HeadHunter: Quality and quantity! (stays BUY)
Following its solid share price performance of 23% since our latest report, published in June, we still like the HeadHunter story and see additional upside of 16% from the current price, following the very strong 2Q21 financial results and the upgraded guidance. We have raised our price target (PT) to USD 59, from USD 49. HeadHunter is benefiting from tight labour market conditions, driven by the travel restrictions, the increased competition for talent and the shortage of candidates. We continue to like the company for its leading position in the online recruitment market and its strong pricing power, as well as the opportunity to expand its addressable market further and increase its margins. HeadHunter is now trading at 19.6x 2022E EV/EBITDA, on our estimates, vs. 18.3x for its global online recruitment peers and 24.2x EV/EBITDA for its other classified peers (both 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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