Allterco: +60% sound good? Not yet, not for us (stays BUY)
We keep our BUY rating on Allterco, and increase our 12M price target (PT) to BGN 17.00/share (from BGN 10.83), offering 20% upside potential. Since our initiation report, in January 2021, the stock has seen a 61% rally, on its very strong 4Q20 results (EBITDA at BGN 8.6m, vs. our forecast of BGN 3.5m), and solid preliminary sales of high-margin devices in 1Q21 (+90% yoy). Consequently, we have increased our 2021-22E EBITDA forecasts by 33-37%. We still like Allterco: i) for its growth profile (2020-23E CAGRs of 33% for revenues and 28% for EBITDA, on our forecasts); ii) for its 2021-23E net cash/EBITDA position (1.5-0.7x, on our numbers); and iii) as we see room for profit distribution (2021-23E dividend yields of 1.6-5.0%).
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.