Intrinsic value of Yandex - YNDX

Previous Close

$31.16

  Intrinsic Value

$27.80

stock screener

  Rating & Target

hold

-11%

Previous close

$31.16

 
Intrinsic value

$27.80

 
Up/down potential

-11%

 
Rating

hold

We calculate the intrinsic value of YNDX 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 10.1

 

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, %
  26.94
  22.50
  20.75
  19.18
  17.76
  16.48
  15.33
  14.30
  13.37
  12.53
  11.78
  11.10
  10.49
  9.94
  9.45
  9.00
  8.60
  8.24
  7.92
  7.63
  7.36
  7.13
  6.91
  6.72
  6.55
  6.40
  6.26
  6.13
  6.02
  5.92
  5.82
Revenue, $m
  1,291
  1,581
  1,910
  2,276
  2,680
  3,122
  3,600
  4,115
  4,665
  5,250
  5,868
  6,520
  7,204
  7,920
  8,669
  9,449
  10,262
  11,108
  11,988
  12,902
  13,852
  14,839
  15,865
  16,932
  18,041
  19,195
  20,396
  21,646
  22,949
  24,307
  25,722
Variable operating expenses, $m
 
  1,284
  1,548
  1,842
  2,166
  2,521
  2,905
  3,318
  3,760
  4,230
  4,726
  5,235
  5,784
  6,359
  6,960
  7,587
  8,240
  8,919
  9,625
  10,359
  11,122
  11,915
  12,739
  13,595
  14,486
  15,412
  16,376
  17,380
  18,426
  19,516
  20,653
Fixed operating expenses, $m
 
  23
  23
  24
  24
  25
  26
  26
  27
  27
  28
  29
  30
  30
  31
  32
  33
  33
  34
  35
  36
  37
  38
  39
  40
  41
  42
  43
  44
  45
  46
Total operating expenses, $m
  1,072
  1,307
  1,571
  1,866
  2,190
  2,546
  2,931
  3,344
  3,787
  4,257
  4,754
  5,264
  5,814
  6,389
  6,991
  7,619
  8,273
  8,952
  9,659
  10,394
  11,158
  11,952
  12,777
  13,634
  14,526
  15,453
  16,418
  17,423
  18,470
  19,561
  20,699
Operating income, $m
  219
  275
  339
  411
  490
  576
  670
  771
  878
  993
  1,114
  1,256
  1,390
  1,531
  1,677
  1,830
  1,990
  2,156
  2,328
  2,507
  2,694
  2,888
  3,089
  3,298
  3,516
  3,742
  3,978
  4,223
  4,479
  4,745
  5,023
EBITDA, $m
  382
  396
  482
  578
  684
  801
  927
  1,062
  1,207
  1,361
  1,524
  1,696
  1,876
  2,064
  2,262
  2,467
  2,681
  2,904
  3,136
  3,377
  3,627
  3,888
  4,158
  4,439
  4,732
  5,036
  5,352
  5,682
  6,026
  6,384
  6,757
Interest expense (income), $m
  4
  11
  16
  22
  28
  35
  42
  51
  59
  69
  79
  89
  100
  112
  124
  137
  150
  164
  179
  194
  209
  226
  243
  260
  278
  297
  317
  337
  359
  381
  404
Earnings before tax, $m
  189
  264
  323
  389
  462
  541
  627
  720
  819
  924
  1,035
  1,167
  1,290
  1,418
  1,553
  1,693
  1,839
  1,991
  2,149
  2,314
  2,484
  2,662
  2,846
  3,038
  3,237
  3,445
  3,661
  3,886
  4,120
  4,364
  4,619
Tax expense, $m
  74
  71
  87
  105
  125
  146
  169
  194
  221
  250
  280
  315
  348
  383
  419
  457
  497
  538
  580
  625
  671
  719
  768
  820
  874
  930
  988
  1,049
  1,112
  1,178
  1,247
Net income, $m
  116
  192
  236
  284
  337
  395
  458
  526
  598
  675
  756
  852
  941
  1,035
  1,134
  1,236
  1,343
  1,454
  1,569
  1,689
  1,814
  1,943
  2,078
  2,218
  2,363
  2,515
  2,672
  2,837
  3,008
  3,186
  3,372

