Intrinsic value of QIWI ADR - QIWI

Previous Close

$13.88

  Intrinsic Value

$32.98

stock screener

  Rating & Target

str. buy

+138%

Previous close

$13.88

 
Intrinsic value

$32.98

 
Up/down potential

+138%

 
Rating

str. buy

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 0.8

 

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
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
  5.16
  5.14
Revenue, $m
  304
  328
  354
  380
  407
  436
  465
  496
  528
  561
  595
  631
  669
  708
  749
  791
  836
  882
  931
  981
  1,035
  1,090
  1,148
  1,209
  1,273
  1,339
  1,409
  1,482
  1,559
  1,639
  1,724
Variable operating expenses, $m
 
  238
  255
  273
  292
  312
  332
  354
  376
  399
  423
  437
  463
  490
  518
  547
  578
  610
  644
  679
  716
  754
  794
  836
  880
  927
  975
  1,025
  1,079
  1,134
  1,192
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
  238
  255
  273
  292
  312
  332
  354
  376
  399
  423
  437
  463
  490
  518
  547
  578
  610
  644
  679
  716
  754
  794
  836
  880
  927
  975
  1,025
  1,079
  1,134
  1,192
Operating income, $m
  70
  90
  98
  106
  115
  124
  133
  142
  152
  162
  173
  195
  206
  218
  231
  244
  258
  272
  287
  302
  319
  336
  354
  373
  392
  413
  434
  457
  480
  505
  531
EBITDA, $m
  84
  109
  117
  126
  135
  144
  154
  164
  174
  185
  197
  209
  221
  234
  248
  262
  276
  292
  308
  324
  342
  360
  380
  400
  421
  443
  466
  490
  515
  542
  570
Interest expense (income), $m
  2
  0
  1
  2
  3
  5
  6
  8
  9
  11
  12
  14
  16
  17
  19
  21
  23
  26
  28
  30
  33
  35
  38
  41
  44
  47
  50
  53
  57
  61
  65
Earnings before tax, $m
  53
  90
  97
  104
  111
  119
  127
  135
  143
  152
  161
  181
  191
  201
  211
  223
  234
  246
  259
  272
  286
  301
  316
  332
  349
  366
  384
  403
  424
  445
  467
Tax expense, $m
  11
  24
  26
  28
  30
  32
  34
  36
  39
  41
  43
  49
  51
  54
  57
  60
  63
  67
  70
  74
  77
  81
  85
  90
  94
  99
  104
  109
  114
  120
  126
Net income, $m
  42
  66
  71
  76
  81
  87
  92
  98
  104
  111
  117
  132
  139
  147
  154
  162
  171
  180
  189
  199
  209
  220
  231
  242
  254
  267
  281
  294
  309
  325
  341

