LHV Institutional Baltic Insight, October 29th, 2020
* Harju Elekter (‘HAE’; along with its subsidiaries it is referred to as the ‘Group’) published Q3 2020 results on 28th October 2020, which revealed a notable decline in revenues but recorded a significant improvement in profitability on a y-o-y basis.* It should be noted that the y-o-y decline in revenues in Q3 2020 is primarily a result of the high base effect, i.e. the Group earned the highest revenues in Q3 2019 since it started operations. The Group recorded third-highest revenues in Q3 2020 in its history. Please also refer to the tables in the attachment.
* Given the current COVID-19 crisis, we are satisfied with the Group’s performance; however, we are cautious about the future. Our fair value range for the Group is EUR 3.90 – 4.30 (closing price as of 27th October 2020: EUR 4.68).
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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