Athens Exchange Group: Visible rebound (stays BUY)
We have increased our EBITDA estimates for Athens Exchange Group by >30% for 2021E, in view of the visible recovery in its volumes, market cap and ancillary income. We believe that the outlook ahead remains positive, with further upside risk for our forecasts, driven by the relatively low turnover velocity and market cap to GDP, and the potential inclusion of more stocks in the MSCI. On our increased 2021E numbers, the stock trades at an EV/EBITDA of 11.9x, a discount of 20-25% vs. its peers. We maintain our BUY rating on the stock and increase our price target (PT) to EUR 4.7/share (from EUR 4.0/share).The Hellenic Exchanges is engaged in the following business sectors: trading, clearing, settlement, data feed, IT, exchange services, depository services, clearinghouse services, and other.
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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