“AvePoint is trading at 5.8 times 12-month forward EV/Sales, at a 40% discount to peers despite offering a 22% revenue CAGR over FY2024 to FY2026 versus the peer average of 13%. Our target price is based on an 11x forward EV/Sales, about 13% above the peer average for its superior growth,” Mittal wrote in his Oct 6 note.
DBS Group Research has initiated coverage on AvePoint with a “buy” call at a target price of $28, implying a 42% upside from its SGX debut price.
AvePoint, which listed on SGX on Sept 19, closed at $19.70 on its first day of trading. The dual listing, alongside its Nasdaq counter, is expected to lift brand visibility among government and regulated-industry clients in Asia, notes DBS analyst Sachin Mittal.
