Al Arabia Outdoor Advertising: more growth drivers ahead (BUY - transfer of coverage)
We transfer coverage of Al Arabia Outdoor Advertising (Al Arabia), reiterating our BUY rating, with an updated 12M price target of SAR 215, which offers 15% upside. Since our initiation in April 2023, the company’s share price has performed strongly, driven by new contracts and solid 1Q23 results, and has surpassed our previous PT of SAR 153. We remain positive on the name and have included the Faden Media deal, new contracts and gross margin expansion in our updated forecasts. The company trades at 20.7x 2024E EV/EBIT currently, a 10% premium vs. its international peers, which is fully deserved, in our view, due to Al Arabia’s superior growth and economics.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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