Enlight Research raises valuation and target share price for INVL Technology to EUR 5.05

Independent investment research firm Enlight Research has 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 preliminary results for 2025.

Acknowledging the Group’s strong financial growth and significantly improved operational performance, Enlight Research increased the target share price for INVL Technology to EUR 5.05 (previously EUR 4.25). Under the optimistic scenario, the value reaches EUR 6.01 per share, while the conservative scenario estimates EUR 4.09.

Before the release of the valuation report, INVL Technology’s share price on Nasdaq Vilnius stood at EUR 4.10.

Enlight Research calculated that the weighted P/S (price-to-sales) multiple of the managed companies was 1.0x.

In the fourth quarter of 2025, the companies within INVL Technology’s portfolio generated EUR 22 million in revenue – 23% higher than Enlight Research’s forecast – while EBIT reached EUR 2.2 million, three times above expectations. On an annual basis, EBIT rose to EUR 6 million, with the margin improving to 9.1% (compared to 6.0% the previous year).

As of December 31, 2025, an independent valuer Deloitte verslo konsultacijos increased the value of the companies managed by INVL Technology by 30 percent to EUR 70 million (from EUR 54 million at the end of 2024). The main contributors to the value growth were Novian (+EUR 7 million) and NRD Cyber Security (+EUR 6 million). Meanwhile, Enlight Research assessed the overall value of INVL Technology's managed portfolio at EUR 73.8 million, or 5% higher than the independent valuation.

At the end of 2025, the net asset value (NAV) per share rose by 26%, reaching EUR 5.40. The company’s share price on Nasdaq Vilnius (EUR 4.18 as of 18 March 2026) indicates a 23% discount to NAV, consistent with the long-term average of 22%.

Driven by significantly improved operational indicators, Enlight Research raised its sales forecasts for 2026–2027 by 5–6% and EBIT projections by 38% for the same period.

INVL Technology manages the cybersecurity firm NRD Cyber Security, the GovTech business group NRD Companies, and the IT services company Novian. The company continues the process of divesting its portfolio, aiming to complete it by 2028.

Managed by the alternative asset manager INVL Asset Management, INVL Technology operates as a closed-end investment company.

Enlight Research prepares independent corporate analysis reports, providing high-quality investment insights.

The person authorized to provide additional information:

Kazimieras Tonkūnas

INVL Technology Managing Partner

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