Shoper: attractive but expensive (stays HOLD)
We maintain our HOLD recommendation on Shoper. Our new 12M PT of PLN 43.4 (down 36%) offers limited 3% upside potential. We have turned more positive on Shoper’s revenue growth opportunities (3Y revenue CAGR up to 46%), but note also the substantial investments required. With the material headcount expansion and continued work on new services, we see limited room for margin recovery in the short- to medium-term. We cut our 2022-24E adj. EBITDA margin expectations from c.44% previously to 27-29%, with 2023E reaching the bottom. We continue to consider the story appealing, but its valuation, at a high premium to its peers, looks very demanding, warranting only a Hold.
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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