LiveChat Software: LiveChat version 3.0 (upgraded to BUY)
We have upgraded our recommendation on LiveChat Software (LVC) to BUY (from Hold) and increased our price target (PT) to PLN 48.0/share (from PLN 35.2), implying 26% upside. We have lifted our valuation and forecasts (by 10-19% for the next two years at the EBITDA level) on the improved outlook, due to the net adds pace and ARPU evolution. Based on the recent acceleration of net adds, driven by the Partner Programme mainly, we have increased the expected average monthly net adds to 300 (from 200). We have also lifted the expected ARPU on the live chat products to USD 98 (vs. USD 95 previously). On our forecasts for the next three years, LiveChat delivers a c.16% EBITDA CAGR and pays out a dividend that implies a 6-8% dividend yield. The company is trading at discounts of 80-74% on its next two years’ EV/EBITDA vs. its peers.Livechat Software SA is a Poland-based company engaged in the software industry. The Company is a producer and global provider of software as a service (SaaS) LiveChat, communication software for business. LiveChat enables fast and intuitive communication between company's employees and customers visiting corporate Website. The application also tracks customers' activity on a Website. The Company produces and distributes software for business-to-consumer (B2C) and business-to-business (B2B) communication. Its product portfolio includes three types of LiveChat plans: Solo, dedicated to single user and offering such features as unlimited chats, ticketing system, enhanced security and basic reporting; Team, for numerous teams that additionally includes chat routing and groups creation; and Enterprise, for companies that, additionally to previous ones, provides advanced reporting, work scheduler and unlimited visits on a Website.
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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