LHV Institutional Baltic Insight, February 5th, 2020
* Apranga (APG1L LH) has started 2020 as it ended 2019 – on a positive note. The company reported January 2020 turnover (incl. VAT) of EUR 19.9m (+17.4% y-o-y). This was mostly in line with the LHV forecast of EUR 19.7m. It is our opinion that this has set Apranga off on the right foot for the year and we believe, based on historic average seasonality, that the company is on track to reach (if not exceed) our current full year turnover (incl. VAT) forecast of EUR 259.1m. Please also refer to the chart and table in the attachment.* Tallink (TAL1T ET, ‘TAL’) recorded a solid expansion in its total PAX flows in January 2020 compared to the same month last year, partly driven by the lower number of docking days for maintenance works regarding passenger vessels. On the other hand, the company’s cargo volumes declined y-o-y last month, mostly reflecting the drop between Estonia and Finland from abnormally high levels recorded in January 2019 due to lower capacities operated by TAL’s competitors last year and dockings of several vessels of TAL operated on the Estonia-Finland routes this year. TAL normally uses the relatively quiet season of January-February for scheduled maintenance works, substantially influencing its capacities operated during that period.
* In January 2020, the monthly PAX number grew 12.4% y-o-y to 617,400, and total passenger cars advanced 2.4% y-o-y to 73,000, while total cargo traffic declined 5.4% y-o-y to 29,800 units. The PAX figure represents the best month of January since 2012. Please also refer to the table 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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