WOOD Flash – HeadHunter: to acquire Zarplata.ru for RUB 3.5bn
Yesterday (24 November), HeadHunter signed an agreement to acquire one of its regional competitors, Zarplata, for RUB 3.5bn. Zarplata is a top-4 player in Russia by market share, with a focus on blue collar and regional markets. We see the acquisition price as reasonable, with a multiple of 11.4x 2020E EV/EBITDA vs. the average 21.3x EV/EBITDA of its international peers, based on the Bloomberg consensus. Based on our estimates, this is a value-accretive deal, which should boost the 2022E EBITDA by approximately 6%. We estimate that the 2021E and 2022E EV/EBITDA multiples will fall to 17.4x and 13.5x, from 17.9x and 13.8x, respectively, due to the synergies the deal is expected to bring.
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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