ABG tar opp dekning. Target price 24!!!!

HUDDLY 26.03.2021 kl 10:24 960

Huddly is trading at ‘21e and ‘22e EV/EBIT of 22x and 13.5x, respectively, which is ~50% below Nordic high-growth tech peers. This is despite having significantly higher growth. This discount is unjustified, in our view. Hence, we initiate coverage with a BUY recommendation and TP of NOK 24 per share, corresponding to a ‘22e EV/EBIT of 23x and a ~70% upside to the current share price.
26.03.2021 kl 14:24 804

Liten tvil om at Huddly fortjene mye høyere prising og det kommer nok.
09.04.2021 kl 08:48 517

Pareto tar opp dekning. Kursmål 28kr.

Huddly is a Norwegian provider of video conference cameras, founded in 2013. Unlike other camera providers, Huddly’s products are software defined – a technology endorsed by Tier 1 partners such as Google and Crestron, who continuously include Huddly’s cameras in their video collaboration bundles. A setup that has proved to be highly successful with triple-digit sales growth (118% revenue CAGR ’18-20) and world-class margins (29% EBIT margin ‘20). Despite this, the current valuation (~14x '22e EBIT) implies a ~35-70% discount to peers currently growing at a slower pace, and seemingly doesn’t take into account our thesis of increased enterprise spending on video conference rooms in a post-Covid world. We initiate coverage with a BUY/TP of NOK 28, equalling pricing in-line with peers and an upside of >80% to the current share price.