The Q2 report revealed excellent preparedness for the tough covid quarter, calming our main concerns. Upcoming quarters will be challenging as the government support tapers off, but we believe management has demonstrated they can navigate through tough conditions.

Despite challenging Covid-19 effects, Q1 sales and EBITDA grew. Q2 will be even more challenging but we believe the company is well-prepared with liquidity and cost cutting measures. Our Sum-ofthe-parts valuation indicate an upside, but we recognize the market’s focus will be on the upcoming tough quarters.

Ekspress Grupp is the leading media house in the Baltics. Their transformation from print to digital is hard to detect, but it is happening. The share is priced for digital transformation failure which might be too pessimistic.

Strong advertising sales and contributions from acquisitions resulted in the highest Q4 Operating profit in at least 10 years. The digitalization rate is on pace to cross 50% of group sales this year. We raise our estimates and Fair value range.