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,072
  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
  1,941
  1,064
  1,285
  1,531
  1,803
  2,101
  2,423
  2,769
  3,140
  3,533
  3,949
  4,388
  4,848
  5,330
  5,834
  6,359
  6,906
  7,475
  8,067
  8,682
  9,322
  9,986
  10,676
  11,394
  12,141
  12,917
  13,725
  14,567
  15,443
  16,357
  17,310
Adjusted assets (=assets-cash), $m
  869
  1,064
  1,285
  1,531
  1,803
  2,101
  2,423
  2,769
  3,140
  3,533
  3,949
  4,388
  4,848
  5,330
  5,834
  6,359
  6,906
  7,475
  8,067
  8,682
  9,322
  9,986
  10,676
  11,394
  12,141
  12,917
  13,725
  14,567
  15,443
  16,357
  17,310
Revenue / Adjusted assets
  1.486
  1.486
  1.486
  1.487
  1.486
  1.486
  1.486
  1.486
  1.486
  1.486
  1.486
  1.486
  1.486
  1.486
  1.486
  1.486
  1.486
  1.486
  1.486
  1.486
  1.486
  1.486
  1.486
  1.486
  1.486
  1.486
  1.486
  1.486
  1.486
  1.486
  1.486
Average production assets, $m
  436
  533
  644
  767
  903
  1,052
  1,213
  1,387
  1,572
  1,769
  1,978
  2,197
  2,428
  2,669
  2,921
  3,184
  3,458
  3,743
  4,040
  4,348
  4,668
  5,001
  5,347
  5,706
  6,080
  6,469
  6,873
  7,295
  7,734
  8,191
  8,668
Working capital, $m
  1,026
  -57
  -69
  -82
  -96
  -112
  -130
  -148
  -168
  -189
  -211
  -235
  -259
  -285
  -312
  -340
  -369
  -400
  -432
  -464
  -499
  -534
  -571
  -610
  -649
  -691
  -734
  -779
  -826
  -875
  -926
Total debt, $m
  319
  461
  621
  799
  997
  1,212
  1,446
  1,697
  1,965
  2,250
  2,552
  2,870
  3,204
  3,553
  3,918
  4,299
  4,696
  5,108
  5,538
  5,984
  6,447
  6,929
  7,429
  7,950
  8,491
  9,054
  9,640
  10,250
  10,886
  11,548
  12,239
Total liabilities, $m
  630
  772
  932
  1,110
  1,308
  1,523
  1,757
  2,008
  2,276
  2,561
  2,863
  3,181
  3,515
  3,864
  4,229
  4,610
  5,007
  5,419
  5,849
  6,295
  6,758
  7,240
  7,740
  8,261
  8,802
  9,365
  9,951
  10,561
  11,197
  11,859
  12,550
Total equity, $m
  1,311
  293
  353
  421
  496
  578
  666
  762
  863
  972
  1,086
  1,207
  1,333
  1,466
  1,604
  1,749
  1,899
  2,056
  2,218
  2,388
  2,563
  2,746
  2,936
  3,133
  3,339
  3,552
  3,774
  4,006
  4,247
  4,498
  4,760
Total liabilities and equity, $m
  1,941
  1,065
  1,285
  1,531
  1,804
  2,101
  2,423
  2,770
  3,139
  3,533
  3,949
  4,388
  4,848
  5,330
  5,833
  6,359
  6,906
  7,475
  8,067
  8,683
  9,321
  9,986
  10,676
  11,394
  12,141
  12,917
  13,725
  14,567
  15,444
  16,357
  17,310
Debt-to-equity ratio
  0.243
  1.570
  1.760
  1.900
  2.010
  2.100
  2.170
  2.230
  2.280
  2.320
  2.350
  2.380
  2.400
  2.420
  2.440
  2.460
  2.470
  2.490
  2.500
  2.510
  2.520
  2.520
  2.530
  2.540
  2.540
  2.550
  2.550
  2.560
  2.560
  2.570
  2.570
Adjusted equity ratio
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  116
  192
  236
  284
  337
  395
  458
  526
  598
  675
  756
  852
  941
  1,035
  1,134
  1,236
  1,343
  1,454
  1,569
  1,689
  1,814
  1,943
  2,078
  2,218
  2,363
