The Baltic egg production market is an oligopoly with high barriers to entry. APF Holdings (APF) has overcome the barriers, reached profitability, and become one of the four leading Baltic egg producers. The next step is to increase capacity to leverage on the fixed costs and expand margins.
Both revenues and earnings were above our expectations. The NAV discount is at record highs, while the exit phase is starting next year. We raise our Base case Fair value.
Getting closer to EXIT phase Read More »
Q2 Sales was below estimates while profits were significantly above. We lower our Sales estimates but raise our profit estimates. The Tissue segment is the main profitability driver, but the other segments also contribute. We raise our Fair value.
Valuation low due to legal case Read More »
Earnings beat our estimates and grew despite lower electricity prices as Ignitis Grupe’s integrated utilities business model outperformed the pure energy generation model. The Green Generation expansion is on track. A friendlier WACC methodology signifies a more market friendly regulator.
Diversification benefit Read More »
The reported FY 2022/23 profits established the base for the “new normal” earnings trajectory following the abnormally high profits in 2021/22. Food products staged a nice turnaround. We believe a dividend according to policy would be a positive message to investors.
Establishing “new normal” Read More »
Attractive entry and running yields supported by rent increases enable EfTEN Real Estate Fund AS (EfTEN) to stand strong in a downturn. Management is ready and able to capitalize on buying opportunities.
Winner in a downturn Read More »
Sales and profits were below estimates as the vessel calls declined despite a healthy pax growth. We do not expect a quick recovery in the vessel call growth rate. We lower our forecast and Base case Fair value. The dividend yield should cushion the downside.
Waiting for the calls Read More »
Q2 Revenues and Profits were above forecast and ROE is around 5-year highs. All targets except the cost of risk were fulfilled. We raise our estimates and Fair value. The only thing missing is a fair valuation.
No complaints except for valuation Read More »
An optimized sales mix resulted in a record quarterly net profit and we forecast full-year 2023 net profit to be the highest ever for Tallink. We raise our profit estimates and Fair value.