Ignitis stock has been trending upwards, supported by strong Q3 2024 results and an increase in adjusted EBITDA guidance for the year. As the actual 2024 results exceeded this guidance, we view the recent dip in the stock price as temporary and anticipate continued adjusted EBITDA growth in 2025.
2024 was epic for Siauliu Bankas (soon to be renamed Artea Bankas) with new owners optimizing the capital structure and implementing investor friendly policies resulting in a positive share price revaluation. Still, the share is only around book so there could be further upside.
Q4/24 surprised positively with ad revenue growth. In 2025, we expect continued growth from Lithuania and a return to growth in Estonia. We do not believe the digital subscriber target will be reached but this should not be surprising. Excluding acquisitions, the dividend yield is compelling.
Strong finish of the year Read More »
Q4/24 profits were significantly above estimates leading to another solid year. We forecast stable profits partly supported by stable energy prices and regular emission rights gains. We reiterate our Base case Fair value and dividend forecast. A resolution of the legal case could be a share price trigger.
Another solid year Read More »
Q4 profit was below forecast but the declared dividend was above. We look for a macro driven recovery this year, and expect dividend policy payouts in the coming years, supported by healthy free cash flow. Only small changes are made to the estimates and fair value.
Free cash flow support dividends Read More »
Both sales and earnings were significantly above forecast, driven by the Food segment. We regard Food segment earnings as more stable than trading earnings. A standalone valuation of the Food segment could motivate nearly the full Akola Group market cap. We raise our estimates and Fair value.
Growing in all the right places Read More »
Eleving met its IPO targets, delivering both attractive growth and potential yield. The IPO strengthened the balance sheet and likely resulted in lower funding costs. We believe Eleving offers an attractive mix of growth and dividends.
15% sales growth with 7.4% yield Read More »
The Estonian economy is in a multi-year slump and the mood is at historical lows. These are times when we feel more positive because it always feels worst at the bottom and TKM Grupp still has an attractive dividend yield backed by cash flows.
After rain comes sun Read More »
Once again, the quarterly adj. EBITDA was above our forecast and grew vs. last year. The 2024 guidance was raised on the back of the strong Green Capacities performance. The mix of regulated and unregulated operations enable earnings growth despite lower electricity prices and higher interest rates.
Outperformance continues Read More »
After seven years of holding back on major acquisitions, EfTEN sees attractive opportunities as local investors lack capital and foreign investors want to exit. If successful, the ongoing equity offer could enable EfTEN to make dividend accretive acquisitions.
Perfect time to Buy Read More »