Qiwi boosts 2018 adjusted revenue growth forecast on Tochka joint venture [Seeking Alpha]
QIWI plc - American Depositary Shares (QIWI)
Last qiwi plc - american depositary shares earnings: 3/24 07:15 am
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Source: Seeking Alpha
Qiwi boosts 2018 adjusted revenue growth forecast on Tochka joint ventureQiwi (NASDAQ:QIWI) forms a joint venture along with Otkritie Bank and Tochka to develop digital banking service Tochka for a broad range of services for small- to medium-sized businesses.As a result Qiwi now sees 2018 total adjusted net revenue up 18%-22% from 2017, compared with its previous view of a 15%-20% increase.Otkritie Bank will hold a 50% plus 1 share of the venture, while Qiwi will hold 40% and Tochka management will hold 10% minus 1 share. Qiwi and Otkritie Bank will each hold 45% of economic interest, with Tochka management holding the remaining 10%.Qiwi's 2018 guidance for payment services segment net revenue, adjust net profit, and payment services segment net profit remains unchanged.Its forecast still only includes H1 actual revenue and expenses from its Rocketbank project, since Qiwi says it's not in a position to provide reliable estimates for revenue or expenses for the project.Source:Press Re
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