cyber_Folks: top exposure to e-commerce and AI in Poland (BUY - initiation of coverage)
We initiate coverage of cyber_Folks (CBF) with a BUY rating and a price target (PT) of PLN 177.2/share, implying 41% upside. The cyber_Folks Group offers, inter alia, web hosting, domain sales and a Communication as a Service (CPaaS) platform, used to send personalised messages on a large scale and automate communications. We see it as offering unique exposure to the CEE e-commerce market, the global CPaaS market and AI adoption, as it develops its own AI-powered tools. It offers an attractive combination of FCF (8-10% 2025-26E organic FCF yields) and organic growth (2023-26E net income and EBITDA CAGRs of 24% and 32%), which may also be boosted by M&A, considering its expansion ambitions and c.PLN 1bn estimated M&A potential. On our estimates, it trades at 2025-26E P/Es of 19.0-15.1x, at 26-32% discounts to its peers.R22 Sa. R22 SA is a Poland-based holding of technology companies offering: hosting services and domain sales. The Company provides internet services and operating in promising areas of the e-economy. The Company gathers the other companies hosting services, internet domain registration worldwide and services related to the security of transmitted data-SSL certificates. The Company has three operating segments: Domains and hosting, Omnichannel communication services automating electronic communication with recipients and Telecommunication services provided by the Oxylion Group.
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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