Overview Key strengths Key risks Strong market position and well-recognized brand in core markets, translating into above-average profitability. Relatively small size of operations and limited business diversification. Asset-light business model with modest capital expenditure (capex) needs supporting good free operating cash flow (FOCF) generation. Highly leveraged capital structure and aggressive financial policy stemming from private equity ownership. No major near-term debt maturities until 2027. Highly competitive and fast-moving technological environment. We forecast that S&P Global Ratings-adjusted leverage in 2022 will remain very high, at 9.0x-10.0x pro forma the company's AUTOproff acquisition, because of the high debt level and aggressive financial policy. Despite the very high debt following the leveraged buyout in April 2020, the company has a track record of
