Wirtualna Polska: What doesn't kill you makes you stronger (stays BUY)
We maintain our BUY rating on Wirtualna Polska (WPL), and raise our 12M price target (PT) to PLN 145.8/share, from PLN 80.0/share, implying 20% upside potential. The company was relatively resilient against the global pandemic and, while its e-commerce segment (especially in the travel business) was harmed by the lockdowns and restrictions, the online media segment delivered an exceptionally strong performance in 2020 and 1Q21. The outlook for the media business remains positive for the remaining quarters of 2021E (we expect the online media EBITDA to expand by 25% yoy), which results in a robust 33% adjusted EBITDA hike this year, on our estimates, when paired with our assumption of an e-commerce business rebound (mainly on a Wakacje.pl and Superauto results surge). We also note that WPL does not seem expensive on multiples: it is trading at 2021-22E EV/EBITDAs of 13.5-11.7x, on our forecasts, implying 15-13% discounts vs. its peers.Wirtualna Polska Holding SA is a Poland-based holding company. The Company owns entities that are engaged in the Internet publishing and broadcasting content, including operating business, technology, sports and entertainment portals, as well as electronic mail (e-mail) and electronic commerce (e-commerce). It also offers a range of advertising products, including display ads. The Company operates through such Internet portals as Wirtualna Polska, o2.pl, Money.pl, WP SportoweFakty, Dobreprogramy.pl, WP Parenting, Domodi and Homebook, among others. The Company operates domestically.
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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