Intrinsic value of QIWI ADR - QIWI

Previous Close

$17.31

  Intrinsic Value

$37.61

stock screener

  Rating & Target

str. buy

+117%

  Value-price divergence*

-112%

Previous close

$17.31

 
Intrinsic value

$37.61

 
Up/down potential

+117%

 
Rating

str. buy

 
Value-price divergence*

-112%

*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 1.0

 

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
  9.90
  9.41
  8.97
  8.57
  8.21
  7.89
  7.60
  7.34
  7.11
  6.90
  6.71
  6.54
  6.38
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
Revenue, $m
  304
  334
  366
  398
  432
  468
  505
  543
  583
  625
  668
  713
  759
  808
  858
  911
  965
  1,022
  1,082
  1,144
  1,209
  1,276
  1,347
  1,421
  1,498
  1,579
  1,663
  1,752
  1,844
  1,941
  2,043
Variable operating expenses, $m
 
  242
  264
  286
  310
  334
  360
  387
  414
  443
  473
  493
  525
  559
  594
  630
  668
  707
  748
  791
  836
  883
  932
  983
  1,036
  1,092
  1,151
  1,212
  1,276
  1,343
  1,413
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
  242
  264
  286
  310
  334
  360
  387
  414
  443
  473
  493
  525
  559
  594
  630
  668
  707
  748
  791
  836
  883
  932
  983
  1,036
  1,092
  1,151
  1,212
  1,276
  1,343
  1,413
Operating income, $m
  70
  92
  102
  112
  123
  134
  145
  157
  169
  182
  195
  220
  234
  249
  264
  281
  298
  315
  333
  353
  372
  393
  415
  438
  462
  487
  513
  540
  568
  598
  630
EBITDA, $m
  84
  110
  121
  132
  143
  155
  167
  180
  193
  206
  221
  236
  251
  267
  284
  301
  319
  338
  358
  378
  400
  422
  445
  470
  495
  522
  550
  579
  610
  642
  675
Interest expense (income), $m
  2
  0
  1
  3
  4
  6
  8
  9
  11
  13
  15
  17
  20
  22
  24
  27
  29
  32
  35
  38
  41
  44
  47
  50
  54
  58
  62
  66
  70
  75
  79
Earnings before tax, $m
  53
  92
  101
  109
  118
  128
  137
  147
  158
  169
  180
  202
  214
  227
  240
  254
  268
  283
  299
  315
  332
  350
  368
  387
  408
  429
  451
  474
  498
  524
  550
Tax expense, $m
  11
  25
  27
  30
  32
  34
  37
  40
  43
  46
  49
  55
  58
  61
  65
  69
  72
  76
  81
  85
  90
  94
  99
  105
  110
  116
  122
  128
  135
  141
  149
Net income, $m
  42
  67
  74
  80
  86
  93
  100
  108
  115
  123
  131
  148
  157
  166
  175
  185
  196
  207
  218
  230
  242
  255
  269
  283
  298
  313
  329
  346
  364
  382
  402

