LHV Institutional Baltic Insight, June 11th, 2020
* LHV recently published reports for EfTEN Real Estate Fund III (‘EfTEN’) and Baltic Horizon Fund (‘BHF’) on 26th May 2020 and 8th June 2020, respectively. These reports included revised fair valuation ranges that were determined by a combination of intrinsic and relative valuation approaches.* The challenge lies in that these reports were published during a period of great uncertainty on account of the global COVID-19 pandemic. The outbreak led to a significant decline in share prices globally across most sectors. The property market sector was also not immune to this shock, especially with the retail and office markets being impacted by countrywide quarantines. The severity of this crisis can be seen from the rebased prices of the EFT and BHF listed peers.
* Moreover, we are aware of misinterpretations being made by investors due to the timing factor for reports being released, i.e. reports of different funds not being released at the same time. Please also refer to the tables and charts in the attachment.
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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