Despite the pandemic, Ekspress managed to increase Net profits, even excluding positive oneoffs. The digital transformation is on track which could lead to margin and multiple expansion. We raise our Base case motivated share price.
Making media great again Read More »
With 2020 behind us, we conclude that Tallinna Kaubamaja (TKM) rose to the challenge and mitigated much of the pandemic impact. The severity of the second wave resulted in Q4/20 coming in below our expectations but the cash flow was intact and supports a yield of 5-7% in coming years.
Excellent pandemic performance Read More »
Finska staten garanterar EUR 90m av ett nyligen signerat EUR 100m lån från NIB. Detta följer estniska statens lån på EUR 100m. Budskapet är tydligt, Estland och Finland kommer hjälpa rederierna genom krisen. Vi bedömer nu att Tallink har fullgod likviditet tills sommarens högsäsong.
Following Estonia’s EUR 100m government loan, Finland steps up and guarantees EUR 90m of the recently signed EUR 100m loan from the NIB. We now believe Tallink has more than enough liquidity until the summer high season.
Tallinna Sadam’s (Tallinn Port – TSM) operations are more pandemic resilient than investors perceive in our view. From a long-term perspective, we see potential for significant value creation from real estate development.
Hidden real estate value Read More »
The listed private equity fund, INVL Technology, accelerated its revenue growth in Q3/20 to 22% from an already healthy 9% in Q2/20 while EBITDA increased 2.7x. We raise our estimates and Base case Fair value.
Growth accelerates to 22% Read More »
Siauliu Bankas (SAB) Q3/20 results held up well in a difficult market beating our forecast. Core operations are slowing but still growing, and provisions are significantly down from recent averages. Investors are pricing in negative scenarios for LT ROEs that are not being realized, even in the ongoing crisis.
Asset quality concerns allayed Read More »
Both Q3 sales and profits were significantly better than expected, driven by online ads and digital subscriptions as well as cost efficiencies. The report makes us wonder if Ekspress Grupp could be on the stairway to digital leadership.
Stairway to Digital Read More »
Siauliu Bankas (SAB) has been gaining share of an underbanked market, and this trend should pause only briefly in 2020. We see limited justification for SAB’s heavy discount to book value given our ROE outlook and Lithuania’s strong structural story. Short-term, global health crisis risks are high, but long-term prospects remain intact.
Grace under pressure Read More »
Based on the Q2 lockdown and Q3 recovery quarters, Tallinna Kaubamaja should be resilient to what seems to be a second wave of corona infections. The Q3/20 report was roughly in-line with forecast. We keep our dividend forecast implying a 5.8% yield.
Second wave is here…stay calm Read More »
