Yandex Ad Focus Beats Mail.ru as Premium Grows: Russia Overnight
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Stock investors expecting Yandex NV’s focus on advertising to drive sales growth next year are paying the highest premium in six weeks for Russia’s most-used search engine over Internet company Mail.ru Group Ltd.
Yandex, whose search site outrates Google Inc.’s in Russia, jumped 4.2 percent in New York last week and traded for 27.6 times estimated earnings on Nov. 20, 8.2 percent above the valuation for Mail.ru, a London-listed Russian language company that owns social network VKontakte and sells online games. The Bloomberg Russia-US Equity Index of the most-traded Russian companies in the U.S. gained 2.9 percent last week, and futures on the RTS Index rose 0.6 percent to 144,060 on Nov. 23.