LHV Institutional Baltic Insight, February 28th, 2020
* Apranga (APG1L LH) reported a satisfying set of results for the fourth quarter of 2019. The net sales of EUR 59.8m were slightly higher than our estimate (EUR 58.4m), but the gross profit of EUR 27.0m was c.a. EUR 0.3m short of our expectations. Please also refer to the tables in the attachment.* MADARA Cosmetics (MDARA LR; ‘MADARA’), a leading Latvian producer of natural beauty products, is listed on Nasdaq Baltic First North and reports its financial results semi-annually. MADARA did not quite reach the projected revenue and profit figures for the second half of 2019, but still reported solid sales growth and, as predicted, a substantial improvement in profitability compared to H2 2018. Thus, we are generally satisfied with recent developments. The new make-up line, introduced at the end of September last year, nicely contributed to the good performance towards the year-end, reflecting a successful launch. Please also refer to the tables in the attachment.
* Tallink (TAL1T ET, ‘TAL’) ended the last year on a positive note, recording Q4 2019 revenues and underlying profits broadly in line with our estimates, with continued improvements in the company’s operating margins. TAL’s total revenues came marginally weaker than predicted, mostly due to somewhat slower than projected growth in terms of restaurant and shops sales. Nevertheless, TAL succeeded to post slightly stronger than anticipated profit figures, while comparable EBITDA margin (excluding the impact of IFRS 16) advanced 2.2pp y-o-y to 12.8% for the last quarter. The management proposes to the AGM to pay dividends in the amount of EUR 0.06 per share compared to our estimate of EUR 0.05. On Wednesday, TAL announced that it has signed a memorandum of understanding for a major real estate development project in co-operation with its largest shareholder, Infortar, and the City of Tallinn. Please also refer to the tables in the attachment.
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.
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%.
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.
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