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
  354
  387
  422
  458
  496
  535
  576
  618
  662
  707
  755
  804
  856
  909
  965
  1,023
  1,083
  1,146
  1,212
  1,280
  1,352
  1,427
  1,505
  1,587
  1,672
  1,762
  1,856
  1,954
  2,056
  2,164
Adjusted assets (=assets-cash), $m
  322
  354
  387
  422
  458
  496
  535
  576
  618
  662
  707
  755
  804
  856
  909
  965
  1,023
  1,083
  1,146
  1,212
  1,280
  1,352
  1,427
  1,505
  1,587
  1,672
  1,762
  1,856
  1,954
  2,056
  2,164
Revenue / Adjusted assets
  0.944
  0.944
  0.946
  0.943
  0.943
  0.944
  0.944
  0.943
  0.943
  0.944
  0.945
  0.944
  0.944
  0.944
  0.944
  0.944
  0.943
  0.944
  0.944
  0.944
  0.945
  0.944
  0.944
  0.944
  0.944
  0.944
  0.944
  0.944
  0.944
  0.944
  0.944
Average production assets, $m
  101
  111
  121
  132
  143
  155
  167
  180
  193
  207
  221
  236
  251
  267
  284
  301
  320
  338
  358
  379
  400
  422
  446
  470
  496
  523
  551
  580
  610
  643
  676
Working capital, $m
  142
  -188
  -206
  -224
  -243
  -263
  -284
  -306
  -328
  -352
  -376
  -401
  -427
  -455
  -483
  -513
  -543
  -576
  -609
  -644
  -680
  -719
  -758
  -800
  -843
  -889
  -936
  -986
  -1,038
  -1,093
  -1,150
Total debt, $m
  40
  23
  52
  84
  116
  150
  185
  222
  260
  300
  341
  383
  428
  474
  522
  572
  624
  679
  735
  795
  856
  921
  988
  1,059
  1,132
  1,209
  1,290
  1,374
  1,462
  1,555
  1,651
Total liabilities, $m
  336
  319
  348
  380
  412
  446
  481
  518
  556
  596
  637
  679
  724
  770
  818
  868
  920
  975
  1,031
  1,091
  1,152
  1,217
  1,284
  1,355
  1,428
  1,505
  1,586
  1,670
  1,758
  1,851
  1,947
Total equity, $m
  339
  35
  39
  42
  46
  50
  53
  58
  62
  66
  71
  75
  80
  86
  91
  96
  102
  108
  115
  121
  128
  135
  143
  151
  159
  167
  176
  186
  195
  206
  216
Total liabilities and equity, $m
  675
  354
  387
  422
  458
  496
  534
  576
  618
  662
  708
  754
  804
  856
  909
  964
  1,022
  1,083
  1,146
  1,212
  1,280
  1,352
  1,427
  1,506
  1,587
  1,672
  1,762
  1,856
  1,953
  2,057
  2,163
Debt-to-equity ratio
  0.118
  0.640
  1.360
  1.980
  2.540
  3.030
  3.470
  3.860
  4.210
  4.530
  4.820
  5.080
  5.320
  5.540
  5.740
  5.930
  6.110
  6.270
  6.420
  6.560
  6.690
  6.810
  6.930
  7.030
  7.130
  7.230
  7.320
  7.400
  7.480
  7.560
  7.630
Adjusted equity ratio
  0.081
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  42
  67
  74
  80
  86
  93
  100
  108
  115
  123
  131
  148
  157
  166
  175
  185
  196
  207
  218
  230
  242
  255
  269
  283
  298
  313
  329
  346
  364
  382
  402
Depreciation, amort., depletion, $m
  14
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  16
  17
  18
  19
  20
  22
  23
  24
  26
  27
  29
  30
  32
  34
  35
  37
  39
  41
  43
  46
Funds from operations, $m
  97
  86
  92
  99
  107
  114
  122
  130
  139
  148
  157
  164
  174
  184
  195
  206
  217
  230
  242
  256
  269
  284
  299
  315
  331
  348
  366
  385
  405
  426
  447
Change in working capital, $m
  3
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -43
  -45
  -48
  -50
  -52
  -55
  -57
Cash from operations, $m
  94
  102
  110
  118
  126
  134
  143
  152
  161
  171
  181
  189
  200
  211
  223
  235
  248
  262
  276
  290
  306
  322
  339
  356
  375
  394
  414
  435
  457
  480
  505
Maintenance CAPEX, $m
  0
  -7
  -7
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -34
  -35
  -37
  -39
  -41
  -43
New CAPEX, $m
  -12
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -29
  -31
  -32
  -34
Cash from investing activities, $m
  3
  -17
  -17
  -19
  -20
  -22
  -22
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -36
  -38
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -58
  -61
  -63
  -66
  -70
  -73
  -77
Free cash flow, $m
  97
  86
  92
  99
  106
  113
  120
  128
  136
  144
  153
  159
  168
  178
  188
  199
  210
  221
  233
  246
  259
  272
  287
  302
  317
  334
  351
  369
  387
  407
  428
Issuance/(repayment) of debt, $m
  0
  23
  30
  31
  33
  34
  35
  37
  38
  40
  41
  43
  44
  46
  48
  50
  52
  54
  57
  59
  62
  64
  67
  70
  74
  77
  81
  84
  88
  92
  97
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
  23
  30
  31
  33
  34
  35
  37
  38
  40
  41
  43
  44
  46
  48
  50
  52
  54
  57
  59
  62
  64
  67
  70
  74
  77
  81
  84
  88
  92
  97
Total cash flow (excl. dividends), $m
  73
  108
  122
  130
  138
  147
  156
  165
  174
  184
  194
  202
  213
  224
  236
  249
  262
  276
  290
  305
  321
  337
  354
  372
  391
  411
  431
  453
  476
  499
  524
Retained Cash Flow (-), $m
  42
  -9
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
Prev. year cash balance distribution, $m
 
  313
  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
 
  412
  119
  127
  135
  143
  152
  161
  170
  179
  189
  197
  208
  219
  231
  243
  256
  270
  284
  298
  314
  330
  347
  364
  383
  402
  422
  444
  466
  489
  514
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
 
  395
  109
  110
  111
  111
  110
  108
  106
  103
  99
  94
  89
  83
  78
  71
  65
  59
  52
  46
  40
  34
  29
  24
  19
  16
  12
  10
  7
  5
  4
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

QIWI plc is a provider of payment services in Russia and the Commonwealth of Independent States (CIS). The Company's network enables payment services across physical, online and mobile channels. The Company operates in target markets and customer segments. As of December 31, 2016, the Company had deployed over 17.2 million virtual wallets, over 162,000 kiosks and terminals, and enabled merchants to accept over Russian rubles 70 billion cash and electronic payments monthly. The Company's consumers can use cash, stored value and other electronic payment methods to order and pay for goods and services across physical or virtual environments interchangeably. The Company provides integrated network of physical distribution points and virtual wallets, as well as payment channels and methods that enable consumers to deposit cash, convert it into a digital form and transfer the funds to a virtual wallet or pay for any merchant in its network.

FINANCIAL RATIOS  of  QIWI ADR (QIWI)

Valuation Ratios
P/E Ratio 25
Price to Sales 3.5
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 11.2
Price to Free Cash Flow 12.8
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 9.9% 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 -56.3%. 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 58.679 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 $1.0 billion.

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COMPANY NEWS

▶ Should You Buy Qiwi plc (QIWI) At This PE Ratio?   [Oct-06-17 03:19PM  Simply Wall St.]
▶ New Strong Sell Stocks for August 30th   [Aug-30-17 08:17AM  Zacks]
▶ Bear of the Day: QIWI (QIWI)   [07:15AM  Zacks]
▶ New Strong Sell Stocks for August 23rd   [Aug-23-17 10:11AM  Zacks]
▶ 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]
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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