QIWI: Curb Your Enthusiasm

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About: Qiwi plc (QIWI)
by: Alexander Veytsman
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Alexander Veytsman
Long/short equity, hedge fund manager
Summary

We see QIWI facing revenue growth deceleration in 2020.

This is not the best timing for the dividend, as M&A should take precedence.

There is a lot of uncertainty around the sale of Rocketbank and what this means for the business as a whole.

About the Company

QIWI (NASDAQ:QIWI) is a provider of payment services in Russia and former Soviet Republics, focusing on physical, online and mobile channels. The company deploys virtual wallets via kiosks and terminals,