Tallink widely exceeded our estimates for the second quarter in a row. To increase sales in a year when pax is down shows excellent operational adjustments. With a promising sales outlook, the fuel price replaces the pandemic as the main challenge.
Sales promising, Oil price challenging Read More »
Tallinna Kaubamaja (TKM) has paid dividends every year since 2004, and following a better than expected Q4/21, we foresee attractive dividends from 2021 profits. The recent buy-out of ICA in Sweden imply share price upside.
16 years of dividends Read More »
Q3/21 earnings were below forecast but strong cash flow enable attractive dividends leading us to raise our dividend forecast. The passenger revenues are still low due to the pandemic, but we see a continued gradual recovery.
Strong cash flow enable dividends Read More »
The Q3 report was in-line with our forecast excluding one-offs (above including). We are puzzled by the valuation spread to Estonian banks, which we highlight in this report by comparing key metrics. We raise out Fair value per share to EUR 0.88.
Unjustified discount to peers Read More »
Without the Print segment, Ekspress Grupp (EEG) is a cash rich, asset light, digital media house – potent to pay attractive dividends. Furthermore, the post-print EBIT margins are boosted which motivates a higher valuation multiple. We raise our Base case Fair value to EUR 2.10 per share.
Cash rich and Asset light Read More »
Given the circumstances, this Q3 report was probably one of Tallink’s best ever, with significant beats on both sales and earnings, revealing excellent management under challenging conditions. The Vessel lease revenues also surprised positively which we believe supports the Book value. We raise our estimates and reiterate our Base case Fair value.
Much better than expected Read More »
The Q3/21 report was another show of strength with improving margins resulting in 48% better than expected earnings. We raise our dividend forecast and Base case share price.
FY 2020/21 marks a record year in sales and a 7-year high in earnings. The announced Kauno Grudai (KG) acquisition price is attractive in our view, and we look forward to seeing it integrated into Linas Agro in 2021/22 forming the biggest company on the Baltic stock exchange in terms of sales.
The Cybersecurity segment pushed Q2 Group Revenues and Sales above our estimates, despite a weaker than expected result for NRD Companies. In this report, we will highlight the Cybersecurity segment.
Cybersecurity drive growth Read More »
The regulatory risk in Ignitis Grupe (IGN) may materialize due to the regulators’ (NERC) proposed Networkselectricity methodology amendment for the newr egulatory period starting 2022. On the opposing side is the Lithuanian Finance Ministry who proposed a dividend in August, reflecting different views by the institutions. Investors’ share value is now jeopardized by the Lithuanian regulator. We put our estimates “Under review” until we get more regulatory clarity. The potential share price effect is substantial.
Regulatory uncertainty Read More »
