Intrinsic value of Yandex - YNDX

Previous Close

$37.20

  Intrinsic Value

$26.62

stock screener

  Rating & Target

sell

-28%

Previous close

$37.20

 
Intrinsic value

$26.62

 
Up/down potential

-28%

 
Rating

sell

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  21.60
  19.94
  18.45
  17.10
  15.89
  14.80
  13.82
  12.94
  12.15
  11.43
  10.79
  10.21
  9.69
  9.22
  8.80
  8.42
  8.08
  7.77
  7.49
  7.24
  7.02
  6.82
  6.63
  6.47
  6.32
  6.19
  6.07
  5.97
  5.87
  5.78
Revenue, $m
  1,291
  1,570
  1,883
  2,230
  2,612
  3,027
  3,475
  3,955
  4,467
  5,009
  5,582
  6,184
  6,815
  7,476
  8,165
  8,883
  9,631
  10,409
  11,217
  12,057
  12,931
  13,838
  14,781
  15,762
  16,782
  17,844
  18,948
  20,099
  21,298
  22,548
  23,852
Variable operating expenses, $m
 
  1,275
  1,526
  1,805
  2,111
  2,444
  2,804
  3,190
  3,601
  4,036
  4,496
  4,965
  5,472
  6,002
  6,556
  7,132
  7,733
  8,357
  9,006
  9,681
  10,382
  11,111
  11,868
  12,656
  13,475
  14,327
  15,214
  16,138
  17,101
  18,104
  19,151
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
  1,298
  1,549
  1,829
  2,135
  2,469
  2,830
  3,216
  3,628
  4,063
  4,524
  4,994
  5,502
  6,032
  6,587
  7,164
  7,766
  8,390
  9,040
  9,716
  10,418
  11,148
  11,906
  12,695
  13,515
  14,368
  15,256
  16,181
  17,145
  18,149
  19,197
Operating income, $m
  219
  273
  334
  402
  476
  557
  645
  739
  839
  945
  1,058
  1,190
  1,314
  1,443
  1,578
  1,719
  1,865
  2,018
  2,176
  2,341
  2,512
  2,690
  2,875
  3,068
  3,268
  3,476
  3,692
  3,918
  4,153
  4,399
  4,654
EBITDA, $m
  382
  393
  475
  566
  666
  776
  893
  1,020
  1,155
  1,297
  1,448
  1,607
  1,773
  1,947
  2,128
  2,317
  2,514
  2,719
  2,932
  3,154
  3,384
  3,623
  3,871
  4,130
  4,399
  4,678
  4,970
  5,273
  5,589
  5,918
  6,262
Interest expense (income), $m
  4
  11
  16
  21
  27
  34
  41
  48
  57
  65
  75
  84
  95
  105
  117
  129
  141
  154
  167
  181
  195
  210
  225
  242
  258
  276
  294
  313
  332
  353
  374
Earnings before tax, $m
  189
  261
  318
  380
  449
  524
  604
  691
  783
  880
  983
  1,105
  1,219
  1,337
  1,461
  1,590
  1,725
  1,864
  2,009
  2,160
  2,317
  2,480
  2,650
  2,826
  3,009
  3,200
  3,399
  3,606
  3,821
  4,046
  4,280
Tax expense, $m
  74
  71
  86
  103
  121
  141
  163
  186
  211
  238
  265
  298
  329
  361
  395
  429
  466
  503
  543
  583
  626
  670
  715
  763
  813
  864
  918
  973
  1,032
  1,092
  1,156
Net income, $m
  116
  191
  232
  278
  328
  382
  441
  504
  571
  642
  718
  807
  890
  976
  1,067
  1,161
  1,259
  1,361
  1,467
  1,577
  1,692
  1,811
  1,934
  2,063
  2,197
  2,336
  2,481
  2,632
  2,789
  2,953
  3,125

