Intrinsic value of Yandex - YNDX

Previous Close

$30.25

  Intrinsic Value

$32.84

stock screener

  Rating & Target

hold

+9%

  Value-price divergence*

+5000%

Previous close

$30.25

 
Intrinsic value

$32.84

 
Up/down potential

+9%

 
Rating

hold

 
Value-price divergence*

+5000%

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

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 9.5

 

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
  25.40
  23.36
  21.52
  19.87
  18.38
  17.05
  15.84
  14.76
  13.78
  12.90
  12.11
  11.40
  10.76
  10.19
  9.67
  9.20
  8.78
  8.40
  8.06
  7.76
  7.48
  7.23
  7.01
  6.81
  6.63
  6.46
  6.32
  6.19
  6.07
  5.96
Revenue, $m
  1,291
  1,619
  1,997
  2,427
  2,909
  3,444
  4,031
  4,670
  5,359
  6,097
  6,884
  7,718
  8,598
  9,523
  10,493
  11,508
  12,566
  13,670
  14,818
  16,013
  17,255
  18,546
  19,887
  21,281
  22,729
  24,236
  25,802
  27,433
  29,130
  30,897
  32,739
Variable operating expenses, $m
 
  1,314
  1,618
  1,963
  2,350
  2,780
  3,251
  3,764
  4,317
  4,910
  5,542
  6,197
  6,904
  7,646
  8,425
  9,240
  10,090
  10,976
  11,898
  12,857
  13,854
  14,891
  15,968
  17,087
  18,250
  19,459
  20,717
  22,026
  23,389
  24,808
  26,287
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
  1,337
  1,641
  1,987
  2,374
  2,805
  3,277
  3,790
  4,344
  4,937
  5,570
  6,226
  6,934
  7,676
  8,456
  9,272
  10,123
  11,009
  11,932
  12,892
  13,890
  14,928
  16,006
  17,126
  18,290
  19,500
  20,759
  22,069
  23,433
  24,853
  26,333
Operating income, $m
  219
  282
  356
  440
  535
  640
  755
  880
  1,015
  1,160
  1,314
  1,492
  1,665
  1,846
  2,037
  2,236
  2,444
  2,661
  2,886
  3,121
  3,364
  3,618
  3,881
  4,155
  4,440
  4,736
  5,043
  5,363
  5,697
  6,044
  6,406
EBITDA, $m
  382
  351
  438
  536
  647
  770
  905
  1,052
  1,210
  1,380
  1,561
  1,752
  1,955
  2,167
  2,391
  2,624
  2,867
  3,121
  3,385
  3,660
  3,946
  4,243
  4,552
  4,872
  5,206
  5,552
  5,913
  6,288
  6,679
  7,085
  7,509
Interest expense (income), $m
  4
  11
  17
  23
  31
  39
  48
  58
  69
  81
  93
  107
  121
  136
  152
  168
  186
  204
  223
  242
  263
  284
  306
  329
  353
  377
  403
  430
  458
  487
  517
Earnings before tax, $m
  189
  271
  339
  417
  504
  601
  707
  822
  946
  1,079
  1,221
  1,386
  1,544
  1,711
  1,885
  2,068
  2,258
  2,457
  2,663
  2,878
  3,102
  3,334
  3,576
  3,826
  4,087
  4,358
  4,640
  4,934
  5,239
  5,558
  5,889
Tax expense, $m
  74
  73
  92
  113
  136
  162
  191
  222
  255
  291
  330
  374
  417
  462
  509
  558
  610
  663
  719
  777
  838
  900
  965
  1,033
  1,104
  1,177
  1,253
  1,332
  1,415
  1,501
  1,590
Net income, $m
  116
  198
  248
  304
  368
  439
  516
  600
  691
  788
  891
  1,011
  1,127
  1,249
  1,376
  1,509
  1,649
  1,793
  1,944
  2,101
  2,264
  2,434
  2,610
  2,793
  2,984
  3,182
  3,387
  3,602
  3,825
  4,057
  4,299