  2,515
  2,672
  2,837
  3,008
  3,186
  3,372
Depreciation, amort., depletion, $m
  163
  121
  143
  168
  195
  225
  257
  292
  329
  368
  410
  439
  486
  534
  584
  637
  692
  749
  808
  870
  934
  1,000
  1,069
  1,141
  1,216
  1,294
  1,375
  1,459
  1,547
  1,638
  1,734
Funds from operations, $m
  467
  313
  379
  452
  532
  620
  715
  817
  927
  1,043
  1,166
  1,291
  1,427
  1,569
  1,718
  1,873
  2,034
  2,202
  2,377
  2,559
  2,747
  2,943
  3,147
  3,359
  3,579
  3,809
  4,047
  4,296
  4,554
  4,824
  5,106
Change in working capital, $m
  34
  -10
  -12
  -13
  -15
  -16
  -17
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -38
  -40
  -42
  -43
  -45
  -47
  -49
  -51
Cash from operations, $m
  433
  324
  390
  465
  546
  636
  732
  836
  946
  1,064
  1,188
  1,315
  1,452
  1,595
  1,745
  1,901
  2,064
  2,233
  2,409
  2,591
  2,781
  2,979
  3,184
  3,397
  3,619
  3,850
  4,090
  4,341
  4,601
  4,873
  5,156
Maintenance CAPEX, $m
  0
  -87
  -107
  -129
  -153
  -181
  -210
  -243
  -277
  -314
  -354
  -396
  -439
  -486
  -534
  -584
  -637
  -692
  -749
  -808
  -870
  -934
  -1,000
  -1,069
  -1,141
  -1,216
  -1,294
  -1,375
  -1,459
  -1,547
  -1,638
New CAPEX, $m
  -164
  -97
  -111
  -123
  -136
  -149
  -161
  -174
  -185
  -197
  -208
  -220
  -231
  -241
  -252
  -263
  -274
  -285
  -296
  -308
  -320
  -333
  -346
  -359
  -374
  -389
  -405
  -421
  -439
  -458
  -477
Cash from investing activities, $m
  -223
  -184
  -218
  -252
  -289
  -330
  -371
  -417
  -462
  -511
  -562
  -616
  -670
  -727
  -786
  -847
  -911
  -977
  -1,045
  -1,116
  -1,190
  -1,267
  -1,346
  -1,428
  -1,515
  -1,605
  -1,699
  -1,796
  -1,898
  -2,005
  -2,115
Free cash flow, $m
  210
  139
  173
  213
  257
  306
  360
  420
  484
  552
  626
  700
  782
  868
  959
  1,054
  1,153
  1,256
  1,364
  1,475
  1,592
  1,713
  1,838
  1,969
  2,104
  2,245
  2,392
  2,544
  2,703
  2,869
  3,041
Issuance/(repayment) of debt, $m
  -92
  142
  160
  179
  197
  215
  234
  251
  268
  285
  302
  318
  334
  349
  365
  381
  397
  413
  429
  446
  464
  482
  501
  520
  541
  563
  586
  610
  636
  662
  691
Issuance/(repurchase) of shares, $m
  7
  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  
  -85
  142
  160
  179
  197
  215
  234
  251
  268
  285
  302
  318
  334
  349
  365
  381
  397
  413
  429
  446
  464
  482
  501
  520
  541
  563
  586
  610
  636
  662
  691
Total cash flow (excl. dividends), $m
  68
  281
  333
  391
  454
  522
  594
  671
  752
  838
  927
  1,017
  1,115
  1,218
  1,324
  1,435
  1,549
  1,669
  1,793
  1,921
  2,055
  2,194
  2,339
  2,489
  2,645
  2,808
  2,978
  3,155
  3,339
  3,531
  3,732
Retained Cash Flow (-), $m
  -119
  -54
  -61
  -68
  -75
  -82
  -89
  -95
  -102
  -108
  -114
  -121
  -127
  -133
  -138
  -144
  -150
  -157
  -163
  -169
  -176
  -183
  -190
  -197
  -205
  -214
  -222
  -231
  -241
  -251
  -262
Prev. year cash balance distribution, $m
 
