TTEC Holdings Inc. (TTEC) PT Raised to $110 at Craig-Hallum with 90% of the Year Booked into Backlog
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Craig-Hallum analyst George Sutton raised the price target on TTEC Holdings Inc. (NASDAQ: TTEC) to $110.00 (from $75.00) after quarterly bookings increased 57% to $188M (FY20: $659 million, +35%
y/y), adding 13 new client relationships, nine of which were multi-segment engagements totaling $96M. The company also signed 25 multimillion dollar deals. The hypergrowth platform, which targets digital natives and
disruptors, collectively drove $53M. The current backlog of $1.9B covers ~87% of its revenue guidance for FY21 ($2,147-$2,183M) providing high visibility into the coming year and suggests there is plenty of room for potential upside to guidance.
The analyst reiterated the Buy rating, stating "We would expect TTEC Digital to climb on a revenue
multiple basis towards its comps over time as the market better appreciates its composition. We have included a <4.0x multiple on our estimated 2022 digital revenues of $441.7M, which is a discount to its comp group. TTEC Engage is a tech-enabled contact center platform and consultant which we’ve valued at 14x
our 2022 Engage EBITDA estimate of $272.6M, which is in-line with its comps. We would note that many of the non-US comps use IFRS accounting which overrepresent their relative EBITDA levels, making our assumptions even more conservative".
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