Hudya


Well positioned for continued growth

Hudya is a rapidly growing digital platform for everyday services such as telecom, electricity, insurance and banking services. Founded in 2016, the Company has quickly shown success. The focus today is to grow organically through new platform users and through cross-sales between verticals. So far Hudya has also made multiple acquisitions and the Company is estimated to be able to continue growing both organically and through new acquisitions. Based on an organic revenue forecast, increased margins and applied target multiple, a valuation of 18 NOK per hare is derived in a Base scenario.

  • Current market trends benefit Hudya

Hudya has exposure both towards the digital platform markets and towards the different vertical services, markets that shows a strong growth. For example, the market for mobile payments is estimated to grow at a rate of 18% Y/Y between 2018 and 2023. The market for digital insurance is forecasted to grow at CAGR of ~14% between 2018 and 2023. These market trends, together with others, enables Hudya to grow fast and to add more users to the Company’s platform more rapidly.

  • Proven M&A strategy and organic growth paves way for strong growth

Hudyas strategy has been to grow both organically and through an aggressive acquisition strategy, already in H1-2019 Hudya has completed three acquisitions. By integrating acquisitions into the platform, and by having attractive offerings, Hudya generates cross-sales on the platform between the vertical offerings. The part of the business that creates recurring revenues, e.g. via the telecom and power vertical, contributes to drive a higher valuation of the Company.

  • A platform with a strong focus on customer relationship

The Hudya platform enables customers to, in an effective and transparent way, save money on a variety of everyday services. With offers towards the low end of the market price spectrum, the platform is an attractive way of gathering payments and saving money. These customer advantages can both attract new customers as well as create incentives for established customers to continue with the Hudya system, which generates further cross-sales.

  • Still a young player in a competitive market

Hudya has in a short period of time managed to establish themselves as a competitive player in Norway. However, the brand is still in its infancy in the rest of northern Europe and Hudya needs to prove that the platform can stay competitive in the long term.

8

Värdedrivare

5

Historisk lönsamhet

6

Risk profil

7

Ledning & Styrelse

Samtliga analyser av bolag från och med år 2020 betygssätts utifrån ett nytt betygssystem - Värdedrivare, Historisk Lönsamhet och Ledning & Styrelse sträcker sig från 1 till 10, där 10 är högsta betyg. Riskprofil sträcker sig från 1 till 10, där 10 är att anse som högst risk. Aktieanalyser av bolag publicerade innan 2020 har betygssatts utifrån en annan modell.