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
  1,056
  1,267
  1,501
  1,757
  2,037
  2,338
  2,661
  3,006
  3,371
  3,756
  4,161
  4,586
  5,031
  5,494
  5,978
  6,481
  7,004
  7,549
  8,114
  8,702
  9,312
  9,947
  10,607
  11,294
  12,008
  12,751
  13,526
  14,332
  15,174
  16,051
Adjusted assets (=assets-cash), $m
  869
  1,056
  1,267
  1,501
  1,757
  2,037
  2,338
  2,661
  3,006
  3,371
  3,756
  4,161
  4,586
  5,031
  5,494
  5,978
  6,481
  7,004
  7,549
  8,114
  8,702
  9,312
  9,947
  10,607
  11,294
  12,008
  12,751
  13,526
  14,332
  15,174
  16,051
Revenue / Adjusted assets
  1.486
  1.487
  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
Average production assets, $m
  436
  529
  635
  752
  880
  1,020
  1,171
  1,333
  1,505
  1,688
  1,881
  2,084
  2,297
  2,519
  2,752
  2,994
  3,246
  3,508
  3,780
  4,063
  4,358
  4,663
  4,981
  5,312
  5,656
  6,013
  6,386
  6,773
  7,177
  7,599
  8,038
Working capital, $m
  1,026
  -57
  -68
  -80
  -94
  -109
  -125
  -142
  -161
  -180
  -201
  -223
  -245
  -269
  -294
  -320
  -347
  -375
  -404
  -434
  -466
  -498
  -532
  -567
  -604
  -642
  -682
  -724
  -767
  -812
  -859
Total debt, $m
  319
  455
  608
  777
  963
  1,166
  1,384
  1,619
  1,868
  2,133
  2,412
  2,706
  3,014
  3,336
  3,672
  4,023
  4,388
  4,767
  5,162
  5,572
  5,998
  6,440
  6,901
  7,379
  7,877
  8,395
  8,934
  9,495
  10,080
  10,690
  11,326
Total liabilities, $m
  630
  766
  919
  1,088
  1,274
  1,477
  1,695
  1,930
  2,179
  2,444
  2,723
  3,017
  3,325
  3,647
  3,983
  4,334
  4,699
  5,078
  5,473
  5,883
  6,309
  6,751
  7,212
  7,690
  8,188
  8,706
  9,245
  9,806
  10,391
  11,001
  11,637
Total equity, $m
  1,311
  291
  348
  413
  483
  560
  643
  732
  827
  927
  1,033
  1,144
  1,261
  1,383
  1,511
  1,644
  1,782
  1,926
  2,076
  2,231
  2,393
  2,561
  2,735
  2,917
  3,106
  3,302
  3,507
  3,720
  3,941
  4,173
  4,414
Total liabilities and equity, $m
  1,941
  1,057
  1,267
  1,501
  1,757
  2,037
  2,338
  2,662
  3,006
  3,371
  3,756
  4,161
  4,586
  5,030
  5,494
  5,978
  6,481
  7,004
  7,549
  8,114
  8,702
  9,312
  9,947
  10,607
  11,294
  12,008
  12,752
  13,526
  14,332
  15,174
  16,051
Debt-to-equity ratio
  0.243
  1.570
  1.740
  1.880
  1.990
  2.080
  2.150
  2.210
  2.260
  2.300
  2.340
  2.360
  2.390
  2.410
  2.430
  2.450
  2.460
  2.470
  2.490
  2.500
  2.510
  2.510
  2.520
  2.530
  2.540
  2.540
  2.550
  2.550
  2.560
  2.560
  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
  191
  232
  278
  328
  382
  441
  504
  571
  642
  718
  807
  890
  976
  1,067
  1,161
  1,259
  1,361
  1,467
  1,577
  1,692
  1,811
  1,934
  2,063
  2,197
  2,336
  2,481
  2,632
  2,789
  2,953
  3,125
Depreciation, amort., depletion, $m
  163
  120
  141
  165
  190
  218
  248
  281
  315
  352
  391
  417
  459
  504
  550
  599
  649
  702
  756
  813
  872
  933
  996
  1,062
  1,131
  1,203
  1,277
  1,355
  1,435
  1,520
  1,608
Funds from operations, $m
  467
  311
  373
  442
  518
  601
  690
  785
  887
  994
  1,108
  1,224
  1,349
  1,480
  1,617
  1,760
  1,908
  2,062
  2,223
  2,390
  2,563
  2,743
  2,931
  3,125
  3,328
  3,539
  3,758
  3,987
  4,225
  4,473
  4,732
Change in working capital, $m
  34
  -10
  -11
  -13
  -14
  -15
  -16
  -17
  -18
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -47
Cash from operations, $m
  433
  321
  384
  455
  532
  615
  706
  802
  905
  1,014
  1,129
  1,245
  1,372
  1,504
  1,642
  1,785
  1,935
  2,090
  2,252
  2,420
  2,595
  2,776
  2,965
  3,161
  3,365
  3,577
  3,798
  4,028
  4,268
  4,518
  4,779
Maintenance CAPEX, $m
  0
  -87
  -106
  -127
  -150
  -176
  -204
  -234
  -267
  -301
  -338
  -376
  -417
  -459
  -504
  -550
  -599
  -649
  -702
  -756
  -813
  -872
  -933
  -996
  -1,062
  -1,131
  -1,203
  -1,277
  -1,355
  -1,435
  -1,520
New CAPEX, $m
  -164
  -94
  -105
  -117
  -129
  -140
  -151
  -162
  -172
  -183
  -193
  -203
  -213
  -223
  -232
  -242
  -252
  -262
  -272
  -283
  -294
  -306
  -318
  -330
  -344
  -358
  -372
  -388
  -404
  -421
  -439
Cash from investing activities, $m
  -223
  -181
  -211
  -244
  -279
  -316
  -355
  -396
  -439
  -484
  -531
  -579
  -630
  -682
  -736
  -792
  -851
  -911
  -974
  -1,039
  -1,107
  -1,178
  -1,251
  -1,326
  -1,406
  -1,489
  -1,575
  -1,665
  -1,759
  -1,856
  -1,959
Free cash flow, $m
  210
  140
  173
  211
  253
  300
  351
  406
  466
  530
  598
  666
  742
  822
  906
  993
  1,084
  1,179
  1,278
  1,381
  1,488
  1,599
  1,714
  1,834
  1,959
  2,088
  2,223
  2,363
  2,509
  2,661
  2,820
Issuance/(repayment) of debt, $m
  -92
  136
  153
  169
  186
  202
  219
  234
  250
  265
  279
  294
  308
  322
  336
  350
  365
  379
  394
  410
  426
  443
  460
  478
  498
  518
  539
  561
  585
  610
  636
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
  136
  153
  169
  186
  202
  219
  234
  250
  265
  279
  294
  308
  322
  336
  350
  365
  379
  394
  410
  426
  443
  460
  478
  498
  518
  539
  561
  585
  610
  636
Total cash flow (excl. dividends), $m
  68
  276
  326
  380
  439
  502
  569
  640
  716
  795
  877
  960
  1,050
  1,144
  1,242
  1,344
  1,449
  1,559
  1,673
  1,791
  1,914
  2,041
  2,174
  2,312
  2,456
  2,606
  2,762
  2,925
  3,094
  3,271
  3,456
Retained Cash Flow (-), $m
  -119
  -52
  -58
  -64
  -71
  -77
  -83
  -89
  -95
  -100
  -106
  -111
  -117
  -122
  -128
  -133
  -138
  -144
  -150
  -156
  -162
  -168
  -175
  -181
  -189
  -196
  -204
  -213
  -222
  -231
  -241
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
 
