LHV Institutional Baltic Insight, May 18th, 2021
* Novaturas AB (NTU1L LH) has been one of the hardest-hit Baltic companies due to the COVID-19 pandemic. The Company showed a substantial recovery in April, with the number of customers served increasing to 10.2k while generating revenues of EUR 6.4m (+56% m-o-m). While presenting Q1 results, the Company mentioned that in each month of Q2, it would target to serve more than 10k travellers. The Company has achieved its target in April, and the management believes that it is highly likely to generate similar figures in May. Please also refer to the tables in the attachment.* In May, the Company opened the summer 2022 holiday season’s early bookings to the three most popular holiday destinations - Turkey, Greece, and Bulgaria. In 2019, the Company sold about 30% of all summer holiday programme during early bookings, with Turkey accounting for over 50% of the total summer holiday programme, followed by the Greek islands (c.a. 17%) and Bulgaria (c.a. 15%).
* We have reassessed our fair value range for the Company based on its operating performance and macro factors in its key markets. Given that the Company’s business outlook has changed significantly, we revised our forecasts and, accordingly, changed our fair value range from EUR 7.05-7.75 (effective until 19th March 2020) to EUR 6.00-6.50, effective from 11th May 2021. More details are available in our report published on 11th May 2021.
Novaturas AB is a Lithuania-based company, which is engaged in the provision of travel services in the Baltic countries. The Company operates through three divisions: All Inclusive vacation packages around all time year; Sightseeing tour by coach and plane to approximately 30 destinations across the world, as well as ski trips. It also offers airline tickets and hotel accommodations. It sells tours through travel agencies and its Website.
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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