Q1 earnings was better than expected even adjusted for one-off income. The earnings recovery continues driven by increased vessel calls rather than pax growth. We raise our estimates and Fair value while our dividend forecast is left unchanged, with upside potential.
Recovery continues Read More »
9M profits were much better than expected and full year guidance could be exceeded. Akola’s food segment is one of Northern Europe’s biggest and has yet to be discovered by investors. The current market cap could be motivated by the food segment alone.
Undiscovered food giant Read More »
Q1/25 adj. EBITDA was above estimate on solid performance by core segments. Guidance was reiterated. The updated 2025-28 strategy confirms the growth plan. The Enefit Green buy-out could have a positive effect on Ignitis Group share. It also reveals the superiority of the integrated vs. the renewable only business model.
The Baltics energy stock Read More »
Q1/25 Sales was in line while profit was below. The Ad sales decline was more than offset by other segments. The forecast dividend yield has a large safety margin alternatively substantial upside. The valuation continues to be at historical lows.
6% yield with potential for more Read More »
Q1 Revenue was below estimate while profits were in line. Investments are made to enable “best in class” long-term ROE. Short-term, the yield is the best among Baltic peers, despite the investments. The valuation looks compelling both from a Baltic and Eastern European perspective
The long and the short view Read More »
The INVL Technology share price increased 70% in 2024 driven by increasing profits and NAV. The end of 2024 estimated value of the portfolio companies was raised by 20% by the external valuator. First exit is likely to come later than we initially expected due the high volatility in the stock markets. Nevertheless, we see potential for continued strong performance underpinned by strong operations and exits.
Q1/25 was below estimates as idle ships burden and consumers hold back. The limited share price reaction implies a soft quarter was expected. We foresee improved operations although our estimates are lowered. We see limited downside as dividends and a potential buy-out bid cushion the downside.
Challenging year priced in Read More »
Q1/25 was challenging due to seasonality, tax driven inflation, and volatile world events. We believe the consumer will be on the backfoot this year and come back next year. We lower our estimates and Fair value accordingly. The estimated dividend yield should cushion the downside.
Headwind 2025->Tailwind 2026 Read More »
Q4/24 sales was in line with estimates while profits were above resulting in a full-year 2024 double-digit sales and profit growth. The dividend yield is in line with the bond yield which we believe is attractive given the liquidity in equities. We raise our Base case Fair value.
Bond-like dividend yield Read More »
Q4/24 Net profit was significantly above forecast. 2024 feels like a turnaround year confirming that 2023 was the low. A resolution in Ukraine could have a substantial positive effect on operations. We reiterate our Base case FV and dividend forecast.
2024 was a turnaround year Read More »
