Analysis on GARP with strong economic moats, Moat Investing

Moat Investing

We are a group of experienced investors that like to dig deeper into stocks to find growth stories at a reasonable price with strong economic moats. We also aim to conduct high-quality analysis by doing deep dive on valuations, key business drivers, risk/reward, and different future scenarios.

Analysis on GARP with strong economic moats

GARP with strong economic moats

Equity Bottom-Up

<ul>
<li>The number of orders reached 34.1 million (up 161% YoY);</li>
<li>GMV reached RUB 74.2 bln (up 135% YoY);</li>
<li>Adjusted EBITDA was RUB - 4.9 bln, equal to 6.5% of GMV, pretty much in line with Q1 2020 (RUB 4.5 bln equal to 14.2% of GMV) despite volumes.</li>
<li>Operating cash flow was RUB - 12.1 bln (RUB - 2.4 bln in Q1 2020).</li>
</ul>


The number of orders reached 34.1 million (up 161% YoY);
GMV reached RUB 74.2 bln (up 135% YoY);
Adjusted EBITDA was RUB - 4.9 bln, equal to 6.5% of GMV, pretty much in line with Q1 2020 (RUB 4.5 bln equal to 14.2% of GMV) despite volumes.
Operating cash flow was RUB - 12.1 bln (RUB - 2.4 bln in Q1 2020).


Ozon Holdings: Investment Thesis Confirmed After Q1 Results

Ozon Holdings PLC

Ozon Holdings: Investment Thesis Confirmed After Q1 Results