Equity valuation of Yandex

Abstract

The purpose of this thesis is evaluating of Russian internet company and obtaining the Yandex
Equity Fair Value. In order to achieve the most accurate results the analysis of literature was
provided, and two appropriate valuation methods were chosen: Discounted Cash Flow Model and
Relative Valuation Method.
By applying DCF method, the target price achieved was $31.75 based on the assumptions about
future company revenue growth and about a number of other variables. Relative Valuation based
on the Market Multiples gave a $30.23 per share. As a result, the average target price was $31 per
Yandex share. In order to predict the outcome of share price given a range of assumed variables,
the sensitivity analysis was run.
As a result of Yandex Equity Valuation a HOLD recommendation for investors was given.
Finally, the comparison of results with Sberbank CIB Investment Research of Yandex was
provided.

Date of Award	15 May 2018
Original language	English
Awarding Institution	Universidade Católica Portuguesa
Supervisor	José Carlos Tudela Martins (Supervisor)