For years, Yandex meant more to Russia than its dollar value. Popular with global investors and Russian users alike, Yandex gained a 60% share in Russia’s search engine market–a signal that its tech entrepreneurs could, at least sometimes, compete against its U.S. rivals. It also had a rapidly growing Uber-like ride hailing business.
Sebastian Patulea, vice president of equity research at Jefferies in London, confirms that there is nothing in Yandex’s financials to warrant the sell-off and that last week’s rapid decline, not surprisingly, comes on the back of new “geopolitical risk” and the larger “indirect effects” of punitive sanctions against Russia. Still the future is quite uncertain.
For Ildar Davletshin, senior research analyst from Wood & Co, there are four major issues for Yandex: The impact of Russia’s collapsing local economy on the core digital advertising business and ride-hailing; restrictions on supply of high-tech equipment, including chips; the falling value of the ruble and a likely shortage of capital to fund its growth projects like self-driving cars and cloud technology.
Then there are concerns about the Kremlin’s influence on Yandex. In 2019, Yandex agreed to a restructuring that gave a “golden share” to a newly formed Public Interest Foundation built to “defend the country’s interests,” the
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