NasdaqGS:QIWI

Stock Analysis Report

Executive Summary

Qiwi plc, together with its subsidiaries, operates electronic online payment systems primarily in the Russia, Kazakhstan, Moldova, Belarus, Romania, the United Arab Emirates, and internationally.

Snowflake

Fundamentals

Very undervalued with high growth potential.


Similar Companies

Share Price & News

How has Qiwi's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: QIWI's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

3.3%

QIWI

1.7%

US IT

0.7%

US Market


1 Year Return

40.1%

QIWI

30.9%

US IT

13.7%

US Market

Return vs Industry: QIWI exceeded the US IT industry which returned 30.9% over the past year.

Return vs Market: QIWI exceeded the US Market which returned 13.7% over the past year.


Shareholder returns

QIWIIndustryMarket
7 Day3.3%1.7%0.7%
30 Day11.0%3.9%4.7%
90 Day-14.0%0.4%6.1%
1 Year44.0%40.1%32.2%30.9%16.2%13.7%
3 Year58.7%47.6%96.0%87.8%48.8%39.2%
5 Year-23.3%-33.6%133.9%113.1%62.5%44.5%

Price Volatility Vs. Market

How volatile is Qiwi's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Qiwi undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: QIWI ($19.58) is trading below our estimate of fair value ($82.92)

Significantly Below Fair Value: QIWI is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: QIWI is good value based on its PE Ratio (16.3x) compared to the IT industry average (31.4x).

PE vs Market: QIWI is good value based on its PE Ratio (16.3x) compared to the US market (18.2x).


Price to Earnings Growth Ratio

PEG Ratio: QIWI is good value based on its PEG Ratio (0.7x)


Price to Book Ratio

PB vs Industry: QIWI is good value based on its PB Ratio (2.8x) compared to the US IT industry average (4x).


Next Steps

Future Growth

How is Qiwi forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?

23.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: QIWI's forecast earnings growth (23.2% per year) is above the savings rate (2.7%).

Earnings vs Market: QIWI's earnings (23.2% per year) are forecast to grow faster than the US market (14.4% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: QIWI's revenue (8.6% per year) is forecast to grow faster than the US market (7.3% per year).

High Growth Revenue: QIWI's revenue (8.6% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: QIWI's Return on Equity is forecast to be high in 3 years time (33.9%)


Next Steps

Past Performance

How has Qiwi performed over the past 5 years?

-6.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: QIWI has a high level of non-cash earnings.

Growing Profit Margin: QIWI's current net profit margins (13.2%) are higher than last year (12.4%).


Past Earnings Growth Analysis

Earnings Trend: QIWI's earnings have declined by -6.8% per year over the past 5 years.

Accelerating Growth: QIWI's earnings growth over the past year (52.4%) exceeds its 5-year average (-6.8% per year).

Earnings vs Industry: QIWI earnings growth over the past year (52.4%) exceeded the IT industry 17%.


Return on Equity

High ROE: QIWI's Return on Equity (17.2%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Qiwi's financial position?


Financial Position Analysis

Short Term Liabilities: QIWI's short term assets (RUB55.4B) exceeds its short term liabilities (RUB42.7B)

Long Term Liabilities: QIWI's short term assets (55.4B) exceeds its long term liabilities (1.6B)


Debt to Equity History and Analysis

Debt Level: QIWI's debt to equity ratio (5.6%) is considered satisfactory

Reducing Debt: QIWI's debt to equity ratio has increased from 2.5% to 5.6% over the past 5 years.

Debt Coverage: QIWI's debt is well covered by operating cash flow (1415.4%).

Interest Coverage: QIWI's interest payments on its debt are well covered by EBIT (1138x coverage).


Balance Sheet

Inventory Level: QIWI has a low level of unsold assets or inventory.

Debt Coverage by Assets: QIWI's debt is covered by short term assets (assets are 35.6x debt).


Next Steps

Dividend

What is Qiwi's current dividend yield, its reliability and sustainability?

5.69%

Current Dividend Yield


Dividend Yield vs Market

company5.7%marketbottom25%1.4%markettop25%3.6%industryaverage1.3%forecastin3Years10.5%

Current dividend yield vs market & industry

Notable Dividend: QIWI's dividend (5.69%) is higher than the bottom 25% of dividend payers in the US market (1.42%).

