The Grigeo group subsidiary, Grigeo Klaipeda, environmental pre-trial investigation has resulted in a worst case scenario valuation. The Grigeo Klaipeda profit decline has been offset by the other segments. We see a potential revaluation as we get more visibility on the size of the damage compensation but recognize it could take years before this happens.
Worst case priced in Read More »
EfTEN looks to be going through the recession with a +5% yield which is proof of its high quality properties and tenant base. The Hortes sales proceeds can be used for new investments, while re-financings and lower interest rates support dividends
+5% yield throughout the recession Read More »
The proposed Print segment divestment would catapult Ekspress Grupp (EEG) into a digital leader. The Q2 report (including Print) was above estimates. We foresee a higher valuation multiple once the print divestment is completed and raise our Fair value per share. If a revaluation does not happen, we believe EEG could become a takeover target.
A Digital Media Company Read More »
The Q2 Sales and EBIT were above estimates for all segments. The low Estonian vaccination rate softens the outlook for Passenger operations, but a strong Cargo and Ferry performance keeps dividends intact. We see potential for a hidden value revelation if the State buys out the Ferry segment’s vessels.
Cargo saves the day Read More »
The Q2 report was above on Sales and below on earnings. The slowdown the Estonian vaccination rate delays the recovery and leads us to lower our estimates. The Cash flow was better than expected allowing banks to ask for an equity refill without causing liquidity worries.
Vaccine slowdown delays recovery Read More »
The Q2 profit was in line with our forecast, and we reiterate our dividend forecast. We find the valuation spread to Estonian banks listed peculiar which implies an upside in the SAB share.
+9% net yield and +50% discount Read More »
The Car segment drove sales above our forecast while all segments reported better than expected profits. Security services forms a potential new high growth segment. We upgrade our estimates and Fair value. Once again, the segment diversification results in a solid pandemic performance.
Last week, Finland took the first step towards opening its borders. This is in line with our expectation of a gradual lifting of travel restrictions starting from the second half of June. We raise our full-year pax forecast but expect quite big y-on-y pax declines in Jun-Jul as there were no restrictions these months last
Finland becoming friendly Read More »
Förra veckan började Finland lätta på sina reserestriktioner, vilket är enligt vår förväntan om en gradvis förbättring från och med andra halvan a juni. Vi höjer vår passagerarprognos men flaggar för en ganska kraftig nedgång i jun-jul eftersom det inte fanns några restriktioner dessa månader förra året.
Finland börjar öppna upp Read More »
Since the IPO, Ignitis Group’s reported profits have exceeded guidance and expectations, but the share performance has been lackluster, which we believe is mainly due to a share “overhang”. A resolution of the share overhang could be a share price trigger, but patience is needed.
Share “overhang” stops appreciation Read More »
