Business
Swvl Announces Initiation of Equity Analyst Coverage by Baird with "Outperform" Rating
Baird equity research analyst Ben Kallo initiated coverage with a price target of $8 NEW YORK, Sept. 12, 2022 /PRNewswire/ -- Swvl Holdings Corp ("Swvl" or
About this update from Swvl Holdings Corp
[{"type":"text","content":"Baird equity research analyst Ben Kallo initiated coverage with a price target of $8\nNEW YORK, Sept. 12, 2022 /PRNewswire/ -- Swvl Holdings Corp (\"Swvl\" or the \"Company\") (NASDAQ: SWVL), a global provider of transformative tech-enabled mass transit solutions, today announced that Baird has initiated coverage on the Company with \"Outperform\" Rating and price target substantially higher than Swvl's current trading price.\nCopies of the full analyst report can be obtained directly from Baird.\nMostafa Kandil, Swvl Founder and CEO, said, \"We are grateful to see institutional research analysts take notice of what we believe to be another record-breaking quarter in Q2 where we grew revenues 3.4x year on year while improving profitability in line with our expectation to turn cash flow positive in 2023 and we achieved multiple strategic milestones including organic SaaS launches in Kuwait and Brazil and completed our acquisitions of Urbvan, Volt Lines and door2door.\"\nYoussef Salem, Swvl CFO, said, \"With a well-capitalized balance sheet after raising $29m in early Q3, a clear roadmap to cashflow generation next year, the completion of several recent acquisitions, integrated and significant revenue and cost synergies being realized, continued month-on-month organic growth, lock-up agreements extended by 31 shareholders and executives and now additional equity research initiation, we believe that we are at an inflection point in our shareholder value maximization journey. We look forward to additional research coverage initiation soon.\"\nAll reports on Swvl prepared by analysts represent the views of such analysts and are not necessarily those of Swvl. Swvl is not responsible for the content, accuracy or timelines provided by analysts. Swvl does not expressly or by implication warrant or assume any legal liability or responsibility for the accuracy, completeness, or usefulness of any information, assumption, data, forecast, price target, estimate or projection contained in the reports or industry notes provided by analysts, and the dissemination of such reports or industry notes does not necessarily constitute or imply the Company's endorsement or recommendation.\nAbout Swvl\nSwvl is a global provider of transformative tech-enabled mass transit solutions, offering intercity, intracity, B2B and B2G transportation across > 20 cou...