Q2/25 Revenue was below estimate while profits were in-line. The below book valuation implies investors are pricing in below guidance profit. Our forecast is in-line with guidance and we see upside if it is reached. The forecast yield looks compelling.

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

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.

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.

Q2 revenue and profit were above expectations as the strong Lithuanian economy supports loan growth and profits. We raise our estimates and reiterate our view that Siauliu Bank’s (SAB)valuation spread to Estonian banks is unjustified, especially given the sluggish Estonian economy.

Q1 Revenues and Profits beat estimates on doubledigit growth for all key lines. The company is entering a 2-year investment phase but expected ROE is still at attractive levels. The valuation below book is so attractive that more than 12,000 Estonians have bought into the share despite the usual friendly rivalry between the Baltic states.

The 2023 Net profit set a record and all guided targets were met adjusted for one-offs. Siauliu Bankas (SAB) is starting its journey to become a full-service bank competing with the Swedish banks. This means two years of above normal investments, but the expected dividend yield is still above the locally listed Estonian banks.

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.

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.