Unifiedpost: Berenberg sees ability to capture growth, starts with "buy"

Banqup SA

02/11/2020 08:36

** Berenberg initiates coverage of Belgian cloud-based
fintech company Unifiedpost Group  UPG.BR  with "buy", sees it 
in a prime position to capture market growth
    ** Unifiedpost is uniquely positioned as the only European
one-stop cloud-based fintech shop for SMEs, the broker says
    ** Its competitive advantage is also supported by data and
EU regulation, continuous investment in product offering and
independent solutions provider status, it adds
    ** Berenberg estimates that Unifiedpost will have a 72%
EBITDA  compound annual growth rate in FY 2022-24 earnings
based, assigns a target price of 28 euros
    **Broker see profitability on the rise as it expects that a
declining share of lower-margin paper-based documents will lead
to an increase of 51%-62% in FY 2022-2024 documents business
gross profit 
   **Berenberg also expects an upside of about 50% to its FY
2023 earnings from M&A as it has completed several M&A deals and
plan to increase and evolve its product offering
    

 (Laura.marchioro@tr.com)
 ((gdansk.newsroom@thomsonreuters.com; +48 58 778 51 10))