LHV Institutional Baltic Insight
* Hepsor (HPR1T ET) Q3 2022 Review: Low quarterly sales, the 2022-2024 financial guidance reducedHPR's management announced that it has considerably downgraded its financial guidance for the full-year 2022 as well as for 2023-2024. Although Hepsor has a solid development portfolio and our equity valuation is mostly derived from long-term projections, given the significantly adjusted management guidance, we decided to drop our 2022-2023 forecasts for the Group at this point. Accordingly, we decided to put the stock under review for a potential downgrade.
* MADARA Cosmetics (MDARA LR) Q3 Sales Update: The resilience story comes to an end
MDARA reported its 9M sales at EUR 14.2m (-4.2% y-o-y), but Q3 sales amounted c.a. EUR 4m (-19% y-o-y and -26% q-oq).The home market (Latvia) showed the highest drop in sales at 36%, followed by outside EU markets (-25% y-o-y) and the EU (excluding Latvia) with an 11% y-o-y decline.Overall, we see Q3 sales dynamics quite negatively and currently see a similar scenario in Q4.
* 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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