Darspal S Mann
Long/short equity, growth at reasonable price, special situations, deep value

QIWI Plc: Trading At Replacement Value And 25% Growth, Worth Your Investment?

The Dutch proverb goes - Art is not in making money but in keeping it. This saying seems to fit perfectly well for QIWI plc (Nasdaq: QIWI). Being one of the largest digital consumer payment processor in Russia, listed at Nasdaq with 30% revenue growth in 2012, when the Russian economy only grew by 3%, its fit to call it a master artist.

With revenue primarily coming from small transactions (less than $500) and 47% EBITDA margins, it is a premier investment play on Russian consumer economy.

QIWI Plc recently listed itself on Nasdaq with $1.3 Billion market cap and per my analysis is trading close to its replacement value. The company is 45% owned by management and 25%+...

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