- On a ruble basis, Qiwi (NASDAQ:QIWI -0.5%) is guiding for revenue and adjusted net income to both rise 12%-16% Y/Y in 2015; the revenue growth consensus is at 17.6%. Those figures would be much lower on a dollar basis.
- The Russian online payments leader cautions it doesn't have enough visibility into 2015 sales and profits, given Russia's macro woes. "We reserve the right to revisit our 2015 guidance in case we see the situation changing throughout the year."
- While payment volume only rose 10% Y/Y in Q4 to RUR175.2B ($3.1B), revenue rose 45% thanks to a 34 bps increase in net revenue yield to 1.41%; Qiwi's e-commerce, financial services, and money remittance businesses all saw yield growth.
- A 77% increase in money remittance volume to RUR21.6B drove payment volume growth. Telecom volume totaled RUR65.5B, financial services RUR46.6B, e-commerce RUR21.1B, and everything else RUR20.4B. E-commerce had the highest revenue yield at 3.07%, and telecom the lowest at 0.4%.
- SG&A spend rose 56% Y/Y to RUR1.26B ($22.3M). Active kiosks/terminals rose 8% to 181.1K, and active Visa Qiwi Wallet accounts 12% to 17.2M.
- Shares began the day sharply lower, but have pared their losses since. A lot of bad news has already been priced in.
- Q4 results, PR