Report
Shana Gavron

LHV Institutional Weekly Review, October 16th, 2021

* Q3 previews for our Baltic coverage universe (including summary table)
* Q3 preview and review for Tallinna Kaubamaja (TKM1T ET), Tallinna Sadam (TSM1T ET) Q3 operational summary, Novaturas (NTU1L LH) September results plus EfTEN (EFT1T ET) Q3 preliminary results, delisting-related developments for 2 companies
* Key metrics for stocks covered.
Underlyings
Agrowill Group AB

Auga Group AB. Auga Group AB, formerly Agrowill Group AB, is a Lithuania-based company engaged in the agriculture sector. The Company's activities are structured mainly into three divisions, namely Mushroom-growing, Plant production and Livestock production. The Company offers white, brown, portabella, eryngii, pleurotus and shiitake mushrooms. It specializes in organic wheat and other crops, including organic vegetables and organic feed for livestock in its farms. The Company supplies potatoes, beetroots, onions, carrots, marinated champignons, marinated beetroots, among others. The Company operates own trademark AUGA. In addition, the Company is involved in own farms management. The Company has numerous subsidiaries, including UAB Arginta Engineering, UAB AVG Investment and UAB Agro GIS, among others. It operates domestically on the Lithuania territory.

Apranga

Apranga APB is a Lithuania-based company that is principally engaged in the retail trade of apparel. Apranga Group, which consists of a parent company Apranga APB and its 16 wholly owned subsidiaries (located in Lithuania, Estonia and Latvia) control numerous stores and outlets in such Baltic States as Lithuania, Latvia and Estonia. Apranga Group develops trade systems and single-brand stores of five different types: ZARA franchise stores; APRANGA family fashion stores; Aprangos Galerija young fashion; Dshop a Desigual brand franchise shops; CITY business fashion stores and a franchise store Betty Barclay in Latvia, and Luxury clothes, footwear and accessories stores, which comprise franchise stores, such as Emporio Armani, GF Ferre, Hugo Boss, MaxMara, Burberry Limited, Mados linija and others. In February 2014 it established a subsidiary Apranga MDE OU which operates Massimo Dutti stores in Estonia under agreement with Inditex.

AS Tallinna Vesi

Tallinna Vesi is a water utility in Estonia providing drinking water and wastewater disposal services to over 400,000 people in Tallinn and in several neighbouring municipalities. Co. has the exclusive right to provide water and sewerage services in Tallinn's main service area until the year 2020. Co.'s activities included the production, treatment and distribution of water; storm and wastewater disposal and treatment. Co.'s main operating activity principally comprises the sales of water and treatment of wastewater to domestic and commercial customers within and outside of the service area, and fees received from the City of Tallinn for operating and maintaining the storm water system.

Baltic Horizon Fund

Coop Pank

EfTEN Real Estate Fund III AS

HansaMatrix AS

Harju Elekter A.S.

Harju Electrics Ltd. Harju Electrics Ltd (formerly Harju Elekter AS), is an Estonia-based electrical equipment manufacturer. The Company specializes in the production of electrical distribution systems, control panels, cables and substations; wholesale and mediation of light fittings and electrical appliances; real estate holding and information technology (IT) services, among others. Harju Elekter AS is a parent company of Harju Elekter Group, which consists of five subsidiaries: Harju Elekter Elektrotehnika AS, Harju Elekter Teletehnika AS, Satmatic OY, Rifas UAB and Harju Elekter AB. It is active domestically and abroad in such countries as Latvia, Poland, Norway and the United States and others.

Klaipedos Nafta AB

Klaipedos Nafta AB. Klaipedos Nafta AB is a Lithuania-based company involved in the export and import of oil products and crude oil. The Company's activities include transhipment of crude oil and oil products, unloads crude oil and oil products from tankers into railway cars, temporary storage of crude oil and oil products, determination of quality parameters of oil product, injects chemical additives into oil products, accepts oily water from ships, supply of fuel and water to ships and provides moors tankers. As of December 31, 2011, the Company's major shareholder was Lithuanian Ministry of Energy with a stake of 70.63%. On December 17, 2012, the Company registered its new subsidiary, LitGas, which specializes in the distribution of gas.

Merko Ehitus (New)

Merko Ehitus AS is an Estonia-based holding company engaged in the construction industry sector. Through its subisidaries the Company focuses on construction of buildings, facilities and roads. In addition, it is also engaged in the real estate sector, which is based on the Company's own real estate development, including construction and sale, as well as maintenance and leasing of real estate. Merko Ehitus AS is active domestically and abroad in Latvia and Lithuania. The Company operates through 35 subsidiaries, five associates and joint ventures, such as SIA Merks, UAB Merko Statyba, AS Merko Infra, Tallinna Teede As and AS Gustaf, among others.

