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 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.
Copies of the full analyst report can be obtained directly from
Baird.
Mostafa 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."
Youssef 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."
All 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.
About Swvl
Swvl is a global provider of transformative tech-enabled mass
transit solutions, offering intercity, intracity, B2B and B2G
transportation across > 20 countries. The Company's platform
provides complimentary semi-private alternatives to public
transportation for individuals who cannot access or afford private
options. Every day, Swvl's parallel mass transit systems are
empowering individuals to go where they want, when they want –
making mobility safer, more efficient, accessible, and
environmentally friendly. Customers can book their rides on an
easy-to-use proprietary app with varied payment options and 24 / 7
access to high-quality private buses and vans.
Swvl was co-founded by Mostafa
Kandil, who began his career at Rocket Internet, where he
launched the car sales platform Carmudi in the Philippines, which became the largest car
classifieds company in the country in just six months. He then
served as Rocket Internet's Head of Operations. In 2016, Kandil
joined Careem, a ride-sharing company and the first unicorn in the
Middle East. He supported the
platform's expansion into multiple new markets.
For additional information about Swvl, please visit
www.swvl.com.
Forward-Looking Statements
Certain statements made herein are not historical facts but are
forward-looking statements. Forward-looking statements generally
are accompanied by words such as "believe," "may," "will,"
"estimate," "continue," "anticipate," "intend," "expect," "should,"
"would," "plan," "predict," "potential," "seem," "seek," "future,"
"outlook" and similar expressions that predict or indicate future
events or trends or that are not statements of historical matters.
These forward-looking statements include, but are not limited to,
statements regarding future events and other statements that are
not historical facts.
These statements are based on the current expectations of Swvl's
management and are not predictions of actual performance. These
forward-looking statements are provided for illustrative purposes
only and are not intended to serve as, and must not be relied on,
by any investor as a guarantee, an assurance, a prediction or a
definitive statement of fact or probability. Actual events and
circumstances are difficult or impossible to predict and will
differ from assumptions. Many actual events and circumstances are
beyond the control of Swvl. These statements are subject to a
number of risks and uncertainties regarding Swvl's business, and
actual results may differ materially. These risks and uncertainties
include, but are not limited to: general economic, political and
business conditions, including but not limited to the economic and
operational disruptions and other effects of the COVID-19 pandemic;
the ability of Swvl to execute its growth strategy, manage growth
profitably and retain its key employees; competition with other
companies in the mobility industry; Swvl's limited operating
history and lack of experience as a public company; recent
implementation of certain policies and procedures to ensure
compliance with applicable laws and regulations, including with
respect to anti-bribery, anti-corruption, and cyber protection; the
risk that Swvl is not able to execute its portfolio optimization
plan; the risk that Swvl is unable to attract and retain consumers
and qualified drivers and other high quality personnel; the risk
that Swvl is unable to protect and enforce its intellectual
property rights; the risk that Swvl is unable to determine rider
demand to develop new offerings on its platform; the difficulty of
obtaining required registrations, licenses, permits or approvals in
jurisdictions in which Swvl currently operates or may in the future
operate; the fact that Swvl currently operates in and intends to
expand into jurisdictions that are, or have been, characterized by
political instability, may have inadequate or limited regulatory
and legal frameworks and may have limited, if any, treaties or
other arrangements in place to protect foreign investment or
involvement; the risk that Swvl's drivers could be classified as
employees, workers or quasi-employees in the jurisdictions they
operate; the fact that Swvl has operations in countries known to
experience high levels of corruption and is subject to territorial
anti-corruption laws in these jurisdictions; the ability of Swvl to
maintain the listing of its securities on Nasdaq; Swvl's
acquisitions may not be beneficial to Swvl as a result of the cost
of integrating geographically disparate operations and the
diversion of management's attention from its existing business,
among other things; and other risks that will be detailed from time
to time in filings with the U.S. Securities and Exchange
Commission. The foregoing list of risk factors is not exhaustive.
There may be additional risks that Swvl presently does not know or
that Swvl currently believes are immaterial that could also cause
actual results to differ from those contained in forward-looking
statements. In addition, forward-looking statements provide Swvl's
expectations, plans or forecasts of future events and views as of
the date of this communication. Swvl anticipates that subsequent
events and developments will cause Swvl's assessments and
projections to change. However, while Swvl may elect to update
these forward-looking statements in the future, Swvl specifically
disclaims any obligation to do so. These forward-looking statements
should not be relied upon as representing Swvl's assessments as of
any date subsequent to the date of this communication. Accordingly,
undue reliance should not be placed upon the forward-looking
statements.
Investor Contact
Youssef Salem
Swvl CFO
Investor.relations@swvl.com