Look for QIWI to Continue to Grow
QIWI (NASDAQ:QIWI) may sound like a tropical fruit, but it is actually a Russian payments company that recently caught my eye after it reported stellar year-over-year growth. The company specifically operates electronic online payment systems primarily in the Russian Federation, Kazakhstan, Moldova, Belarus, Romania, the United States, and the United Arab Emirates. It provides payment services through operating approximately 127,000 kiosks and 42,000 terminals in its payment processing platform.
The company also offers Visa Qiwi Wallet, an online/mobile payment processing and money transfer system that allows accountholders to pay for the products and services of merchants, as well as performs peer-to-peer money transfers through a virtual wallet in the online and mobile environment. In addition, it is involved in licensing software and trademarks. The stock is about 15 percent off its 52-week high, and I think that it is attractively priced after its stellar quarterly report.
In its most recent quarter, QIWI saw total adjusted net revenue of $52.6 million, an increase of 46 percent compared with the prior year quarter. Payment adjusted net revenue was $38.2 million, an increase of 51 percent compared with the prior year. Payment-adjusted net revenue growth was predominantly driven by an increase in payment volume and net revenue yield in its e-commerce, financial services, and money remittances market segments.