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YANDEX Análisis De Inversión

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YANDEX Análisis De Inversión YANDEX Análisis de inversión 10 diciembre 2019 C/ Colón, 4 - 5B · 46004 Valencia · Tel. 961 237 015 · [email protected] - www.zonavalue.com YNDX: NASDAQ El Google ruso que se encuentra infravalorado Yandex es una compañía que cotiza con un El riesgo político es una realidad, pero que es marketcap de $ 13.8 Billones, con una serie de dudoso que Putin y sus aliados puedan hacer algo subdivisiones de compañías de alta tecnología, que para poner en un riesgo serio el desempeño de la ofrecen una apuesta sobre un número elevado de compañía. negocios con gran potencial. Considero las acciones actualmente cotizan con un Los ingresos operativos han estado en una margen de seguridad mayor al 35%, siendo que su tendencia alcista constante, creciendo de 9.5 precio se encuentra entorno a los $40 por acción, y Billones de rublos rusos en 2015, a 20.8 billones debería cotizar entorno a los $60. RUB en 2018, es decir, un 21.6% CAGR (crecimiento anual compuesto). Yandex recientemente presentó unos crecimientos aún mayores en el 3T 2019; con incrementos de 39.3% en ventas, y 48.0% en ingresos por operaciones. Ilya Segalovich y Arkady Volozh Yandex es una compañía de tecnología rusa con operaciones análogas a Alphabet. Si bien no es muy conocida fuera de Rusia, esta compañía no es una la típica tecnológica que es una máquina de quemar dinero. Yandex emplea aproximadamente 9.500 personas, reportó ventas en 2018 de $ 1.8 mil millones, con unos beneficios netos de $ 660.1 millones, teniendo una capitalización de mercado de aproximadamente $ 13.8 mil millones. Además, crece a la espectacular cifra de una 40% anual. Orígenes Microsoft tenía Gates y Allen, Apple tenía Jobs y indexado más”), para describir su software de Wozniak, y Yandex tenía a Volozh y Segalovich. búsqueda en Internet. En 1993, los amigos Arkady Volozh e Ilya Segalovich El motor de búsqueda Yandex.ru se lanzó el 23 trabajaron juntos para desarrollar un estado un de septiembre de 1997, aproximadamente un año motor de búsqueda en Internet, derivado de un antes de que el motor de búsqueda de Google anterior proyecto de Volozh. En ese momento, se demostrara públicamente, y se presentó en la la búsqueda en Internet estaba dominada por exposición Softool de Moscú. En 2000, Yandex se rastreadores web de indexación de información. incorporó a Volozh como CEO y Segalovich como CTO hasta su muerte por cáncer en 2013. Estos amigos inventaron la palabra "Yandex ", que viene de “Yet Another iNDEXer" (“Otro buscador Un conglomerado de empresas de alta tecnología Yandex es un conglomerado tecnológico altamente innovador, que ofrece una apuesta sobre un número elevado de negocios con gran potencial. Además de ser el “Google Ruso” con su motor de búsqueda y su negocio de publicidad online, y también al igual que su homólogo americano, Yandex también se encuentra bien posicionado en multitud de negocios como los coches autónomos, el car-sharing, servicios de TV, música, vídeo, streaming, entre otros. Aproximadamente 70 servicios diferentes, que resultar ser como la versión rusa de Google. Estas empresas, o subdivisiones, se dividen en seis segmentos principales: • Búsqueda y portal de Internet • Comercio electrónico • Taxi • Anuncios Clasificados • Servicios de medios • Otras apuestas y experimentos Búsqueda y portal de Internet Esta línea representó en 2018, el 76% de los ingresos, casi en su totalidad de línea la publicidad, Además del portal, y algo similar a Google prácticamente como en el caso de Google. Drive, Yandex ofrece un espacio con 10GB de El motor de búsqueda y el portal ofrece servicios en almacenamiento gratuito en la nube. Rusia, Bielorrusia, Kazajstán, Uzbekistán y Turquía. Por otro lado, tiene un servicio de noticias llamado Al igual que el portal de búsqueda de Google, Yandex News, siendo el sitio de agregación de se puede buscar en la web, vídeos, imágenes, noticias más visitado en Rusia donde, según el funciones de mapas, correo electrónico y traductor. Documento 20-F de Yandex 2018, la "selección de noticias es totalmente automatizada”. Yandex tiene un asistente virtual llamado Alice, piense en Alexa de Amazon o SIRI de Apple, que Luego encontramos otra serie de Servicios ahora se está implementando en los productos de Internet como son " Yandex Weather” de orientados al consumidor de la compañía, al igual información meteorológica en tiempo real, y que hace Google. “Yandex Travel”, un servicio de viajes y venta de billetes en línea. Para los usuarios móviles, existe la aplicación Yandex Search, mejorada con Alice, con búsqueda, Yandex también tiene dos productos orientados mapas, noticias, clima, etc. al consumidor más tecnológico; Yandex Station y Yandex Phone. En diciembre de 2018, la aplicación tenía 36 millones de usuarios por mes, lo que representa un aumento del 