Vercom - Earnings and Cash Flow on a Cloud Platform
Grupa Vercom is a leading Polish and Czech provider of cloud-based multi-channel communications powered by CPaaS (Communications Platform as a Service), including SMS, e-mail, as well as push notifications and selected OTT services. To investors, Vercom offers positive exposure to the fast-growing e-Commerce sector via key customers, including names like Allegro, Poland’s top online marketplace, InPost, owner of e-Commerce delivery parcel lockers, and DHL. Vercom is also building capabilities in Marketing Technology. Vercom has a diverse and fast-growing customer base with low churn. As a non-capital-intensive operation, Vercom generates high cash flow. Vercom wants to grow its business organically, by leveraging its position as a leading CPaaS provider to e-Commerce, but it is also on the lookout for acquisition targets in the region, having marked IPO proceeds for the future transactions. We believe Vercom can deliver recurring revenue growth at more than 21% CAGR in 2020-24 – only a few other WSE-listed companies with >PLN 100m sales can sustain an equally rapid pace of expansion. Using DCF analysis and relative valuation, we put the value of Vercom at PLN 59.30 per share.
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.
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