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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Mail.ru Group Limited    MAIL

MAIL.RU GROUP LIMITED

(MAIL)
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Mail.Ru and partners team up with Alipay for Russian payment JV

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10/09/2019 | 05:13am EDT
FILE PHOTO: Logo of Alibaba group is seen at VivaTech fair in Paris

MOSCOW (Reuters) - Russian internet company Mail.Ru said on Wednesday it had agreed a joint venture with Alipay, the mobile payments arm of Alibaba Group, along with the Russian Direct Investment Fund (RDIF) and two other Russian partners.

The RDIF, Russian mobile group Megafon and Mail.Ru have also agreed to set up another joint venture with Alibaba called AliExpress Russia, RDIF's Kirill Dmitriev told Reuters separately.

AliExpress, controlled by Russian shareholders, will target Russia's rapidly growing e-commerce market which has annual turnover of more than $14 billion. Consumers will be able to use AliExpress to buy products online, including clothing and consumer electronics. The Alipay joint venture will go ahead once the AliExpress deal is completed, Mail.Ru said.

Dmitriev said that AliExpress would help small and mid-sized Russian companies to gain access to Asian markets.

RDIF has been playing an important role in developing Russia's ties with other countries, including Saudi Arabia, Japan and China.

Russia has increased its ties with Asia and China since 2014 when it was first put under western sanctions over Moscow's role in the Ukraine crisis. Russia and China, for example, have developed closer links in areas such as oil production or gas purchases.

Mail.Ru said under the Alipay deal, RDIF, Megafon and USM holding, a Megafon and Mail.Ru shareholder, will set up the payment JV focusing on digital payment services for Russian users.

Alipay has around half a billion users and also operates in Europe, where it is used by Chinese tourists who are travelling around the world in increasing numbers.

Mail.Ru said Money.Mail.ru and VK Pay, part of its VKontakte social network, would be part of the payment JV. Mail.Ru will be its largest shareholder with 40%.

(Reporting by Katya Golubkova. Editing by Jane Merriman)

Stocks mentioned in the article
ChangeLast1st jan.
ALIBABA GROUP HOLDING -0.15% 176.85 Delayed Quote.29.22%
LONDON BRENT OIL 1.41% 59.87 Delayed Quote.9.34%
MAIL.RU GROUP LIMITED -1.92% 17.9 Delayed Quote.-22.21%
MEGAFON PAO End-of-day quote.
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.02% 64.0697 Delayed Quote.-7.10%
WTI 2.23% 53.98 Delayed Quote.17.91%
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Financials (RUB)
Sales 2019 87 707 M
EBIT 2019 20 227 M
Net income 2019 14 966 M
Finance 2019 8 482 M
Yield 2019 -
P/E ratio 2019 0,26x
P/E ratio 2020 0,31x
EV / Sales2019 -0,05x
EV / Sales2020 -0,18x
Capitalization 3 878 M
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Mean consensus BUY
Number of Analysts 15
Average target price 1 932,08  RUB
Last Close Price 17,90  RUB
Spread / Highest target 14 865%
Spread / Average Target 10 694%
Spread / Lowest Target 3 984%
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Managers
NameTitle
Matthew Charles Perrins Hammond Managing Director & Chief Financial Officer
Dmitry Grishin Chairman
Vladimir Gabrielyan Director, Chief Technology Officer & VP
Denis Anikin Chief Information Officer
Mark Remon Sorour Non-Executive Director
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