Following the better than expected Q1/21 profits and lower loan provisions, we raise our dividend forecast and factor in an extraordinary dividend for this year. We believe the valuation gap to the Baltic peer banks is too high, implying an upside for the Siauliu Bankas (SAB) share.
Extra dividend potential Read More »
Accelerating vaccine roll-out combined with vaccine passports are set to resume travel around midsummer, resulting in a shift from negative to positive y-on-y sales growth. The real estate detailed plan is progressing, and we reiterate our timeline of an approved plan in 2023 or 2023.
Getting close to re-opening Read More »
Accelerating EU vaccination rollout together with the implementation of the EU Green Passport is set to restore travel significantly from midsummer. The upcoming quarter is challenging, but costs and cash flow are under control, and the valuation is low based on normalized profits.
Green Passport to restore travel Read More »
We see strong pandemic recovery growth in the upcoming quarter and continued solid performance by the Car segment. The estimated 2021 dividend is below the 5-yr average but set to recover already next year together with a +50% EPS growth.
Recovery growth ahead Read More »
Despite Covid, the listed private equity fund, INVL Technology, improved on all metrics in 2020 posting higher sales, profits, and NAV. The share was rewarded accordingly with a gain of 18% in 2020 and 12% so far in 2021.
We believe the market underestimate Ignitis Group’s Green Generation pipeline and its ability to generate dividend growth. The proposed European Climate Law could ignite an investment boom into renewable energy and Ignitis Group is positioned to benefit.
Dividend growth not priced in Read More »
Uppsägningarna under det andra halvåret 2020 innebär att Tallink är dimensionerad för reserestriktioner. Vi tror på positivt kassaflöde i år men om vi har fel kommer statliga lån att skydda nedsidan. Utsikten på kort sikt är utmanande men värderingen är låg baserat på normaliserad vinst.
Dimensionerad för restriktioner Read More »
We see large pent-up demand for cruises when travel restrictions are lightened – until then, nonpax operations should keep profitability at levels sufficient for healthy dividends. Progress within real estate development would be positive.
Pent-up demand play Read More »
Due to ECB recommendations, Siauliu Bank’s (SAB) 2020 dividend yield is capped at 1.2%. The “restrictions” are expected to be lifted in Sep. 2021, which could lead to a significant yield improvement in 2022 and beyond
Nice yield coming up Read More »
The layoffs done in the second half of 2020 means Tallink is prepared for the worst scenario in 2021. We see positive cash flow this year, but if we are wrong, the government loans protect the downside. The short-term outlook is challenging, but the valuation is low based on normalized profits.
Sized for travel restrictions Read More »
