LHV Institutional Baltic Insight, February 24th, 2021
* Harju Elekter (‘HAE’; along with its subsidiaries, referred to as the ‘Group’) published Q4 2020 results on 23rd February 2021, which revealed a significant increase in revenues and improvement in profitability on a y-o-y basis. The strong Q4 results enabled the Group to record the highest annual sales and operating profit in its history.* The Group’s dividend policy states that at least one-third of the net profit from ordinary economic activities is paid out as dividends. In coordination with the Supervisory Board, the Group’s Management Board will propose to pay dividends to the shareholders EUR 0.16 per share, totalling EUR 2.8m and representing a 51% payout ratio. At the share price of EUR 8.16, it would mean a dividend yield of 2%.
* Currently, while we do not have sufficient information to derive the fair value of HAE’s stake in Skeleton Technologies we have placed HAE under review.
Harju Electrics Ltd. Harju Electrics Ltd (formerly Harju Elekter AS), is an Estonia-based electrical equipment manufacturer. The Company specializes in the production of electrical distribution systems, control panels, cables and substations; wholesale and mediation of light fittings and electrical appliances; real estate holding and information technology (IT) services, among others. Harju Elekter AS is a parent company of Harju Elekter Group, which consists of five subsidiaries: Harju Elekter Elektrotehnika AS, Harju Elekter Teletehnika AS, Satmatic OY, Rifas UAB and Harju Elekter AB. It is active domestically and abroad in such countries as Latvia, Poland, Norway and the United States and others.
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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