Elm: still a digital champion (stays HOLD)
We maintain our HOLD rating on Elm, with an updated 12M price target (PT) of SAR 995, which offers almost no additional upside (1%). We continue to view Elm as the digital champion in Saudi Arabia, and a key player behind the Saudi Vision 2030 digital initiatives. It trades at a 38.4x 2025E P/E, a 61% premium to its global IT peers. In our view, the premium is well deserved, thanks to the company’s superior growth and margins vs. its global IT peers, as well as its robust business model. Despite being a quality company with solid growth prospects, however, we believe that most of the positive factors have been priced in.
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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