Nexters: On the winner’s side (BUY - initiation of coverage)
We initiate coverage of Nexters, with a BUY recommendation and a USD 12.7 price target (PT), which offers 41% upside from the current share price. Nexters, in our view, ticks most of the boxes of a high-quality company, with an above industry average level of conversion, retention and monetisation, a thorough and dynamic approach to game development and marketing, strong recurring cash flows, and founders who run the company, being majority shareholders. Under our base-case assumptions, the company trades at 8.6x 2022E EV/EBITDA, vs. 11.1x EV/EBITDA for its international peers, on the consensus.
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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