HeadHunter: Entering the gig economy (stays BUY)
We continue to like HeadHunter for its undeniable pricing power, network effects and operational efficiency, clearly supported by the recent financial results. Although the shares have rallied by 24% since our latest report, published in August, we believe there is more upside to this story. We have increased our 12-month price target (PT) to USD 79, from USD 59. The key growth drivers for HeadHunter should be monetisation initiatives, growth in SMEs and, most importantly, the expansion into new niches, such as HR tech, the gig economy and education, which we have not included in our valuation yet. HeadHunter is now trading at 22.3x 2022E EV/EBITDA, on our estimates, vs. 23.8x for its global online recruitment peers (on the consensus). We maintain our BUY rating on the stock.
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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