  1,072
  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
 
  1,299
  273
  323
  379
  440
  505
  576
  650
  729
  813
  897
  989
  1,085
  1,185
  1,290
  1,399
  1,512
  1,630
  1,752
  1,879
  2,012
  2,149
  2,292
  2,440
  2,595
  2,756
  2,923
  3,098
  3,280
  3,470
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
 
  1,246
  250
  282
  312
  341
  367
  389
  406
  419
  426
  426
  422
  413
  398
  379
  356
  329
  300
  270
  239
  208
  178
  150
  124
  101
  80
  63
  48
  36
  26
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

Yandex N.V. is an Internet and technology company, and operates Internet search engine. The Company's segments include Search and Portal, E-commerce, Taxi, Classifieds and Experimental businesses. The Company's Search and Portal segment offers a range of services in Russia, Ukraine, Belarus and Kazakhstan, among which are search, location-based, personalized and mobile services, that enable the Company's users to find relevant and objective information to communicate and connect over the Internet, from both their desktops and mobile devices. The Company's search engine offers access to a range of information available online. The Company's Yandex.Market gives retailers a platform to reach customers seeking specific retailer, product or price information. As of December 31, 2016, Yandex.Taxi was operating in 46 cities across Russia, Georgia, Armenia, Kazakhstan, Belarus and Ukraine. The Company's Classifieds business unit includes Auto.ru, Yandex.Realty, Yandex.Jobs and Yandex.Travel.

FINANCIAL RATIOS  of  Yandex (YNDX)

Valuation Ratios
P/E Ratio 86.8
Price to Sales 7.8
Price to Book 7.7
Price to Tangible Book
Price to Cash Flow 23.3
Price to Free Cash Flow 37.4
Growth Rates
Sales Growth Rate 26.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -26.1%
Cap. Spend. - 3 Yr. Gr. Rate 14.3%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 24.3%
Total Debt to Equity 24.3%
Interest Coverage 48
Management Effectiveness
Return On Assets 6.2%
Ret/ On Assets - 3 Yr. Avg. 12.2%
Return On Total Capital 7.1%
Ret/ On T. Cap. - 3 Yr. Avg. 13.8%
Return On Equity 9.3%
Return On Equity - 3 Yr. Avg. 19.3%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 74%
Gross Margin - 3 Yr. Avg. 72.6%
EBITDA Margin 27.6%
EBITDA Margin - 3 Yr. Avg. 39.1%
Operating Margin 17%
Oper. Margin - 3 Yr. Avg. 21.1%
Pre-Tax Margin 14.6%
Pre-Tax Margin - 3 Yr. Avg. 27.2%
Net Profit Margin 9%
Net Profit Margin - 3 Yr. Avg. 19.6%
Effective Tax Rate 39.2%
Eff/ Tax Rate - 3 Yr. Avg. 30.7%
Payout Ratio 0%

YNDX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the YNDX stock intrinsic value calculation we used $1291 million for the last fiscal year's total revenue generated by Yandex. The default revenue input number comes from 2016 income statement of Yandex. 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 YNDX stock valuation model: a) initial revenue growth rate of 22.5% 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 YNDX is calculated based on our internal credit rating of Yandex, 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 Yandex.
    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 YNDX stock the variable cost ratio is equal to 81.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $22 million in the base year in the intrinsic value calculation for YNDX 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 3.5% for Yandex.

