We believe the deal to buy INVL Asset Management and Life Insurance business is a win for the buyer, Siauliu Bankas (SAB) and the seller, INVL Invalda (INVL). SAB has ambition to become universal bank competing for the TOP3 bank choice position in the market. The deal is expected to be closed by the end of 2023 and be earnings accretive in 2025. This makes SAB even more alike LHV and CPA and hence the valuation gap should decrease.
Acquisition to add 10-20% to earnings Read More »
Q3 Sales and earnings were above forecast, and the Cargo segment outlook was improved. We expect increasing EBIT in 2023 and 2024, but higher interest expenses mean a Pre-tax Profit improvement is visible in 2024 rather than 2023. Our dividend forecast is lowered according to the dividend policy.
Not as bad as expected Read More »
Q3 revenues and earnings were above estimates. In our view, Siauliu Bankas’ discount to LHV and Coop Pank (CPA*) is incomprehensible. We continue to see a substantial upside in SAB.
Incomprehensible discount to peers Read More »
Q3/22 sales and profits were well above forecast; however, we lower our forecast reflecting a mild recession next year. We believe the company is well prepared for a recession. The DCF and peer valuation indicate upside.
Well prepared for a recession Read More »
Q3 sales and profits were above our estimates. Record high charter revenues could lead to the best low season EBITDA in 7 years. Higher expected interested expenses offset the operational improvement next year, but it should be visible in 2024 when we expect dividends to be resumed.
No worries about the low season Read More »
We believe DelfinGroup (DGR) has an economic moat resulting in a sustainable superior ROE and dividend yield. The DGR share has clearly outperformed the market since the IPO and we see more potential.
Economic moat = sustainable +7% yield Read More »
Sales was above, and gross profit in line with forecast. Record high energy costs resulted in lower than expected EBIT; however, we see no risk to the 16-year consecutive dividend run and forecast continued attractive yield.
16 year dividend run to continue Read More »
Q2 was above expectations after Ukraine was restarted and successful price increases. Q3 electricity prices hit a record-high and we adjust our estimates accordingly. A new court date for the environmental legal case has been set.
Challenging quarter ahead Read More »
Both revenues and earnings were below our expectations. However, a fee reversal resulted in a NAV increase. Management guided for a pick-up in H2/22, and we align estimates accordingly.
Looking for a pick-up in second half Read More »
Q4 was significantly above forecast resulting in Linas Agro Group’s (LNA) best year ever, and ytd share price gain of +30%. High grain prices, worries about feed supply, successful KG integration, and excellent management were behind the record profits. This was an exceptional year, but we believe the company is attractive on normalized earnings as well and raise our DCF based Fair value.
Record year, again Read More »
