Strong Food segment earnings offset other lower than expected results from other segments. The Food segment could become a leading food producer in the Baltics. A standalone valuation of the Food segment could motivate nearly the full Akola Group market cap. We raise our estimates and Fair value.
Food giant in the making Read More »
Q3/24 Revenues were inline while profits were below. However, adjusted for one-offs, the profits were above forecast and grew healthily. Several factors indicate a turnaround, but it is too early to make a strong call. We make minor adjustments to our estimates.
Siauliu Bankas (SAB) has widely outperformed its Estonian peers on the back of a strong Lithuanian economy and shareholder friendly actions taken by the new owners. We see continued positive momentum as the valuation is still low.
+30% in 12 months and more to give Read More »
Q3/24 revenues and profit were below estimates as the sluggish Estonian economy burdened ad spending. We lower our estimates but still expect dividends to cushion the downside. The 14-year low valuation implies the weak ad market is priced in. We look for an earnings recovery next year.
Estonian recession burden ad spend Read More »
Q3 Sales and Profits beat estimates, but the economic downturn affects demand. In 2025, we assume an economic recovery leading to a doubledigit underlying profit growth. We expect dividend policy payouts each year in 2024-26.
All about the Dividend Read More »
The sales and profits were in line with forecast. The profit decline is natural given the Estonian economicdownturn i.e., no reason for drama. The cash flows upports healthy dividends and we see no reason for the 17 year consecutive dividend run to be broken.
Eleving is one of the leading finance and mobility solutions providers in the Baltics, Africa, and Balkans. These markets provide a diversified profitable mix of growth and stability. The business model is scalable underpinning future growth in revenue and profits.
Double-Digit EPS Growth Read More »
The INVL Technology share has rallied strongly on expectations of exits confirming the NAV valuation. We expect the first exit to happen by the end of the year and that the proceeds are promptly distributed to shareholders.
Akola closed their FY 23/24 on a strong note as the Food segment improved earnings. The increased share of earnings from the Food segment creates a more balanced earnings profile. The Free Cash Flow yield reveals the long-term dividend potential. We raise our estimates and Fair value.
Food segment boost earnings Read More »
Q2/24 adj. EBITDA beat our forecast and grew compared to last year, proving the resilience to higher interest rates and lower energy prices. The Company raised adj. EBITDA guidance and received reaffirmed BBB+ (stable outlook) credit rating. We reiterate our dividend forecast and Fair value with increased confidence.
Towards another solid year Read More »