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
  1,089
  1,344
  1,633
  1,958
  2,318
  2,713
  3,142
  3,606
  4,103
  4,633
  5,194
  5,786
  6,409
  7,061
  7,744
  8,457
  9,199
  9,972
  10,776
  11,612
  12,480
  13,383
  14,321
  15,296
  16,309
  17,364
  18,461
  19,603
  20,792
  22,032
Adjusted assets (=assets-cash), $m
  869
  1,089
  1,344
  1,633
  1,958
  2,318
  2,713
  3,142
  3,606
  4,103
  4,633
  5,194
  5,786
  6,409
  7,061
  7,744
  8,457
  9,199
  9,972
  10,776
  11,612
  12,480
  13,383
  14,321
  15,296
  16,309
  17,364
  18,461
  19,603
  20,792
  22,032
Revenue / Adjusted assets
  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
  1.486
  1.486
Average production assets, $m
  436
  546
  673
  818
  980
  1,161
  1,358
  1,574
  1,806
  2,055
  2,320
  2,601
  2,898
  3,209
  3,536
  3,878
  4,235
  4,607
  4,994
  5,396
  5,815
  6,250
  6,702
  7,172
  7,660
  8,167
  8,695
  9,245
  9,817
  10,412
  11,033
Working capital, $m
  1,026
  -58
  -72
  -87
  -105
  -124
  -145
  -168
  -193
  -220
  -248
  -278
  -310
  -343
  -378
  -414
  -452
  -492
  -533
  -576
  -621
  -668
  -716
  -766
  -818
  -872
  -929
  -988
  -1,049
  -1,112
  -1,179
Total debt, $m
  319
  479
  663
  873
  1,108
  1,369
  1,656
  1,967
  2,304
  2,664
  3,048
  3,455
  3,884
  4,335
  4,809
  5,303
  5,820
  6,358
  6,919
  7,501
  8,107
  8,737
  9,391
  10,072
  10,778
  11,513
  12,278
  13,073
  13,901
  14,763
  15,662
Total liabilities, $m
  630
  790
  974
  1,184
  1,419
  1,680
  1,967
  2,278
  2,615
  2,975
  3,359
  3,766
  4,195
  4,646
  5,120
  5,614
  6,131
  6,669
  7,230
  7,812
  8,418
  9,048
  9,702
  10,383
  11,089
  11,824
  12,589
  13,384
  14,212
  15,074
  15,973
Total equity, $m
  1,311
  300
  370
  449
  538
  637
  746
  864
  992
  1,128
  1,274
  1,428
  1,591
  1,762
  1,942
  2,130
  2,326
  2,530
  2,742
  2,963
  3,193
  3,432
  3,680
  3,938
  4,206
  4,485
  4,775
  5,077
  5,391
  5,718
  6,059
Total liabilities and equity, $m
  1,941
  1,090
  1,344
  1,633
  1,957
  2,317
  2,713
  3,142
  3,607
  4,103
  4,633
  5,194
  5,786
  6,408
  7,062
  7,744
  8,457
  9,199
  9,972
  10,775
  11,611
  12,480
  13,382
  14,321
  15,295
  16,309
  17,364
  18,461
  19,603
  20,792
  22,032
Debt-to-equity ratio
  0.243
  1.600
  1.790
  1.940
  2.060
  2.150
  2.220
  2.280
  2.320
  2.360
  2.390
  2.420
  2.440
  2.460
  2.480
  2.490
  2.500
  2.510
  2.520
  2.530
  2.540
  2.550
  2.550
  2.560
  2.560
  2.570
  2.570
  2.580
  2.580
  2.580
  2.590
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
  198
  248
  304
  368
  439
  516
  600
  691
  788
  891
  1,011
  1,127
  1,249
  1,376
  1,509
  1,649
  1,793
  1,944
  2,101
  2,264
  2,434
  2,610
  2,793
  2,984
  3,182
  3,387
  3,602
  3,825
  4,057
  4,299
Depreciation, amort., depletion, $m
  163
  69
  82
  96
  112
  130
  150
  172
  195
  220
  246
  260
  290
  321
  354
  388
  423
  461
  499
  540
  581
  625
  670
  717
  766
  817
  870
  924
  982
  1,041
  1,103
Funds from operations, $m
  467
  267
  329
  401
  480
  569
  666
  772
  886
  1,008
  1,138
  1,272
  1,417
  1,570
  1,730
  1,897
  2,072
  2,254
  2,444
  2,641
  2,846
  3,059
  3,280
  3,510
  3,750
  3,998
  4,257
  4,526
  4,806
  5,098
  5,402
Change in working capital, $m
  34
  -12
  -14
  -15
  -17
  -19
  -21
  -23
  -25
  -27
  -28
  -30
  -32
  -33
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -64
  -66
Cash from operations, $m
  433
  279
  343
  416
  498
  588
  687
  795
  910
  1,034
  1,166
  1,302
  1,449
  1,603
  1,765
  1,934
  2,110
  2,294
  2,485
  2,684
  2,891
  3,105
  3,329
  3,561
  3,802
  4,053
  4,313
  4,585
  4,867
  5,162
  5,469
Maintenance CAPEX, $m
  0
  -44
  -55
  -67
  -82
  -98
  -116
  -136
  -157
  -181
  -205
  -232
  -260
  -290
  -321
  -354
  -388
  -423
  -461
  -499
  -540
  -581
  -625
  -670
  -717
  -766
  -817
  -870
  -924
  -982
  -1,041
New CAPEX, $m
  -164
  -110
  -127
  -145
  -163
  -180
  -198
  -215
  -232
  -249
  -265
  -281
  -297
  -312
  -327
  -342
  -357
  -372
  -387
  -403
  -419
  -435
  -452
  -470
  -488
  -508
  -528
  -549
  -572
  -596
  -621
Cash from investing activities, $m
  -223
  -154
  -182
  -212
  -245
  -278
  -314
  -351
  -389
  -430
  -470
  -513
  -557
  -602
  -648
  -696
  -745
  -795
  -848
  -902
  -959
  -1,016
  -1,077
  -1,140
  -1,205
  -1,274
  -1,345
  -1,419
  -1,496
  -1,578
  -1,662
Free cash flow, $m
  210
  125
  161
  204
  253
  310
  373
  444
  521
  605
  695
  789
  892
  1,001
  1,117
  1,238
  1,366
  1,499
  1,637
  1,782
  1,932
  2,089
  2,252
  2,421
  2,596
  2,779
  2,969
  3,166
  3,371
  3,585
  3,807
Issuance/(repayment) of debt, $m
  -92
  160
  185
  210
  235
  261
  286
  312
  336
  360
  384
  407
  429
  451
  473
  495
  517
  538
  560
  583
  606
  630
  654
  680
  707
  735
  764
  795
  828
  862
  899
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
  160
  185
  210
  235
  261
  286
  312
  336
  360
  384
  407
  429
  451
  473
  495
  517
  538
  560
  583
  606
  630
  654
  680
  707
  735
  764
  795
  828
  862
  899
Total cash flow (excl. dividends), $m
  68
  285
  345
  414
  489
  571
  660
  755
  857
  965
  1,079
  1,195
  1,321
  1,453
  1,590
  1,733
  1,882
  2,037
  2,198
  2,365
  2,538
  2,719
  2,906
  3,101
  3,303
  3,514
  3,733
  3,961
  4,199
  4,447
  4,705
Retained Cash Flow (-), $m
  -119
  -61
  -70
  -80
  -89
  -99
  -109
  -118
  -128
  -137
  -146
  -154
  -163
  -171
  -180
  -188
  -196
  -204
  -213
  -221
  -230
  -239
  -248
  -258
  -268
  -279
  -290
  -302
  -314
  -327
  -341
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
 