Corporate tax rate of 27% is the nominal tax rate for Yandex. 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 YNDX 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 YNDX are equal to 33.7%.

Life of production assets of 3.6 years is the average useful life of capital assets used in Yandex 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 YNDX is equal to -3.6%. 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 - $1311 million for Yandex - 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 325.096 million for Yandex 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 Yandex at the current share price and the inputted number of shares is $10.1 billion.

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COMPANY NEWS

▶ Yandex NV Value Analysis (NASDAQ:YNDX) : October 23, 2017   [Oct-23-17 11:51AM  Capital Cube]
▶ Better Buy: Baidu Inc. or Yandex NV?   [Oct-18-17 12:24PM  Motley Fool]
▶ Is Yandex NVs (YNDX) PE Ratio A Signal To Sell For Investors?   [Oct-02-17 02:12PM  Simply Wall St.]
▶ What Goldman Sachs Recommends for Yandex   [Sep-12-17 09:07AM  Market Realist]
▶ ETFs with exposure to Yandex NV : August 15, 2017   [Aug-15-17 05:23PM  Capital Cube]
▶ Bulls book into this hotel stock   [Aug-03-17 12:30PM  CNBC Videos]
▶ Yandex Loses Market Share in Spite of Strong Growth   [Jul-28-17 08:37PM  Motley Fool]
▶ Yandex posts 2Q profit   [08:23PM  Associated Press]
▶ Yandex NV (YNDX) Stock Has Nothing Left After Uber   [Jul-27-17 04:22PM  InvestorPlace]
▶ ETFs with exposure to Yandex NV : July 25, 2017   [Jul-25-17 02:21PM  Capital Cube]
▶ Why Uber Is Merging Its Russian Arm with Yandex   [Jul-19-17 09:09AM  Market Realist]
▶ Some Days, the Business World Is Full of Surprises   [Jul-16-17 01:24PM  Motley Fool]
▶ ETFs with exposure to Yandex NV : July 14, 2017   [Jul-14-17 05:45PM  Capital Cube]
▶ [$$] Uber Merges Russian Arm With Yandex.Taxi   [12:35AM  The Wall Street Journal]
▶ Why Uber Is Handing Over the Keys to Its Russia Business   [Jul-13-17 07:31PM  Bloomberg Video]
▶ What Happened in the Stock Market Today   [05:07PM  Motley Fool]
▶ Target and Yandex climb while Delta slides   [04:32PM  Associated Press]
▶ Uber Exits Russia; Yandex Stock Soars On Ride-Hailing Venture   [04:20PM  Investor's Business Daily]
▶ Story Stocks from Briefing.com   [11:01AM  Briefing.com]
▶ [$$] Uber, Yandex Deal Ends Years of Intense Rivalry   [09:21AM  The Wall Street Journal]
▶ ETFs with exposure to Yandex NV : June 27, 2017   [Jun-27-17 04:02PM  Capital Cube]
▶ As Facebook, Alibaba Rise, This Russian Internet Stock Sets Up   [Jun-21-17 04:14PM  Investor's Business Daily]
▶ Roundtable: 1 Underdog Stock I'm Watching   [Jun-15-17 04:24PM  Motley Fool]
▶ Yandex NV Value Analysis (NASDAQ:YNDX) : June 14, 2017   [Jun-14-17 02:23PM  Capital Cube]
▶ Why Ukraine Said 'Nyet' to Russian Social Networks   [May-17-17 09:54AM  Bloomberg]
▶ Yandex Stock Sliding on Ukraine Sanctions   [May-16-17 09:48AM  TheStreet.com]
Financial statements of YNDX
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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