LHV Institutional Baltic Insight, January 6th, 2021
* Apranga (APG1L LH) announced that it has generated total retail turnover (incl. VAT) of EUR 13.7m (-46.6% y-o-y) for December 2020. The temporary store closures in the Baltic States have significantly hurt the business. The full-year turnover in Lithuania declined by 19.8% y-oy to EUR 118.3m, while in Latvia and Estonia the turnover dropped to EUR 52.4m (-11.8% y-o-y) and EUR 33.5m (-18.5% y-o-y), respectively. Our fair value range for the Company is EUR 2.35-2.55 (closing price as of 5th January 2020: EUR 1.745).* As the Finnish government restored movement restrictions for tourists between Estonia-Finland from the end of September 2020, Tallink Grupp’s (TAL1T ET) respective PAX flows have considerably deteriorated since October 2020, with a further decline registered in December 2020, most likely due to the lower number of work-related commuters.
* TAL will publish its unaudited Q4 2020 report on 25th February 2021. 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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