Profit, M&A Imminent As Russia Slows?   [Nov-10  05:03PM  at Barrons.com]
▶ QIWI Announces Third Quarter 2015 Results   [07:00AM  GlobeNewswire]
Stock chart of QIWI Financial statements of QIWI
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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