Report
Shana Gavron

LHV Institutional Baltic Insight, July 8th, 2021

* Considering the pandemic-related uncertain economic developments, similar to the disclosure practice used throughout 2020, HansaMatrix (HMX1R LR) announced its preliminary quarterly sales figures ahead of the publishing of the full Q2 2021 report scheduled for 13th August. According to the announcement, HMX recorded preliminary revenues of EUR 5.98m for Q2 2021, expanding 13.1% y-o-y and 2.6% q-o-q. We continue to believe that there is a strong potential to be exploited in terms of HMX’s core operations, as well as the development of LightSpace, which is about to monetise its novel technology, with HMX becoming its major EMS provider. Mostly due to the developments at LightSpace and its expected growing contribution to the performance and value of HMX, in May 2021, we decided to considerably upgrade our fair value range (‘FVR’) for the stock from the previous EUR 8.70-9.30 per share to EUR 15.00-16.40 per share.
* Klaipedos Nafta (KNF1L LH) recorded a decline in its total preliminary revenues to EUR 5.8m in June 2021 (-6.5% y-o-y). The revenues from oil terminals increased by 8.3% y-o-y to EUR 2.6m, supported by a one-off sale of the light oil products residues in June. Cumulative six month revenues (Jan-Jun 2021) declined by 33.3% y-o-y to EUR 10.8m primarily due to low volumes caused by depressed refining margins, geopolitical circumstances, the temporary suspension of oil products sales through Klaipėda by BNK (UK) Limited, and the global COVID-19 pandemic.
* Please also refer to the tables in the attachment.
Underlyings
HansaMatrix AS

Klaipedos Nafta AB

Klaipedos Nafta AB. Klaipedos Nafta AB is a Lithuania-based company involved in the export and import of oil products and crude oil. The Company's activities include transhipment of crude oil and oil products, unloads crude oil and oil products from tankers into railway cars, temporary storage of crude oil and oil products, determination of quality parameters of oil product, injects chemical additives into oil products, accepts oily water from ships, supply of fuel and water to ships and provides moors tankers. As of December 31, 2011, the Company's major shareholder was Lithuanian Ministry of Energy with a stake of 70.63%. On December 17, 2012, the Company registered its new subsidiary, LitGas, which specializes in the distribution of gas.

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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