HeadHunter: Quality hire! (BUY - initiation of coverage)
We initiate coverage of HeadHunter with a BUY recommendation and a USD 26.4 price target (PT), which offers 24% upside from the current share price. Since the pandemic, HeadHunter’s shares have jumped 73% from its lows in March 2020, but are still lagging behind Russian tech leaders Yandex and Mail.ru by 114% and 124%, respectively. Taking into account HeadHunter’s leading market position, sustainable competitive advantage, and opportunity to grow its revenue in double digits and expand its margins, we believe that HeadHunter offers an attractive investment opportunity. HeadHunter trades at 11.9x on our 2022E EV/EBITDA, offering a compelling 32% discount vs. its international peers.
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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