Russian internet major Yandex has announced the completion of the acquisition of 100% of Acropol Bank, as it now has all of the bank’s licences, including its universal banking licence, required to develop its FinTech vertical.
As a reminder, Yandex announced earlier this year that it had agreed to acquire 100% of Acropol Bank, a small Russian bank, for RUB1.1bn ($14.7mn).
"We note that the bank not only has a universal banking licence but also broker, dealer and depositary licences, providing Yandex with a wide scope to develop its FinTech initiatives," Sova Capital commented on July 20.
Sova Capital continues to believe that Yandex's inroads into FinTech could help the company to expand its TAM (Total Addressable Market), make its ecosystem more holistic, create numerous synergies and improve user loyalty.
The analysts at Sova see the rollout of Yandex FinTech vertical as a catalyst for the stock, one of the top picks with Buy recommendation, trading at estimated 2022 Enterprise Value / EBITDA of 23.6x and Price/Earnings ratio of 46.2x.
As reported by bne IntelliNews, in 2021 Yandex for the fifth year in a row topped the list of most valuable tech and internet companies with a valuation of $23bn. Its investment case now rests on developments in transportation, e-commerce, FinTech and foodtech, with the developed ecosystem seen as a key advantage.
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