High Dividend: QIWI's dividend (5.69%) is in the top 25% of dividend payers in the US market (3.65%)


Stability and Growth of Payments

Stable Dividend: QIWI has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: QIWI's dividend payments have increased, but the company has only paid a dividend for 6 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (46.1%), QIWI's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: QIWI's dividends in 3 years are not forecast to be well covered by earnings (99.7% payout ratio).


Next Steps

Management

What is the CEO of Qiwi's salary, the management and board of directors tenure and is there insider trading?

4.4yrs

Average management tenure


CEO

Sergey Solonin (45yo)

7.1yrs

Tenure

0

Mr. Sergey A. Solonin has been the Chief Executive Officer of Qiwi Plc since October 2012. Mr. Solonin is a Managing Partner of Target Global Fintech Opportunities Fund at Target Global. He has been the Ch ...


Management Age and Tenure

4.4yrs

Average Tenure

42.5yo

Average Age

Experienced Management: QIWI's management team is considered experienced (4.4 years average tenure).


Board Age and Tenure

1.8yrs

Average Tenure

47yo

Average Age

Experienced Board: QIWI's board of directors are not considered experienced ( 1.8 years average tenure), which suggests a new board.


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Management Team

  • Sergey Solonin (45yo)

    CEO & Director

    • Tenure: 7.1yrs
  • Andrey Popkov (58yo)

    Head of Compliance

    • Tenure: 5.8yrs
  • Maria Panferova (40yo)

    General Counsel

    • Tenure: 16.6yrs
  • Yakov Barinskiy

    Investment Director

    • Tenure: 0yrs
  • Andrey Protopopov (37yo)

    Head of IT & Product

    • Tenure: 4.4yrs
  • Varvara Kiseleva

    Interim CFO & Head of Investor Relations

    • Tenure: 0.08yrs
  • Oleg Ryazhenov-Sims

    Chief Executive Officer of SOVEST Project

    • Tenure: 0yrs
  • Kirill Ermakov

    Chief Technology Officer

    • Tenure: 0.8yrs
  • Elena Nikonova

    Deputy CFO of Financial Reporting

    • Tenure: 0.3yrs

Board Members

  • Elena Titova (52yo)

    Independent Director

    • Tenure: 0.4yrs
  • Alexey Marey (42yo)

    Independent Director

    • Tenure: 0.4yrs
  • Sergey Solonin (45yo)

    CEO & Director

    • Tenure: 7.1yrs
  • Marcus Rhodes (58yo)

    Independent Director

    • Tenure: 6.5yrs
  • Alexander Karavaev (44yo)

    Director

    • Tenure: 0.4yrs
  • Boris Kim (56yo)

    Chairman of the Board

    • Tenure: 5.4yrs
  • Nadiya Cherkasova (47yo)

    Director

    • Tenure: 1.8yrs

Company Information

Qiwi plc's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Qiwi plc
  • Ticker: QIWI
  • Exchange: NasdaqGS
  • Founded: 2007
  • Industry: Data Processing and Outsourced Services
  • Sector: Software
  • Market Cap: US$1.207b
  • Shares outstanding: 61.64m
  • Website: https://www.qiwi.com

Number of Employees


Location

  • Qiwi plc
  • Kennedy Business Centre
  • 2nd floor
  • Nicosia
  • 1087
  • Cyprus

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
QIWINasdaqGS (Nasdaq Global Select)YesSPON ADR REPR ORD CL'B'EUR0.00USUSDMay 2013
QIWDB (Deutsche Boerse AG)YesSPON ADR REPR ORD CL'B'EUR0.00DEEURMay 2013
QIWIMISX (Micex - Rts)YesSPON ADR REPR ORD CL'B'EUR0.00RURUBMay 2013

Biography

Qiwi plc, together with its subsidiaries, operates electronic online payment systems primarily in the Russia, Kazakhstan, Moldova, Belarus, Romania, the United Arab Emirates, and internationally. It operat ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/11/18 00:37
End of Day Share Price2019/11/15 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.