Forbes has published a list of the most expensive Russian Internet companies in 2019
Forbes magazine has published a fresh rating of the most expensive Runet companies with a brief reference-analysis for each of the 20 companies that made the list.
The top of the rating is of no interest: the first three lines remain the same as in previous years: Yandex, Mail.ru Group and Avito. Despite the expansion of business, the overall economic situation does not contribute to the increase in the value of the Russian Internet giants.
For example, Yandex has been developing quite well over the year, has practically absorbed the local Uber and launched a number of new services (Yandex.Oblako, Yandex.Dialogy, Yandex.Plus, Yandex.Drive), but its estimate for the year decreased from $ 12.38 billion to $ 10.724 billion. But this is rather a characteristic of the depressive state of the entire Russian economy than an assessment of the actions of Yandex itself.
In the second place, Mail.ru Group, whose estimate for the year also fell from $ 6.86 billion to $ 5.362 billion. Over the past year, the company bought ESforce e-sports holding for $ 100 million, and in April launched the online pharmacy ordering service All Pharmacies. In the fall of 2018, the group received about 18% of the shares of the online taxi service "Citymobil" and agreed with the Chinese Internet giant Alibaba to create an online retailer AliExpress Russia.
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Forbes experts believe that Mail.ru Group is trying to diversify its business. Yandex does the same. By the way, the latter recently announced a reduction in the share of advertising in the overall income structure to 80%, although a year ago it was 90%. It seems that the company is trying to get rid of this "dependence". Apparently, as Mail.ru Group. But experts say that these structural changes occur naturally due to a slowdown in the growth rate of the advertising business.
At the same time, some non-core assets grow very quickly. For example, Yandex.Taxi revenue increased over the year by 293% to 18.9 billion rubles, and next year revenues could double, according to Alexander Vengranovich, an analyst of Sova Capital. But while this direction is unprofitable, it follows from the company's reporting: the adjusted EBITDA is negative - minus 4.4 billion rubles. The reason is clear - big investments in a promising direction.
The third place in the Forbes ranking is also quite traditionally taken by Avito: $ 3.85 billion (last year $ 2.734 billion). In 2018, the number of its users increased from 32 million to 35 million people per month. In January 2019, the Naspers fund bought out 29.1% of the company's shares for $ 1.16 billion, bringing its share to 99.6%. Therefore, the service received an increased valuation of $ 3.85 billion.
If the company is non-public, then Forbes makes an expert assessment of its value. As you can see, in the case of Avito, they missed by about 50% or even more, if we make an amendment to the general decline of the Russian market by about 15%, as can be seen from the real market capitalization of Yandex and Mail.ru.
The remaining positions in the ranking:
4. Wildberries - $ 1,200 million
5. Ozon Group - $ 694 million
6. Headhunter - $ 299 million
7. Citylink - $ 245 million
8. 2GIS - $ 243 million
9. Lamoda - $ 226 million
10. IVI.ru - $ 204 million
11. Aviasales - $ 196 million
12. Profi.Ru - $ 151 million
13. OnlineTrade.Ru - $ 110 million
14. Skyeng - $ 109 million
15. 1C-Bitrix - $ 106 million
16. TalentTech - $ 97 million
17. Cyan Group - $ 96 million
18. B2B-Center - $ 95 million
19. Superjob - $ 93 million
20. YouDo - $ 88 million
Forbes experts note the appearance in the ranking of two newcomers: TalentTech (16th place) and YouDo (20th place).
TalentTech is a technology company that grew out of a division of the investment company Severgroup. Since 2017, it has combined several projects in the field of education and employment. The largest project of the group - “Netology-groups”, which became part of the structure in August 2017, provides about 80% of annual revenue.
The YouDo service unites customers and performers of various tasks: courier services and cargo transportation, repair, cleaning, computer help and so on. More than 4 million tasks were created on the site and about 1 million performers were registered, from which they charge for information about their services. The service entered the top 20 due to the fact that in 2018 MTS bought 13.7% of the shares for $ 12 million. Accordingly, the assessment had to be recalculated, although the interviewed experts believe that MTS overpaid for it.
In addition, another labor exchange, organized according to the Uber principle, the Profi.Ru service, returned to the top 20.
