HeadHunter: More Skillaz, more quality (stays BUY)
Following the solid share price performance of 14% since our latest update at the end of March, we believe there is still more upside to this story, following the strong 1Q21 results, the consolidation of Skillaz and the upgraded 2021E guidance. As a result, we raise our PT to USD 49.0 (19% upside potential), from USD 43.2 previously. The consolidation of Skillaz should strengthen HeadHunter’s market position further, as well as the network effect by providing full range of recruitment services. More importantly, the upgraded guidance reflects the improved business and industry conditions. HeadHunter now trades at 18.3x 2022E EV/EBITDA, on our estimates vs. 19.5x for its global online recruitment peers and 22.5x EV/EBITDA for its other classified peers (on 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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