Solutions by STC: slower growth on the horizon (stays HOLD)
We maintain our HOLD rating on Solutions by STC (Solutions), with an updated 12M price target (PT) of SAR 330, which offers 11% upside vs. the current price. We still like the company for its market-leading position and being the go-to IT name in Saudi Arabia, and we continue to believe that Solutions can preserve its market-leading position, but we note that its revenue growth visibility has been reduced, on the back of the slower-than-expected 1H24 top-line growth and the intensified competition in the Saudi IT sector. Solutions by STC is trading at a 20.8x P/E, on our 2025E estimate, a 14% discount vs. its global IT peers.
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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