Icebreaker could not break profits Read More »
All three main segments beat our Q4-24/25 EBIT estimates by double-digits resulting in the second highest full-year EBIT in the company’s history. The 2024/25 EBITDA was above the upped guidance and our forecast. We are encouraged by the seemingly lower volatility in grain trading profits. Our SOTP valuation indicate significant upside.
Double-digit beats Read More »
Q2/25 Loan book and Revenues beat while profits were in-line. All bond covenants were met. The dividend yield is slightly higher than the bond yield. The main owner is likely transferring DelfinGroup (DGR) shares to Indexo (IDX) shares (possible for all investors). We raise our Base case Fair value slightly.
Impressive loan and revenue growth Read More »
Q2/25 Group adj. EBITDA was in-line with forecast as better than expected Reserve Capacities segment offset negative deviations from other segments. The 2025 guidance was reiterated. The Green Generation expansion is on track for an impressive triple-digit growth. We raise our Fair value.
3x installed wind & solar capacity Read More »
Q2/25 Revenue was below estimate while profits were in-line. The below book valuation implies investors are pricing in below guidance profit. Our forecast is in-line with guidance and we see upside if it is reached. The forecast yield looks compelling.
Valuation too low again Read More »
Q2/25 was inline on top- and bottom line. The occupancy rate improved compared to previous quarter and we believe the positive trend will continue. We find the yield attractive but realize it is hard for equities to compete against an exuberant bond market. Only minor changes are made to estimates and the Fair value.
Stable yield around 6% Read More »
Q2 Sales beat estimates while EBITDA was inline which is not too bad given the Estonian economy and the consumer confidence trend in Lithuania. We look for an improving ad market in 2026. Our profits estimates and Fair value are lowered but our dividend forecast is intact.
Not too bad given the economy Read More »
Revenues beat estimates while earnings were below on consumer weakness and sluggish economies. This year will be challenging but there are perhaps some early signs of improvement. We lower our forecast but still expect dividends in the forecast period.
Perhaps some signs of improvement Read More »
Q2/25 profits were below forecast as consumers are under pressure from tax hikes. This year is challenging but there is no need to be “depresso” as the dividend yield is still decent and we foresee a consumer sentiment improvement in 2026.
“No stresso, no stresso” Read More »