Despite the recession, Estonian consumers increased spending on restaurants, hotels, clothing, and footwear. Lower energy prices boosted margins in Q2/23. The Q2 report was above forecast and we raise our sales and profit estimates. Our dividend forecast is reiterated with a higher degree of confidence.
Consumers just want to have fun Read More »
The acquisition of Kauno Grudai (KG) creates Nasdaq Baltic’s biggest company in terms of sales, and builds the critical mass needed to boost margins. We believe the market has yet to re-price the “new” Linas Agro Group (LNA)
Something BIG in the making Read More »
Another positive report with double-digit earnings growth, reduction in working capital, and raised green generation capacity targets. We feel comfortable with the guidance, forecast, and net debt. We see room for more than 3% dividend growth. Our estimate and target price are reiterated.
Exceeding expectations Read More »
Q1 revenues and earnings were better than forecast, especially excluding one-offs. The PAX recovery is gradual but ongoing. We see operating earnings bottoming out this year and improve coming two years. We lower our estimates and Fair value slightly, but share still looks undervalued, in our view.
On the recovery track Read More »
The Q1/23 revenues and earnings were clearly above expectations as higher interest rates and modest default rates created a perfect market for banking. A new Lithuanian bank tax has been adopted but we foresee limited earnings impact. We raise our estimates and Fair value.
Higher rates boost earnings Read More »
Q1 beat estimates as the company delivered doubledigit revenue growth. Higher financial expenses are likely to offset the operational improvement this year but next year, we expect a significant net profit increase. We raise our estimates and fair value, while leaving our dividend forecast unchanged.
Solid start of the year Read More »
The Q1 report was above estimates and confirmed a continued recovery. However, it is not a recovery to the “old normal” but to a “new normal” with higher charter revenues and Return on Equity. We raise our estimates and Fair value.
Recovering to a “new normal” Read More »
The portfolio companies’ revenues and profits were significantly above estimates. The external valuation of the portfolio companies is too low in our view. The NAV discount is at historical highs. We raise our estimates and Fair value per share.
NAV discount at historical high Read More »
Q4 sales and profits were above expectations. Lower energy prices mean profitability is recovering to healthy levels. We raise our sales and earnings estimates as well as our Fair value. A resolution to the ongoing environmental case could trigger a substantial share price appreciation.
Once again, the company beat our estimates posting an impressive profit growth. The weaker consumer is a challenge this year, but we believe Tallinna Kaubamaja (TKM) will show healthy profits and foresee the 16-year dividend run to continue.
The silent performer Read More »
