CTP cut to HOLD, TP EUR 19.0 - Market dynamics support growth ambitions
Supportive operating environment and raised GLA expectations for year end 2021Strong operating metrics and increasing market share in core markets
Expansion to new markets gaining traction
Increase in target price driven by adjustments to our estimates and mainly higher peer valuations
We see positives mostly priced in at current levels as 25% share performance since IPO limits near-term upside, in our view
The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.
The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.
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