Left the rating of the company KupiVip Group and Mamba. Again, this is not necessarily related to their business, just this year Forbes slightly changed the peer review methodology.
The top of the rating is of no interest: the first three lines remain the same as in previous years: Yandex, Mail.ru Group and Avito. Despite the expansion of business, the overall economic situation does not contribute to the increase in the value of the Russian Internet giants.
For example, Yandex has been developing quite well over the year, has practically absorbed the local Uber and launched a number of new services (Yandex.Oblako, Yandex.Dialogy, Yandex.Plus, Yandex.Drive), but its estimate for the year decreased from $ 12.38 billion to $ 10.724 billion. But this is rather a characteristic of the depressive state of the entire Russian economy than an assessment of the actions of Yandex itself.
In the second place, Mail.ru Group, whose estimate for the year also fell from $ 6.86 billion to $ 5.362 billion. Over the past year, the company bought ESforce e-sports holding for $ 100 million, and in April launched the online pharmacy ordering service All Pharmacies. In the fall of 2018, the group received about 18% of the shares of the online taxi service "Citymobil" and agreed with the Chinese Internet giant Alibaba to create an online retailer AliExpress Russia.
')
Forbes experts believe that Mail.ru Group is trying to diversify its business. Yandex does the same. By the way, the latter recently announced a reduction in the share of advertising in the overall income structure to 80%, although a year ago it was 90%. It seems that the company is trying to get rid of this "dependence". Apparently, as Mail.ru Group. But experts say that these structural changes occur naturally due to a slowdown in the growth rate of the advertising business.
At the same time, some non-core assets grow very quickly. For example, Yandex.Taxi revenue increased over the year by 293% to 18.9 billion rubles, and next year revenues could double, according to Alexander Vengranovich, an analyst of Sova Capital. But while this direction is unprofitable, it follows from the company's reporting: the adjusted EBITDA is negative - minus 4.4 billion rubles. The reason is clear - big investments in a promising direction.
The third place in the Forbes ranking is also quite traditionally taken by Avito: $ 3.85 billion (last year $ 2.734 billion). In 2018, the number of its users increased from 32 million to 35 million people per month. In January 2019, the Naspers fund bought out 29.1% of the company's shares for $ 1.16 billion, bringing its share to 99.6%. Therefore, the service received an increased valuation of $ 3.85 billion.
If the company is non-public, then Forbes makes an expert assessment of its value. As you can see, in the case of Avito, they missed by about 50% or even more, if we make an amendment to the general decline of the Russian market by about 15%, as can be seen from the real market capitalization of Yandex and Mail.ru.
The remaining positions in the ranking:
4. Wildberries - $ 1,200 million
5. Ozon Group - $ 694 million
6. Headhunter - $ 299 million
7. Citylink - $ 245 million
8. 2GIS - $ 243 million
9. Lamoda - $ 226 million
10. IVI.ru - $ 204 million
11. Aviasales - $ 196 million
12. Profi.Ru - $ 151 million
13. OnlineTrade.Ru - $ 110 million
14. Skyeng - $ 109 million
15. 1C-Bitrix - $ 106 million
16. TalentTech - $ 97 million
17. Cyan Group - $ 96 million
18. B2B-Center - $ 95 million
19. Superjob - $ 93 million
20. YouDo - $ 88 million
Forbes experts note the appearance in the ranking of two newcomers: TalentTech (16th place) and YouDo (20th place).
TalentTech is a technology company that grew out of a division of the investment company Severgroup. Since 2017, it has combined several projects in the field of education and employment. The largest project of the group - “Netology-groups”, which became part of the structure in August 2017, provides about 80% of annual revenue.
The YouDo service unites customers and performers of various tasks: courier services and cargo transportation, repair, cleaning, computer help and so on. More than 4 million tasks were created on the site and about 1 million performers were registered, from which they charge for information about their services. The service entered the top 20 due to the fact that in 2018 MTS bought 13.7% of the shares for $ 12 million. Accordingly, the assessment had to be recalculated, although the interviewed experts believe that MTS overpaid for it.
In addition, another labor exchange, organized according to the Uber principle, the Profi.Ru service, returned to the top 20.
Left the rating of the company KupiVip Group and Mamba. Again, this is not necessarily related to their business, just this year Forbes slightly changed the peer review methodology.
Source: https://habr.com/ru/post/441226/
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