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
  348
  375
  402
  431
  461
  493
  525
  559
  594
  631
  669
  709
  750
  793
  838
  885
  935
  986
  1,040
  1,096
  1,155
  1,216
  1,281
  1,348
  1,419
  1,493
  1,570
  1,651
  1,737
  1,826
Adjusted assets (=assets-cash), $m
  322
  348
  375
  402
  431
  461
  493
  525
  559
  594
  631
  669
  709
  750
  793
  838
  885
  935
  986
  1,040
  1,096
  1,155
  1,216
  1,281
  1,348
  1,419
  1,493
  1,570
  1,651
  1,737
  1,826
Revenue / Adjusted assets
  0.944
  0.943
  0.944
  0.945
  0.944
  0.946
  0.943
  0.945
  0.945
  0.944
  0.943
  0.943
  0.944
  0.944
  0.945
  0.944
  0.945
  0.943
  0.944
  0.943
  0.944
  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
  109
  117
  126
  135
  144
  154
  164
  175
  186
  197
  209
  221
  234
  248
  262
  277
  292
  308
  325
  342
  361
  380
  400
  421
  443
  466
  491
  516
  543
  571
Working capital, $m
  142
  -185
  -199
  -214
  -229
  -245
  -262
  -279
  -297
  -316
  -335
  -355
  -377
  -399
  -422
  -446
  -471
  -497
  -524
  -553
  -582
  -614
  -646
  -681
  -716
  -754
  -793
  -835
  -878
  -923
  -970
Total debt, $m
  40
  17
  41
  66
  92
  119
  147
  177
  207
  239
  272
  306
  342
  379
  418
  458
  501
  545
  591
  640
  690
  743
  799
  857
  917
  981
  1,047
  1,117
  1,190
  1,267
  1,347
Total liabilities, $m
  336
  313
  337
  362
  388
  415
  443
  473
  503
  535
  568
  602
  638
  675
  714
  754
  797
  841
  887
  936
  986
  1,039
  1,095
  1,153
  1,213
  1,277
  1,343
  1,413
  1,486
  1,563
  1,643
Total equity, $m
  339
  35
  37
  40
  43
  46
  49
  53
  56
  59
  63
  67
  71
  75
  79
  84
  89
  93
  99
  104
  110
  115
  122
  128
  135
  142
  149
  157
  165
  174
  183
Total liabilities and equity, $m
  675
  348
  374
  402
  431
  461
  492
  526
  559
  594
  631
  669
  709
  750
  793
  838
  886
  934
  986
  1,040
  1,096
  1,154
  1,217
  1,281
  1,348
  1,419
  1,492
  1,570
  1,651
  1,737
  1,826
Debt-to-equity ratio
  0.118
  0.490
  1.100
  1.640
  2.140
  2.580
  2.990
  3.360
  3.700
  4.020
  4.310
  4.570
  4.820
  5.050
  5.270
  5.470
  5.660
  5.830
  6.000
  6.150
  6.300
  6.440
  6.570
  6.690
  6.800
  6.910
  7.020
  7.110
  7.210
  7.300
  7.380
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
  66
  71
  76
  81
  87
  92
  98
  104
  111
  117
  132
  139
  147
  154
  162
  171
  180
  189
  199
  209
  220
  231
  242
  254
  267
  281
  294
  309
  325
  341
Depreciation, amort., depletion, $m
  14
  18
  19
  19
  20
  20
  21
  22
  22
  23
  24
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  28
  30
  32
  33
  35
  37
  39
Funds from operations, $m
  97
  84
  90
  95
  101
  107
  113
  120
  127
  134
  141
  146
  154
  162
  171
  180
  190
  200
  210
  221
  232
  244
  256
  269
  283
  297
  312
  328
  344
  361
  379
Change in working capital, $m
  3
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -36
  -38
  -39
  -41
  -43
  -45
  -47
Cash from operations, $m
  94
  98
  104
  110
  117
  123
  130
  137
  145
  153
  161
  166
  175
  184
  194
  204
  215
  226
  237
  249
  262
  275
  289
  304
  319
  335
  351
  369
  387
  406
  427
Maintenance CAPEX, $m
  0
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -32
  -33
  -35
  -37
New CAPEX, $m
  -12
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
Cash from investing activities, $m
  3
  -15
  -15
  -17
  -17
  -18
  -20
  -20
  -22
  -23
  -24
  -25
  -26
  -28
  -30
  -31
  -33
  -34
  -36
  -38
  -40
  -41
  -43
  -46
  -48
  -50
  -53
  -56
  -58
  -62
  -65
Free cash flow, $m
  97
  83
  88
  94
  99
  105
  111
  117
  123
  130
  137
  141
  149
  157
  165
  173
  182
  192
  201
  212
  222
  234
  245
  258
  271
  284
  298
  313
  329
  345
  362
Issuance/(repayment) of debt, $m
  0
  17
  24
  25
  26
  27
  28
  29
  30
  32
  33
  34
  36
  37
  39
  41
  42
  44
  46
  48
  51
  53
  55
  58
  61
  64
  67
  70
  73
  77
  80
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
  17
  24
  25
  26
  27
  28
  29
  30
  32
  33
  34
  36
  37
  39
  41
  42
  44
  46
  48
  51
  53
  55
  58
  61
  64
  67
  70
  73
  77
  80
Total cash flow (excl. dividends), $m
  73
  100
  112
  119
  125
  132
  139
  146
  154
  161
  170
  175
  184
  194
  204
  214
  225
  236
  248
  260
  273
  287
  301
  316
  331
  348
  365
  383
  402
  422
  442
Retained Cash Flow (-), $m
  42
  -9
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
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
 
  404
  110
  116
  122
  129
  136
  143
  150
  158
  166
  172
  180
  190
  199
  209
  220
  231
  243
  255
  267
  281
  295
  309
  325
  341
  357
  375
  394
  413
  434
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
 
  387
  100
  101
  101
  100
  98
  96
  94
  91
  87
  81
  77
  72
  67
  61
  56
  50
  45
  39
  34
  29
  24
  20
  17
  13
  10
  8
  6
  5
  3
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 20
Price to Sales 2.8
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow 8.9
Price to Free Cash Flow 10.3
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 8% 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 60.071 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 $0.8 billion.

RELATED COMPANIES Price Int.Val. Rating
PYPL PayPal Holding 74.09 59.91  hold
MGI MoneyGram Inte 13.03 4.17  str.sell
WU Western Union 19.37 13.76  sell
V VISA Cl A 113.31 158.91  buy
MBT Mobile TeleSys 9.10 11.84  hold
EEFT Euronet Worldw 91.57 177.92  str.buy
EVTC Evertec 13.00 12.05  hold
GPN Global Payment 99.36 35.58  str.sell

COMPANY NEWS

▶ QIWI Announces Third Quarter 2017 Financial Results   [Nov-16-17 06:30AM  GlobeNewswire]
▶ Qiwi plc (QIWI): Poised For Long-Term Success?   [Oct-25-17 07:28PM  Simply Wall St.]
▶ 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]
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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