Al Arabia Outdoor Advertising: Saudi Arabia’s outdoor advertising champion (BUY - initiation of coverage)
Al Arabia Outdoor Advertising (Al Arabia) is the tenth-largest outdoor advertising company globally, and the largest player in the Kingdom of Saudi Arabia (KSA), with a >60% market share. A family-run business, Al Arabia has been operating since 1983. It has delivered faster growth and better margins than its international peers, but trades at 10-35% discounts on our 2024E P/E and EV/EBIT multiples. The company should benefit not only from improving macro conditions in Saudi Arabia, but also from structural reforms aimed at launching new infrastructure projects, the rise of tourism and changing lifestyles. We initiate coverage with a BUY rating and a SAR 153 price target (PT).
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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