- 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
- 1 Macro Analysis/Global G7 reiterates support for SDR allocation and seeks to boost its impact
- 2 Strategy Note/Global G7's 'Build Back Better World' is not an answer to China's Belt and Road
- 3 Strategy Note/Vietnam Vietnam: The best emerging market is still spoilt by foreign ownership limits
- 4 Macro Analysis/Pakistan Pakistan's FY22 Federal Budget – Serious push on growth
- 5 Strategy Note/Global Egypt's military spend is not securing the Nile in its dispute with Ethiopia
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...