Enlight Research updates valuation of INVL Technology and raises target share price

Enlight Research updated its valuation of INVL Technology, a company that invests in IT businesses which is seeking to divest its portfolio of investments, following the publication of operating results for the first half of 2025.  

Analyst Mattias Wallander, who performed the valuation for Enlight Research, increased the target price for INVL Technology’s shares to EUR 4.25 per share, which he said implies a price-to-sales multiple of 0.9x. Enlight’s previous sum-of-the-parts base case fair value target price was EUR 4.12 per share.

Before publication of the update report, INVL Technology’s share price on the Nasdaq Vilnius stock exchange was EUR 3.56.

“The current net asset value (NAV) discount of 19% is slightly below the long-term average of 22%. In our view, an exit at attractive levels could trigger a decline of the NAV discount resulting in a share price closer to our fair value,” Wallander notes.

INVL Technology’s equity and NAV at the end of June this year were EUR 52 million, or EUR 4.35 per share.

According to the Enlight Research report peer multiples show that NRD Cyber Security, the cybersecurity company INVL Technology owns, on its own could be worth EUR 46.2 million, or EUR 3.85 per share, which is more than INVL Technology’s current share price on the stock exchange. This implies the rest of the group is valued near zero, highlighting clear upside if the cybersecurity business is properly recognized.

In late August this year, INVL Technology said that it is continuing processes started with investors regarding the divestment of its portfolio companies and will begin an active new phase in the near future after hiring new investment advisors.

INVL Technology owns the cybersecurity company NRD Cyber Security, the Gov-Tech company NRD Companies, and the Novian IT company in the Baltic countries.

The company that invests in IT businesses earned an unaudited net profit of EUR 0.766 million in the first half of 2025, 22.8% more than in the same period last year. 

INVL Technology, which is managed by INVL Asset Management, the leading alternative asset manager in the Baltics, is a closed-end investment company.

Enlight Research provides private and institutional investors with equity research. The company's reports are available to all investors free of charge. The Enlight Research report is commissioned by INVL Technology and does not constitute investment research. The report was prepared for informational purposes and cannot be considered an offer to buy or sell shares. The responsibility for such a decision lies with the investor.

The person authorized to provide additional information:

INVL Technology Managing Partner

Kazimieras Tonkūnas

E-mail 

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