HeadHunter: дефицит кадров, ИИ и байбэк на 15 млрд — почему рынок труда стал бизнесом мечты

Speakers: Telman Shagants - Head of Investor Relations, HeadHunter Arman Arutyunyan - Director of Corporate Development, HeadHunter Moderator: Valentin Pogorely - Analyst, Mozgovik Research HeadHunter is no longer just a job site, but one of the most profitable platforms on the Russian market. For 25 years, the company has weathered crises, changing economic cycles, and labor market transformations, but has experienced particularly rapid growth since 2019. In this presentation, we'll explore how HeadHunter makes money: a subscription model, customer prepayments, high profitability, low capital expenditures, and the platform's enormous liquidity. A special focus will be on talent shortages, response rate growth, monetization, the CIS markets, the HR-tech ecosystem, and portfolio companies Skills, HR-Link, and DreamJob. Also discussed are generative AI, an employer assistant, the impact of artificial intelligence on the labor market, dividends, shareholder structure, a 15 billion ruble buyback, tax incentives, debt, and the company's long-term strategy. Why does HeadHunter see AI as a new source of growth rather than a threat? Can the company maintain high margins? And what's more important for investors: dividends today or platform growth tomorrow? Tickets for the SmartLab conference in Moscow on October 31st go on sale on July 16th! Get a 20% discount with promo code MSK26! https://confa.smart-lab.ru/ All conference news and ticket giveaways here: https://t.me/smartlab_conf Speaker presentations, free lectures on investing, and other bonuses here: t.me/mozgovikbot 00:00 Introduction: HeadHunter's strategy and short-term dynamics 01:06 How HeadHunter has grown over 25 years 02:06 HeadHunter's place among the world's largest job platforms 03:35 Business model: Subscriptions, prepayments, and high profitability 04:36 Four key company growth strategies 05:34 Labor market: Economic slowdown and talent shortages 07:29 Client base and growth potential in the regions 08:40 How average revenue per client is growing 10:28 Platform liquidity and new monetization opportunities 11:15 International development: Belarus, Uzbekistan, Kazakhstan 13:03 The HeadHunter Ecosystem and Product Diversification 2:00 PM Skills, HR-Link, DreamJob, and Portfolio Company Growth 2:23 PM Smart-Lab Conference Materials Announcement 3:00 PM Generative AI as a Strategic Bet for HeadHunter 5:21 PM Business Efficiency, Cash Flow, and Buyback 7:17 PM What's Happening with the Labor Market and Active Vacancies 9:26 PM Responses, Candidate Relevance, and the Role of Algorithms 25:03 PM Tax Breaks until 2030 and the Impact on Business 27:26 HeadHunter PLC Shareholders and Dividend Issues 28:24 Company Structure and Minority Payouts 29:24 RUB 15 Billion Buyback and Possible Debt Growth 31:22 A Private Investor's Experience and View of the Company 33:29 PM How Artificial Intelligence is Changing the Labor Market 36:15 AI Assistants and New Products for Employers 37:37 Data Reliability for Employers 38:24 Guidelines for 2026 and Dividend Policy 41:27 Investing in Products, Team, and HR Tech 44:23 Balancing Company Growth and Shareholder Interests 45:23 Why Platform Liquidity is HeadHunter's Key Value