Solutions by STC: M&A remain the main source of growth (stays HOLD)
We maintain our HOLD rating on Solutions by STC (Solutions), with an updated 12M price target (PT) of SAR 396, which offers 10% upside from current prices. We continue to like the company for its market-leading position and one-stop shop approach, but note that future growth will be highly dependant on prospective M&A deals, which also act as the main catalyst for a future rerating. Solutions trades currently at a 22.7x 2025E P/E, at a small discount of 3% to its global peers. Given the uninspiring valuation and lack of near-term catalysts, we believe that our HOLD rating is justified.
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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