About the Company
QIWI (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, enabling merchants to accept electronic payments. QIWI offers a network of physical distribution points and virtual wallets, with the goal of facilitating payment infrastructure in Eastern Europe and eventually expanding into other geographies.
Valuation
Given the top-line slowdown we are seeing across QIWI's business segments, we believe that the 2020 PE multiple of 9x is appropriate and that not much premium should