Q3/25 Sales and EBITDA beat estimates. The Altero stake sale boosted an already strong cash flow and we see additional value from associated companies. We reiterate our…

Q3/25 Revenues were in-line while earnings beat estimates following lower than forecast costs and financial expenses. This year is challenging but management have taken measures to make…

Both Sales and Profits were above our estimates. The Car trade segment posted quarterly y/y growth for the first time this year, widely outperforming the Estonian car…

Q2/25 Sales were below forecast but profits were significantly above. We expect a pickup in sales in the seasonally stronger H2. The NAV discount is slightly below…

Q2/25 revenues were in-line with estimates while profits were above. We believe this year marks the bottom of this economic cycle and predict increasing profits in coming…