HeadHunter: Emerging pricing power (upgraded to BUY)
We have upgraded our rating for HeadHunter to BUY (from Hold) and increased our 12-month price target (PT) from USD 26.1 to USD 43.2 (20% upside potential), following its strong 4Q20 financial results, positive 2021E guidance and improved pricing power. The Zarplata acquisition should help HeadHunter to strengthen its network effect, brand awareness and pricing power further, in our view. We are now more confident in HeadHunter’s ability to increase its prices, going forward. HeadHunter now trades at 16.6x 2022E EV/EBITDA, on our estimates, vs. 17.5x for its global online recruiting peers and 23x EV/EBITDA for its other classifieds peers (on the consensus).
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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