100% respecto al año anterior. Crecimientos espectaculares para una empresa que nació antes que su homólogo americano. Por si a estas alturas tenía dudas de qué ocurre con Google en Rusia, efectivamente Yandex se encuentra en una pelea contínua con Google por la cuota de mercado en ese país. Según el radar de análisis de mercado de Yandex, su cuota rusa en el nicho de búsqueda en Internet, representa el 56,6% en el 3T 2019, del 55,9% en el Yandex Station es similar al Echo de Amazon, con 3T 2018. Alice como asistente virtual, y siendo el primer altavoz inteligente diseñado para el mercado ruso. Más recientemente, en la Conferencia de Morgan Stanley TMT en Barcelona del 14-15 de noviembre Yandex Phone, es un teléfono inteligente Android de 2019, Yandex, informó que la cuota de búsqueda lanzado en 2018, que también está equipado con del mercado ruso subió al 57,2% del total. Alice. El negocio “Yandex Taxi” y los coches autónomos Con un 15.1% de los ingresos de 2018, Taxi supone adquisición de Yandex representa un 12%, con un negocio de transporte, un negocio de entrega de Maksim en el 9%, Gett el 5% y Citymobil el 1% del alimentos, y un proyecto de automóvil sin conductor. total. Lanzado en 2011, Yandex Taxi es un negocio de Por otro lado, la línea de negocios rusa de entrega transporte de pasajeros con operaciones en 17 de alimentos se espera que aumentará en un 12.6% países. de crecimiento anual pasando de unos ingresos de $ 1.9 mil millones en 2019, a $ 3.0 mil millones en El negocio se incrementó a través de la formación 2023. en 2018 de una empresa conjunta, MLU BV, una compañía holandesa, a través de la cual Yandex Taxi El pago por el servicio de entrega de alimentos adquirió efectivamente los negocios de transporte Yandex Eats, se puso en marcha en febrero 2018. y entrega de alimentos de Uber en Armenia, En un 2019 un informe de Deloitte recogía que la Bielorrusia, Georgia, Kazajstán y Rusia. entrega de comida de los restaurantes a través de este servicio representaba el 63% de la cuota de Actualmente, Yandex posee una participación mercado. controladora del 58.2% de la cuota de mercado. El brazo de Capital Riesgo de Yandex anunció la adquisición estratégica de Vezyot, la empresa rusa más grande de taxi, en julio de 2019. Yandex Taxi mantiene en solitario operaciones en Israel, Costa de Marfil, Kirguistán, Letonia, Lituania, Moldavia, Serbia, Uzbekistán, Finlandia, Estonia, Ghana, y Rumania. El modelo de negocios es más flexible que los de Uber o Lyft, operando a través de compañías de taxis, transportistas con licencia y empresarios individuales bajo diferentes requisitos regulatorios, lo cual facilita la integración y expansión de los servicios. Se estima que el tamaño total del mercado de transporte (taxi, carsharing, carpooling, etc.) podría llegar a 2.0 billones de rublos rusos en 2025, Yandex Eats está disponible en 24 ciudades rusas, y aumentando en un promedio de 15% anual. se formó mediante la combinación de la adquisición de Foodfox en diciembre de 2017 con Uber Eats. El Yandex Taxi actualmente es el líder de mercado servicio es conocido por sus uniformes amarillos con una participación del 27%. Vezyot, la reciente brillantes. El Coche Autónomo. Una realidad muy cercana Todas las compañías de alta tecnología necesitan un (proyecto) de coche autónomo, y como no, Yandex tiene uno. Lanzado en 2017, el proyecto ahora está en pruebas en el mundo real en Rusia e Israel. La tecnología fue recientemente vista en el CES 2019 en Las Vegas. Para añadir más credibilidad al proyecto, Yandex y Hyundai Mobis, uno de los proveedores más grandes de automóviles del mundo, anunciaron un acuerdo en 18 de marzo de 2019, con el objetivo último de crear una plataforma de coches de conducción autónoma, para vender a cualquier fabricante de coches, o flotas de taxi. Comercio electrónico Aunque en la contabilidad vemos que esta línea de negocio solamente representa el 1.3% de los A partir de 2018, la gerencia comenzó a abordar el ingresos de Yandex en 2018, ecommerce está lento crecimiento de Yandex Market. En de octubre creciendo rápidamente en Rusia. de 2018, Yandex Market se movió al modelo de negocio de Amazon con el lanzamiento de Beru, una De acuerdo a un reciente estudio publicado por The única plataforma en línea minorista con su propia Moscow Times, el mercado del ecommerce en Rusia cadena de suministro logística. está creciendo al 26% anual. Los ingresos se derivan de comisiones y ventas Los rusos están adoptando el ecommerce, el directas de productos. Beru tuvo problemas para cual está creciendo diez veces más rápido que ganar cuota de mercado durante su primer año de la economía tradicional de venta al por menor. operaciones, clasificándose como sitio nº52 en Las ventas en línea actualmente representan a comercio electrónico minorista en Rusia durante el aproximadamente el 4.5% de total de ventas en primer semestre de 2019.
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