Daily Brief TMT/Internet: Procurri Corporation, CUBox, Pushpay Holdings, EQS Group AG, Pegasystems Inc and more

• Our base case valuation of CUBox is target price of 34,172 won per share, which is 47% higher than the high end of the IPO price range of 23,200 won. 
• Our base case valuation uses our estimated sales of 24.5 billion won for the company in 2023 and P/S multiple of 17.2x.
• Given that CUBox is a leading player in the AI technology driven facial recognition in Korea, many investors are likely to pay higher premium for its technology. 

• Pushpay Holdings (PPH NZ)’s NZ$1.42 revised offer from Sixth Street/BGH is around the midpoint of the IE’s unchanged valuation range of NZ$1.33 to NZ$1.53 per share.
• Class 3 shareholders are the key vote. On the assumption of a similar voter turnout to the last scheme, 81.3% of Class 3 shares will vote for the scheme.
• This is a done deal. At the last close and for the 17 May payment, the gross and annualised spread is 2.2% and 21.4%, respectively.

EQS remains in the frustrating position of having a strong commercial proposition in digital whistleblowing still awaiting the impetus of full legislative implementation in its home market of Germany. The timing of this boost remains uncertain, so some caution is built into current year guidance, which is predicated on the law coming into full force in Q323. Financial results will therefore be weighted to H223. The strategy remains sound, in our view, in establishing a much wider pool of customers for cross- and up-selling of other corporate compliance cloud-based services. Upcoming EU regulation on ESG monitoring and reporting should provide substantial further opportunities. Despite the delays, the shares continue to trade well below the level indicated by our DCF.

• This is our first report on the American software giant, Pegasystems Inc.
• The company ended 2022 on a positive note with an all-around beat and a 16% ACV growth.
• Pega Cloud innovation has sped up adoption, and they have made great strides toward modernizing its clients.

• Pegasystems Inc is a major player in the enterprise software fomain.
• Pega Cloud innovation has sped up adoption, and they have made great strides toward modernizing its clients.
• Our credit report caters to all forms of stakeholders, particularly lenders and fixed income or yield investors in the company.