Shoper - Made to Monetize e-Commerce Growth
Shoper S.A. ("Shoper," the "Company") is a leading Polish provider of SaaS e-commerce software for small and mid-sized digital retailers. Shoper offers an ecosystem of easy-to-use tools that can help to build and maintain an e-commerce Website. By investing in Shoper investors can gain exposure to the fastest-growing segment of the Polish e-commerce market, small and mid-sized retailers, who can tailor-fit their digital sales models with Shoper solutions by adopting omnichannel strategies and integrating their business with a marketplace. Shoper is capable of strong free cash flow to equity generation with its high revenue CAGR (31% in 2021-26E ex. M&A), fat profit margins, and low capital intensity. Since the company’s debut on the WSE in June 2021, its share price has increased by 60%. Recently, Shoper acquire Shoplo (the third most popular IT provider for e-shops in Poland), which we took into account in our financial model. We estimate Shoper to be worth PLN 71.50 per share, which implies a hold recommendation. In the coming quarters, Shoper may profit from further consolidation of the Polish SaaS market for online merchants.
Set up in 1986, mBank (originally BRE – Export Development Bank) is Poland’s 4th largest universal banking group in terms of total assets and 5th by net loans and deposits at the end of June 2019. mBank has one of the oldest brokerages in Poland – we have been providing brokerage services since 1991 - and the biggest, serving about 300 ths clients.
We provide all brokerage services available in the Polish capital market (i.e. Warsaw Stock Exchange, non-public markets and forex) in a way that meets the expectations of all groups of investors, both individual and institutional. Participating in the dynamic growth of the Polish capital market since its inception, we have acquired competences and experience needed to provide the highest quality of service and we have won the trust and satisfaction of our Clients.
Over the past decade, mBank's Equity Research Team has been consistently ranked among the top research teams in Parkiet's annual institutional investor surveys (Parkiet is Poland's leading daily business newspaper). mBank analysts provide coverage on an extensive list of companies, mainly in Poland but also elsewhere in the CEE region: Austria, Czechia, Portugal, Ukraine and Hungary.
Clients get access to a comprehensive selection of research products including daily market insights, monthly roundups, macroeconomic views, industry- and company- specific analyses, investing strategies, earnings comments, etc.
We give our institutional clients numerous opportunities to connect with industry professionals, top executives, and leading analysts:
- Get direct access to senior management teams at listed companies (over 30 meetings in 2018),
- Engage in our many industry events, featuring listed Polish and global firms (in 2018, we hosted sector-themed conferences around industrials, chemical companies, telecoms, retail, and financials, and co-hosted a Best of Poland investors' with Commerzbank and the Warsaw Stock Exchange),
- Stay informed through an array of enlightening discussion panels, workshops, and briefing sessions with regulatory officials.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.