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Berenberg starts Elixirr International at 'buy'
(Sharecast News) - Analysts at Berenberg initiated coverage on global management consultancy Elixirr International with a 'buy' rating and a 1,060p target price on Friday as it said the company's increased earnings quality post-IPO was not yet reflected in multiples. Berenberg said Elixirr was "challenging larger, traditional, industry peers" by offering clients "a more bespoke, quality and high-impact range of services", mostly focused on AI, digital and data transformation.
"This has led to the company developing a strong track record of revenue growth, at a 31% CAGR over FY12-24, more recently aided by an M&A strategy that has materially diversified the group," said Berenberg.
The German bank expects this revenue growth to continue at a 22% compound annual growth rate over FY24-27, alongside continued adjusted underlying earnings margin stability at approximately 30%, resulting in an EPS CAGR of 18%.
"A FY26 P/E of just 10.7x (PEG of 0.64) or an EV/EBITDA multiple of 6.8x highlights Elixirr's mispricing relative to this growth, such that we initiate coverage with a 'buy' rating and a 1,060p price target (offering 52% upside)," said Berenberg.
Reporting by Iain Gilbert at Sharecast.com
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