Nordecon International

Nordecon AS began operating as a construction company in 1989. Co.'s business strategy has been underpinned by focusing on general contracting and project management and a policy of maintaining a balance between building and infrastructure construction. Co. has extended its offering with activities which support the core business such as road maintenance, concrete works and other services that provide added value, improve operating efficiency and help manage risks.

Novaturas AB

Novaturas AB is a Lithuania-based company, which is engaged in the provision of travel services in the Baltic countries. The Company operates through three divisions: All Inclusive vacation packages around all time year; Sightseeing tour by coach and plane to approximately 30 destinations across the world, as well as ski trips. It also offers airline tickets and hotel accommodations. It sells tours through travel agencies and its Website.

Olaines Kimiski - Farmaceitiska Rupnica

Siauliu Bankas

Siauliu bankas AB is a Lithuania-based company engaged in the provision of commercial banking and financial services to private and corporate clients. It offers such services as provision of bank accounts, offering the debit and credit cards and safety deposit boxes, cash and non-cash money transfers, operations with securities, currency exchange, lending and investment services, Internet banking, financial brokerage and real estate development. It also issues monetary warranties, guarantees and other warranty liabilities, as well as performs operations with payable documents, such as checks and others. The Bank has several branches, numerous client service units and subsidiaries.

Silvano Fashion Group

Silvano Fashion Group AS (SFG), formerly PTA Grupp AS, is an Estonia-based company, which is mainly engaged in the design, manufacture and marketing of women's apparel and lingerie. In addition, the Company provides sewing services to other manufacturers of women's lingerie. The Company owns such brands as Milavitsa, Alisee, Aveline, Lauma Lingerie and Laumelle. The Company is active domestically and abroad in such countries as the Russian Federation, Belarus, Ukraine and the Baltic States, where the Company sells its products through its retail chains, such as Milavitsa and Lauma Lingerie. Silvano Fashion Group AS operates eleven subsidiaries, located in Latvia, Belarus, France and the Russian Federation.

Tallink Group

Tallink Grupp AS is a ferry operator providing mini-cruise and passenger transport services in the Baltic Sea region. The Company also offers cargo services on the various routes between Finland-Sweden, Estonia-Finland, Estonia-Sweden, Finland-Germany, and Latvia-Sweden under the brand names of Tallink and Silja Line. In addition, the Group operates four hotels in Tallinn and one in Riga. As of March 28, 2013, the Company's major shareholder was Infortar AS with a stake of 35.81%.

Tallinna Kaubamaja A.S.

Tallinna Kaubamaja is engaged in footwear trade, car trade and retail trade in supermarkets and real estate development in Latvia; and in car trade in Lithuania. Supermarkets focus on the sale of foodstuffs and convenience goods, the department stores on the sale of beauty and fashion products, the car trade on the sale of cars and spare parts to cars. In the car trade segment, cars are sold at wholesale prices to authorised car dealers. In the footwear trade segment, footwear is sold at wholesale prices to family markets. The real estate segment deals with the management and maintenance of real estate owned by Co., and with the rental of commercial premises.

Tallinna Sadam AS

Tallinna Sadam AS is an Estonia-based company, which is involved managing and developing port infrastructure and organizing vessel traffic in the port basin. The Company reports three segments: Passenger harbors segment offers passengers transportation from Estonia to Sweden, Finland and Russia; Cargo harbors segment offers transportation of solid and liquid bulk goods, general cargo, as well as the container and rolling stock cargo, and Other segment includes ice-breaking services and various maritime support services. It holds five harbors: Old City, Saaremaa, Muuga, Paljassaare and Paldiski South. The Old City Harbor in the centre of Tallinn, together with the Old City Marina for small vessels and the Saaremaa Harbor, used mostly for receiving cruise liners, are focused on providing passenger port services. Muuga Harbor, Paldiski South Harbor, and the Paljassaare Harbor that services mostly ship repair companies, are focused on providing cargo port services.

Provider
LHV PANK
LHV PANK

LHV Bank is an independent pan-Baltic bank, based on Estonian capital. The company was founded in 1999 by two founders of Hansapank (today’s Swedbank in the Baltics) and has been offering a full range of investment services for 15 years. In May 2009, LHV received a credit institution licence allowing it to provide all banking services.

The head office is situated in Tallinn, Estonia. Cross-border services are offered in Vilnius, Lithuania and in Riga, Latvia. LHV provides brokerage (institutional and retail), asset management, banking and capital markets services. Compared to other banks, we are more innovative and have more solid experience in investment and entrepreneurship.

The Bank, together with the Group asset management company employs over 320 people. LHV Group shares are listed on Nasdaq Tallinn.

Analysts
Shana Gavron

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