Report
Shana Gavron

LHV Institutional Weekly Review

* DelfinGroup (DGR1R LR) - Investment Summary from our recently published annual review. Please contact us if you would like to receive the full version.
DelfinGroup is a licensed non-bank financial services company founded in 2009 and operates under the brand names Banknote, VIZIA, and Rīgas pilsētas lombards (Riga City Pawnshop). The Group’s core services are consumer loans, pawn loans, and the sale of pre-owned goods, while the services are provided through two channels, i.e. online and the Group’s extensive branch network across Latvia.
* Tallink Grupp (TAL1T ET) August 2022 traffic review: PAX recovery continued, but challenging winter season ahead.
Despite the solid y-o-y growth of PAX numbers, the current flows are still well below pre-pandemic levels, forming 59% of the pre-pandemic volume back in August 2019 (July 2022 vs July 2019: 73%).
* Key metrics for stocks covered.
Underlyings
DELFINGROUP AS

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%.

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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