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Ozon holders offer up to 2.9% ADRs at US$49-50 in ABB – Neutral

  • Several minority Ozon shareholders (OZON US: N/R) are offering up to 5.97mn ADRs (c.2.9%) at $49-50/ADR via ABB
  • The pricing suggests a 3.31-5.24% discount to the yesterday’s $57.71 closing price on NASDAQ
  • We believe at $49-50 per ADR, the ABB offers investors a good pick-up opportunity in OZO

Several minority Ozon shareholders (OZON US: N/R) are offering up to 5.97mn ADRs (c.2.9%) at $49-50/ADR via ABB. The pricing suggests a 3.31-5.24% discount to the yesterday’s $57.71 closing price on NASDAQ.

Alfa view. We believe at $49-50 per ADR the ABB offers investors a good pick-up opportunity in OZON. Selling shareholders fix profits after the IPO, leaving market investors with good upside potential - 32-35% to the current BBG consensus TP of $66. From a business/growth standpoint there are no clouds on the horizon for Ozon. The company yesterday raised its 2021 GMV growth guidance to 100% leaving capex guidance unchanged at the same time. Also, the ABB will add somewhat to Ozon’s free-float creating a base for a higher weight in the MSCI at its next revision.

Figure 1. OZON US share price performance

Source: Bloomberg


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The contents of this document have been prepared by Joint Stock Company “Alfa-Bank” ("Alfa Bank") as Investment Research within the meaning of Article 36 of Commission Delegated Regulation (EU) 2017/5...

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