  1,296
  276
  334
  399
  472
  551
  637
  729
  828
  934
  1,041
  1,158
  1,282
  1,411
  1,545
  1,686
  1,833
  1,985
  2,144
  2,309
  2,480
  2,658
  2,843
  3,035
  3,235
  3,443
  3,660
  3,885
  4,120
  4,365
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
  252
  291
  329
  366
  400
  430
  456
  476
  489
  494
  494
  487
  474
  454
  428
  399
  366
  330
  293
  256
  221
  186
  155
  126
  100
  79
  60
  45
  33
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. operates an Internet search engine in Russia and internationally. The company offers search, location-based, personalized, and mobile services that enable users to find information, and communicate and connect over the Internet from desktops and mobile devices; and localized homepages for specific geographic markets. It provides Yandex.News, a news aggregation and information service; maps and location-based services, such as Yandex.Maps, Yandex.Navigator, and Yandex.Transport; Yandex.Mail that provides users access to their email accounts; Yandex.Disk, a cloud-based storage service that allows users to upload, store, read, and share files in various formats and sizes; and Yandex.Weather, a service that allow users to monitor weather conditions. The company also provides text-based advertising and display advertising services, such as Yandex.Direct, an auction-based advertising placement service; Yandex.Market, an e-commerce gateway service; and Yandex Ad Network service. In addition, it offers Auto.ru, an automobile-related Website; Yandex.Realty, a real estate classifieds service; Yandex.Jobs, a job search Website; Yandex.Travel, a service that allow users to search for a vacation using various criteria and taking their personal preferences into account; and Yandex.Taxi, an on-demand transportation service. Further, it offers KinoPoisk.ru, a Russian language Website for movies, television programs and celebrities; Yandex.Music, a music streaming service; Yandex.Radio, a media player service; and Yandex.Afisha and Yandex.Tickets that provides users with an opportunity to buy tickets of cinemas, theaters, and concerts online. Additionally, it offers Yandex Zen, a mobile product that recommends content from various media; and Yandex Launcher that allows users to grouping applications on their smartphone into various categories, as well as recommends new applications. Yandex N.V. was incorporated in 2004 and is based in Amsterdam, the Netherlands.

FINANCIAL RATIOS  of  Yandex (YNDX)

Valuation Ratios
P/E Ratio 84.3
Price to Sales 7.6
Price to Book 7.5
Price to Tangible Book
Price to Cash Flow 22.6
Price to Free Cash Flow 36.3
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 25.4% 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 10 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 313.062 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 $9.5 billion.

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COMPANY NEWS

▶ 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]
▶ Which Companies Are Now Outperforming 95% Of All Stocks?   [May-02-17 11:20AM  Investor's Business Daily]
▶ Yandex N.V. Is Rightly Excited for the Future   [Apr-28-17 04:48PM  Motley Fool]
▶ Why Yandex N.V. Stock Popped Today   [Apr-27-17 09:14PM  Motley Fool]
▶ Yandex posts 1Q profit   [08:18AM  Associated Press]
▶ How Donald Trump Could Move the Market This Month   [Apr-24-17 09:00AM  Motley Fool]
▶ Yandex NV Value Analysis (NASDAQ:YNDX) : April 19, 2017   [Apr-19-17 03:24PM  Capital Cube]
▶ 3 Small-Cap Stocks to Buy in April   [07:37AM  Motley Fool]
Stock chart of YNDX 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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