Once again, earnings came in above forecast and the full-year guidance was exceeded. Our sum-of-the-parts valuation imply a significant discount on the Green Generation segment. We make minor adjustments to our adj. EBITDA and dividend estimates and keep our Base case Fair value unchanged.
Green Generation at significant discount Read More »
Adjusted for one-offs, the Q4 report was better than expected. The real estate development is progressing and we update our real estate valuation in cooperation with 1Partner Advisory. No major changes are made to our estimates, while our Fair value is lowered due to a higher interest rate assumption and lower terminal EBIT margin.
Real estate progressing Read More »
Siauliu Bankas (SAB) is still trading below reported 2022 book value despite posting a ROE close to local peers LHV and Coop pank (CPA). Worries in the bank sector have pressured bank shares, but we see little reason to worry about SAB. We believe the ongoing acquisition of INVL AM & Insurance will be earning accretive in 2025.
Still below book value Read More »
The Linas Agro share is one of the best performers onthe Baltic main list this year. Q2-22/23 was widely above forecast. We expect profits to normalize after the record 2021/22; however, the “new normal” is significantly higher following the KG acquisition. We see substantial long-term dividend potential. The Food segment present both challenges and opportunities. We raise our estimates and Fair value.
+19% ytd = top performer in Baltics Read More »
The exclusive Lithuanian distributor of Massey Ferguson (MF) tractors, East West Agro (EWA) has posted record performance since our initiation report in March last year. We expect continued strong performance and raise our dividend and Fair value.
Dividend estimate raised +90% Read More »
Q4/22 sales and profits were above our estimates. We believe investors are missing three key aspects when looking at Tallink. Our estimates and Fair value are raised, and we now expect a small dividend already this year.
Investors missing three things Read More »
2022 Sales increased 20% while underlying Net profits increased 14%. Both Sales and Profits beat our Q4/22 estimates resulting in a full-year 2022 double-digit growth in both sales and profits. We expect the double-digit growth to continue in 2023. Our estimates and Fair value are raised.
2022 Sales +20%, Profits +14% Read More »
Q4 profits were much better than expected. Management managed to offset almost all last year’s cost inflation. We reiterate our 2022 dividend forecast despite a lower than normal free cash flow. Only minor adjustments are made to our estimates, and our target price is unchanged.
Strong finish to 2022 Read More »
FOM is active in the small but fast growing market for coating solutions to the renewable energy sector. The client list reveals a market leading position. We expect continued double-digit revenue growth with bottom-line profits.
Q3/22 earnings came in significantly above forecast, driven by the Green Generation segment. The guidance was raised once again and we adjust our estimates accordingly. Our dividend forecast and target price is reiterated.
Green Generation Earnings Boost Read More »
