LHV Institutional Baltic Insight, January 14th, 2021
* EfTEN Real Estate Fund III (EFT1T ET) published its preliminary unaudited financial indicators and NAV numbers for December, indicating a quite steady revenue stream from its rental activities, with no signs of deteriorating tenant quality due to the worsening pandemic situation. Further, the Fund’s independent real estate appraiser, Colliers International, slightly upgraded the total value of investment properties during its regular semi-annual valuation process in December, partially reversing the substantial downward revaluation recorded in June 2020. Please also refer to the chart and tables in the attachment.* Considering the ongoing COVID-19 pandemic and related uncertain economic developments, similar to the previous three quarters, HansaMatrix (HMX1R LR) decided to announce its preliminary Q4 2020 sales figures ahead of the publishing of the full quarterly report scheduled for 19th February. According to the latest announcement, HMX recorded preliminary revenues of EUR 5.61m for Q4 2020, down 15.1% y-o-y. Accordingly, the full-year 2020 preliminary revenues amounted to EUR 22.6m, decreasing 8.0% from 2019.
* Although the Group fell considerably short of our earlier full-year 2020 revenue projection and we will keep a close eye on its developments for potential downward revisions for 2021, we refrain from making longer-term adjustments regarding HMX’s growth prospects. In our view, the latest news from its major affiliated company, LightSpace Technologies (‘LightSpace’) brightens the long-term outlook for HMX and should compensate for any near-term setbacks caused by the pandemic. Please also refer to the tables 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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