Solutions by STC: M&A as the next stage of growth (HOLD - transfer of coverage)
In this report, we transfer coverage of Solutions by STC (Solutions), downgrading our rating on the company to HOLD, from BUY, with an updated 12M price target (PT) of SAR 334, which offers c.5% upside. Since our initiation (click here for more details), the company’s share price has performed strongly, fuelled by acquisitions and solid results, and has surpassed our previous PT of SAR 287. We continue to like Solutions for its leading position in the market and its one-stop shop approach, but view the current valuation as uninspiring, as we believe that most of the positive factors have been priced in.
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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