Record profits made the Grigeo (GRG) share the second best Baltic Main List performer in 2023. A substantial Net cash position and positive Cash flows support dividends. A positive resolution of the legal case could result in further gains.
Massive outperformer Read More »
2023 metrics were at record high as management elegantly handled higher interest rates, and the economic slowdown. 2024 is not without challenges but management have shown it is possible to return good dividends in this volatile environment.
Rent income and Profits excluding value changes met our forecast. EfTEN showed great resilience to the 2023 real estate downturn and interest rate shock, which enabled attractive dividends. We believe the market will gradually improve in 2024 and raise our dividend forecast and Fair value.
+5% yield despite tough market Read More »
Q4 Sales and Profits beat our forecast, as Supermarkets and Car trading posted record profits. The attractive dividend yield is backed by strong cash flows. Given Estonia’s expected 2023 GDP decline of ~3%, the 27% Net profit growth is impressive.
Profits up 27% despite recession Read More »
Profits exceeded estimates as management did an excellent job minimizing the effects of higher interest rates and lower energy prices. The estimated net yield beats the bank deposit rate. We reiterate our Base case target price of EUR 26.53.
Beats the bank deposit Read More »
Sales and profits were below estimates as vessel call revenues declined and the cargo market softened in the economic downturn. We lower our estimates and Base case Fair value and look for a vessel call recovery next year which combined with an efficiency program should result in a profit increase.
Looking for calls to pick up in 2024 Read More »
Q3 Revenues were below while Profits were above forecast. The Net profit grew by double-digits revealing attractive valuation. We raise our estimates and continue to wonder when Lithuanian investors will appreciate its own bank.
PE 4.5x, Dividend yield 8% Read More »
Sales was below while Net profit was inline. Ad revenue growth is still healthy and niche segments show strong growth. A European ban on “behavioral advertising” could benefit local media players such as Ekspress Grupp. We lower estimates somewhat but keep our dividend forecast.
Charter revenues drove profits significantly above our estimates despite lower than expected revenues. We continue to forecast healthy charter revenues, and raise our dividend forecast and Fair value.
2023E Dividend raised, 7.7% yield Read More »
Q3/23 Sales and Earnings were above estimates. Once again, Food retail showed strength in a sluggish economy. Furthermore, Car trade posted an excellent quarter defying our slowdown thesis. We raise our earnings estimates and reiterate our dividend estimates. The dividend yield is attractive vs. the bank deposit rate.
Food retail shines in all weather Read More »
