203 Web Group: Strong appetite for growth

We initiate research coverage of 203 Web Group. The company is, through its social network for recipes, servicing a consumer group which is highly attractive for global food advertisers. An on-line aggregator of recipes like myTaste can offer the user millions of recipes in their mobile, updated ratings about recipes through an interactive community and paid for premium content. myTaste, with 20 million monthly visitors, is the third largest network for recipes in the world and with presence in 48 countries. 203 Web Group has just begun the transition of website visitors to the lucrative app. When the monetization of the app user base is initiated the revenue growth will be substantial and the margin expansion will be significant. Our Base Case scenario results in an estimated DCF-value of 23 SEK per share. This DCF-valuation is conservative vs recent transactions in the industry. The Bull and Bear Case scenarios indicate values of 46 SEK and 5 SEK respectively

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