Vercom: global expansion through M&A ahead (HOLD - initiation of coverage)
We initiate coverage of Vercom with a HOLD rating and a price target (PT) of PLN 139.8/share. Vercom is a Polish software company that offers a Communications Platform as a Service (CPaaS) solution, that can be used, inter alia, to send personalised messages on a large scale, automate communications, and integrate different communications channels. Vercom is focused on growth through both organic expansion and M&A, and delivered an impressive 48% 2020-23 adj. EBITDA CAGR. For 2023-26E, we forecast an adj. EBITDA CAGR of 26% and an adj. net income CAGR of 34%, driven by customer base expansion, operating profitability improvements and deleveraging. On our forecasts, Vercom trades at 2025-26E EV/EBITDAs of 20.7-16.8x, at 12-9% premiums to its peers.
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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