  1,297
  268
  316
  368
  425
  486
  552
  621
  694
  771
  849
  933
  1,022
  1,114
  1,211
  1,311
  1,415
  1,523
  1,635
  1,752
  1,873
  2,000
  2,131
  2,267
  2,410
  2,558
  2,712
  2,872
  3,040
  3,215
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
 
  1,243
  245
  275
  303
  330
  353
  373
  388
  399
  404
  403
  398
  389
  374
  355
  333
  308
  280
  252
  223
  194
  166
  140
  115
  94
  75
  58
  44
  33
  24
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 103.6
Price to Sales 9.3
Price to Book 9.2
Price to Tangible Book
Price to Cash Flow 27.8
Price to Free Cash Flow 44.7
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 21.6% 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 323.969 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 $12.1 billion.

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COMPANY NEWS

▶ ETFs with exposure to Yandex NV : December 8, 2017   [Dec-08-17 01:40PM  Capital Cube]
▶ TODAY'S CHARTS: Tech pushes for a rebound; Sears surprises investors   [Nov-30-17 11:52AM  Yahoo Finance Video]
▶ Company News For Nov 27, 2017   [Nov-27-17 09:45AM  Zacks]
▶ Attention Traders: Blockchainpalooza Continues   [Nov-24-17 02:47PM  Benzinga]
▶ Stocks Already Have the Holiday Spirit   [Nov-22-17 09:15AM  Zacks]
▶ ETFs with exposure to Yandex NV : November 21, 2017   [Nov-21-17 12:22PM  Capital Cube]
▶ What Should Investors Know About Yandex NVs (YNDX) Future?   [Nov-20-17 05:35PM  Simply Wall St.]
▶ ETFs with exposure to Yandex NV : November 9, 2017   [Nov-09-17 01:24PM  Capital Cube]
▶ [$$] Gett Cries Foul Over Russian Ride-Hailing Rival   [Oct-31-17 07:47AM  The Wall Street Journal]
▶ ETFs with exposure to Yandex NV : October 25, 2017   [Oct-25-17 10:18AM  Capital Cube]
▶ Yandex Rides Android Gains to Market-Share Growth   [Oct-24-17 04:24PM  Motley Fool]
▶ Yandex posts 3Q profit   [08:45AM  Associated Press]
▶ Yandex NV Class A to Host Earnings Call   [06:10AM  ACCESSWIRE]
▶ 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]
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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