The spin-off of Yandex N.V.'s Russian and part of its international business was finalised last week and has a valuation of $2.11bn according to back of the envelope estimate conducted by analysts at Seeking Alpha.

The new company is set to rename itself as Nebius Group at the next board meeting and consists of four firms: Nebius AI, Toloka AI, TripleTen, and Avride.

Using a sum-of-the-parts analysis, the analysts estimated the total valuation of Yandex N.V.'s operating business at $2.11bn. Including cash reserves and minority interests in other companies, the valuation rises to $4.7bn, or $23.6 per share.

The company's shareholders are expected to vote on the name change and other matters at the AGM on August 15.

Nebius AI, the core business, focuses on Infrastructure-as-a-Service (IaaS) and GPU-as-a-Service, driven by the rapid growth of the generative AI market. The global IaaS market is projected to grow from $3.2bn in 2023 to $50bn by 2032, with a CAGR of 35%. Using a revenue multiple of 7.4x, Nebius AI's valuation is estimated at $1.48bn.

Toloka AI, a data partner for AI development, operates in a market expected to grow at a CAGR of 40% over the next five years. Valuing Toloka AI against non-public peers, its estimated valuation is at least $0.5bn, contributing $2.5 per YNDX share.

TripleTen, an edtech platform specialising in tech career training, competes with firms like General Assembly and Coursera. Using an average revenue multiple of 3.7x, TripleTen's valuation is estimated at $221mn, or $1.1 per YNDX share.

Avride, which develops autonomous driving technology, has a valuation estimated at $109.8mn, or $0.55 per YNDX share, based on its performance in the robotaxi and delivery robot markets.

Summing these valuations, Yandex N.V.'s operating business is valued at $2.11bn, or $10.6 per share. Adding cash reserves and minority investments, the total valuation reaches $4.7bn, or $23.6 per share.

"Given the diverse nature of Yandex N.V.'s remaining businesses, a sum-of-the-parts valuation was the best approach," said an undisclosed analyst. "The conservative valuation could place the fair share price in the $30+ range."

The company's shares remain halted on NASDAQ, and it is unclear when trading will resume. Arkady Volozh, Yandex N.V.'s CEO, adds optimism to the company's future.