Westwing: "Inspiring growth" - Berenberg

Westwing SE

19/11/2018 07:26

** Berenberg initiates online furniture retailer Westwing
 WEW.DE  with "buy" and PT EUR 25.00
    ** Brokerage sees long-term potential for the co to expand
within is current addressable market as well as globally, points
out its leading online proposition
    ** Berenberg expects co to deliver a medium-term revenue
CAGR of c. 20%, boosted by platform development and geographical
expansion
    ** Co is profitable at adjusted EBITDA margin level, with
scope for further substantial margin improvement as the business
scales, per broker
    ** Berenberg believes that 14% of EBITDA margin is
achievable in long term 
    ** "Its online capabilities and unique business model
provide good insulation against competition", adds broker



 ((marianna.ciabach@tr.com))