Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Russia
  4. Moscow Micex - RTS
  5. Public Joint Stock Company Magnit
  6. News
  7. Summary
    MGNT   RU000A0JKQU8

PUBLIC JOINT STOCK COMPANY MAGNIT

(MGNT)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

Magnit : launches the Credit Broker service

06/04/2021 | 03:01am EDT

MAGNIT PJSC (MGNT)
Magnit launches the Credit Broker service

04-Jun-2021 / 10:00 MSK
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.


 

 

MAGNIT LAUNCHES CREDIT BROKER SERVICE

Krasnodar, Russia (June 4, 2021): Magnit PJSC (MOEX and LSE: MGNT; the Company, Magnit), one of Russia's leading retailers, announces a new stage of development of its own super app.

The Company has launched the Credit Broker online service that allows any user of the chain's mobile app to apply for a credit card and receive a quick response from partner banks connected to the service. Magnit has become the first retailer in Russia to introduce this solution.

The Credit Broker is available to all Magnit mobile app users. To apply for a credit card, a user simply needs to go to the Magnit Pay tab and fill out the form which will be sent for consideration directly to the partner banks connected to the Broker. Once the application has been reviewed, the user will receive an e-mail with the banks' decision and - in case of approval - the proposed terms. Following the selection and confirmation of the proposal of interest by the user, the bank representatives will call the user to offer options for obtaining a card through their available channels (including home delivery, or the user might be offered to visit a branch office of the bank, or the chain outlet).

«

Jan Dunning

President, CEO of Magnit Retail Chain

»

 

 

 

"We continue to develop a customer-centric ecosystem of complimentary services. Today we have launched the credit broker service in our app. It will allow users to receive credit offers from banks in a convenient and fast way. We hope that the new service - coupled with Magnit Pay that was launched earlier - will contribute to higher customer loyalty towards Magnit brand"

 

In December 2020, Magnit announced development of its super app, which uses the existing loyalty program to bring together online ordering, payment and credit solutions, lifestyle and other non-financial customer services, as well as perks from its partners.

As the first stage in creating the super app, the Company launched Magnit Pay payment service, developed in partnership with VTB group. As of today, over 227,000 customers of Magnit have become active users who have added Magnit Pay to NFC payment services (Apple Pay, Google Pay, etc.). Around 45% of Magnit Pay members use the solution for making purchases outside of Magnit's ecosystem. The total number of issued Magnit Pay virtual payment cards exceeds 4,5 million.

This spring the Company became the first retailer in Russia to add mobile, Internet and TV payment services, as well as a feature enabling to top up transport cards, to its loyalty program application. All these payments are accepted commission-free. Later, Magnit launched a solution that enabled Magnit Pay cardholders to pay for their purchases using the same QR code as used in the loyalty program. In the near future Magnit intends to incorporate new options into the application, including services to pay utilities, fines, taxes, etc.

 

For further information please contact

Hudson Sandler

Magnit@hudsonsandler.com

020 7796 4133

 

Twitter

@MagnitIR

 

Note to editors

 

Public Joint Stock Company "Magnit" is one of Russia's leading retailers. Founded in 1994, the company is headquartered in the southern Russian city of Krasnodar. As of March 31, 2021, Magnit operated 39 distribution centers and 21,900 stores (15,098 convenience, 471 supermarkets and 6,331 drogerie stores) in 3,770 cities and towns throughout 7 federal regions of the Russian Federation.

In accordance with the audited IFRS 16 results for FY 2020, Magnit had revenues of RUB 1,553.8 billion and an EBITDA of RUB 178.2 billion. Magnit's local shares are traded on the Moscow Exchange (MOEX: MGNT) and its GDRs on the London Stock Exchange (LSE: MGNT) and it has a credit rating from Standard & Poor's of BB.

 

Forward-looking statements

 

This document contains or may contain forward-looking statements that may or may not prove accurate. For example, statements regarding expected sales growth rate and/or store openings are forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from what is expressed or implied by the statements. Any forward-looking statement is based on information available to Magnit as of the date of the statement. All written or oral forward-looking statements attributable to Magnit are qualified by this caution. Magnit does not undertake any obligation to update or revise any forward-looking statement to reflect any change in circumstances.

 

 



ISIN: US55953Q2021
Category Code: MSCU
TIDM: MGNT
LEI Code: 2534009KKPTVL99W2Y12
OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State
Sequence No.: 109206
EQS News ID: 1204224

 
End of Announcement EQS News Service

fncls.ssp?fn=show_t_gif&application_id=1204224&application_name=news&site_id=zonebourse_sftp

ę EQS 2021
All news about PUBLIC JOINT STOCK COMPANY MAGNIT
07/26MAGNIT : Unveils Express Delivery Partnership With Wildberries
MT
07/26PUBLIC JOINT STOCK MAGNIT : Magnit and Wildberries launch express delivery partn..
EQ
07/26Magnit and Wildberries launch express delivery partnership
DJ
07/26Public Joint Stock Company Magnit and Wildberries Launch Express Delivery Par..
CI
07/22Magnit completes acquisition of DIXY -2-
DJ
07/22Magnit completes acquisition of DIXY
DJ
07/22PUBLIC JOINT STOCK MAGNIT : Magnit completes acquisition of DIXY
EQ
07/21Magnit makes top-3 in ESG ranking of non-financial public companies, becomes ..
DJ
07/21MAGNIT : makes top-3 in ESG ranking of non-financial public companies, becomes b..
EQ
07/19Magnit announces results of Board meeting
DJ
More news
Financials (USD)
Sales 2021 22 825 M - -
Net income 2021 584 M - -
Net Debt 2021 7 299 M - -
P/E ratio 2021 12,6x
Yield 2021 9,76%
Capitalization 6 886 M 6 886 M -
EV / Sales 2021 0,62x
EV / Sales 2022 0,60x
Nbr of Employees 308 432
Free-Float 50,2%
Chart PUBLIC JOINT STOCK COMPANY MAGNIT
Duration : Period :
Public Joint Stock Company Magnit Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends PUBLIC JOINT STOCK COMPANY MAGNIT
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 13
Last Close Price 70,51 $
Average target price 90,31 $
Spread / Average Target 28,1%
EPS Revisions
Managers and Directors
Jan Gezinus Dunning President, CEO, Director & Commercial Director
Dmitry Ivanov Chief Financial Officer & Director-Controller
Charles Emmitt Ryan Chairman
Andrey Bodrov Chief Investment Officer
Timothy Demchenko Non-Executive Director
Sector and Competitors
1st jan.Capi. (M$)
PUBLIC JOINT STOCK COMPANY MAGNIT-8.34%6 886
WALMART INC.-1.05%399 670
SYSCO CORPORATION-0.90%37 509
WOOLWORTHS GROUP LIMITED-0.05%36 781
AHOLD DELHAIZE N.V.11.45%31 475
THE KROGER CO.26.04%29 763