LHV Institutional Baltic Insight, February 27th, 2021
* In H2 2020, MADARA Cosmetics' (MDARA LR) net sales amounted to EUR 7.86m (+32.0% y-o-y), slightly higher than our estimates, primarily driven by strong growth from the e-commerce channel.* In December 2020, the Company announced its next three years’ target to achieve revenues of EUR 27m in 2023. The Company is planning to achieve this target by doubling its production compared to the 2020 level at the existing production premises.
* Considering the recent developments, we believe the Company can meet this guidance, and we will upgrade our conservative projections as well as the fair value range.
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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