$OZON is the leading eCommerce player in a large, underpenetrated market

OZON has achieved a strong acceleration in growth over recent years

eCommerce penetration in Russia is less than half of
global average levels

We expect it to gradually catch up, reaching c.17% by 2025E

The Russian eCommerce market is still very fragmented eCommerce share (% of total) by company in terms of GMV, 2019 and 1H20

With the top-3 players accounting for only 17% of the
market

Expect total OZON GMV to grow at a 56% CAGR (2020-25E)

Capturing significant share of eCommerce growth in Russia

Expect OZON’s EBITDA margin to turn positive in 2023 and reach 3.6% by 2025

We value OZON on 1.3x 2021E peers’ EV/GMV. We use 1.3x peer median and apply it to OZON’s 2022E GMV