Elm: new horizons (upgraded to BUY)
We have upgraded Elm to BUY (from Hold), with an updated 12M price target (PT) of SAR 1,405, offering upside potential of 21% from the current price. Our upgrade is driven primarily by the value-accretive Thiqah acquisition and the company’s stronger-than-expected organic revenue growth over 9M24. We continue to view Elm as Saudi Arabia’s digital champion and a key enabler of the Saudi Vision 2030 digital initiatives. The stock is trading at a 35.7x 2026E P/E, on our estimates, representing a 51% premium vs. its global IT peers. In our view, this premium is well-justified, supported by the company’s superior growth of 29% (versus its peers’ 3% 2024-26E CAGR) and its stronger margins relative to 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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