Shoper: awaiting top-line growth acceleration (stays HOLD)
We maintain our HOLD on Shoper, with a new 12M price target (PT) of PLN 36.5 (-16%), offering a limited 3% upside. While Shoper’s long-term story remains solid, we need to see a recovery in the GMV and revenue trends, before we become more optimistic. The recent performance and our 3Q23E expectations place Shoper’s growth merely broadly on a par with the Polish e-commerce market/Allegro, and the global SaaS giant, Shopify. Given the much smaller scale of Shoper’s operations, we believe we should see its GMV and revenue growth rates outperforming its closest peers materially, in order to see the current valuation multiples as fully justified. The undisclosed project mentioned by Shoper, during the earnings call, may provide a boost for the GMV and revenues in 4Q23E, especially if it involves some M&A/partnership; however, we know nothing about the potential scale and parameters yet.
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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