Yandex does not enlarge its ability to earn money.

Any increase in income worsens the balance sheet and increases liabilities.

Figure 1.

Obviously, and this is the main thing, the money received is not the shareholders’ money.

Therefore, the stock price assessment is clear and quite modest for me.

All the indicators I use give a similar picture, and I choose the best option with the greatest growth angle into the future.

Figure 2.

Thus, the next 7 years of FCF give 558 rubles per share, and investors who are paying more now will not be able to get this money in any other way except from each other.

Figure 3.