Report
Maria Mickiewicz ...
  • Piotr Raciborski, CFA

Shoper: new investor, new opportunities (stays BUY)

We maintain our BUY rating on Shoper. Our new 12M price target (PT) of PLN 59.1 (vs. PLN 52.6 previously) offers 19% potential upside. We believe that the new investor brings new opportunities. Our expectations of the synergies for Shoper move our 12M DCF valuation from PLN 55.9 to PLN 62.5/share (a 12% addition). Given the higher focus on higher-margin products, operating leverage and synergies, we forecast a solid three-year adjusted EBITDA CAGR of 23%. That places Shoper 8ppts above Allegro’s growth, on the Bloomberg consensus, justifying the valuation premium. Compared to its closest global SaaS peer, Shoper offers an attractive c.50% discount to Shopify on 2025-27E EV/sales.
Underlying
SHOPER SA

Provider
Wood and Company
Wood and Company

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.

Analysts
Maria Mickiewicz

Piotr Raciborski, CFA

Other Reports on these Companies
Other Reports from Wood and Company

ResearchPool Subscriptions

Get the most out of your insights

Get in touch