Baltic Classifieds Group: niche diamond (HOLD - initiation of coverage)
We initiate coverage of Baltic Classifieds Group (BCG) with a HOLD rating and a GBp 294 price target (PT), which offers 12% upside from the current price. BCG is a leading online classifieds group in the Baltic countries, which owns and operates 14 leading generalist and vertical portals in Lithuania, Estonia and Latvia, operating in the automotive, real estate, jobs & services, and e-commerce industries. We like the company for its clear market-leading position, pricing power and network effects. Having the lowest marketing expenses among its global classifieds peers helps BCG to maintain the highest EBITDA margin globally. The company is trading at 28.5x FY26E P/E, on a estimates, a small (2%) discount vs. its global classified peers, on the consensus. Despite being a quality company, however, we believe that most of the positive factors have been priced in already.
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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