- Qiwi has been subject to enforcement action from the Russian Central Bank, potentially cutting its core business materially through limiting cross-border payments.
- Previously, Qiwi was an attractive fintech play. Now the upside has improved though risks are more negatively skewed too.
- There appears to be 30% upside from current levels making the shares relatively attractive. Rapid and effective mitigation would produce further upside.
- However, given high uncertainty and lack of clarity on mitigations, I would want the ADRs around $9/share before fully committing to Qiwi to build in a greater margin of safety.
For further details see:
Qiwi Fears Likely Overdone After Russian Regulatory Actions