LHV Institutional Baltic Insight, 31 August 2023

LHV Institutional Weekly Review, March 3rd, 2023

* Apranga (APG1L LH) Q4 Results Review: Resilience maintained, results in line with estimates * AUGA Group (AUG1L LH) Q4 Results Update: Solid y-o-y recovery * CrossChem (CCLAT067524FA) Q4 and 12M Results Review: Despite lower sales, profitability improved significantly * DelfinGroup AS (DGR1R LR) Q4 and 12M Results Review: Solid revenues but high credit losses and cost inflation limit profitability * Enefit Green (EGR1T ET) Q4 2022 Review: Decent numbers despite lower electricity production...

LHV Institutional Baltic Insight

Please find attached today's edition of the Baltic Insight. * Apranga Group (APG1L LH) Q4 2022 Review: Resilience maintained, results in line with estimates * Enefit Green (EGR1T ET) Q4 2022 Review: Decent numbers despite lower electricity production * Klaipedos Nafta (KNF1L LH) Q4 2022 Review: Solid recovery with an improvement in underlying profitability * Madara Cosmetics (MDARA LR) H2 2022 Review: Profitability takes a hit * Siauliu Bankas (SAB1L LH) Q4 2022 Review: A solid quarter, bro...

LHV Institutional 'Baltic Equity Companion'

Please find attached our latest monthly: 'The Baltic Equity Companion' * Up to date profiles of the leading Baltic equities. * Valuation charts, stock summaries and key numbers for companies we cover. Includes aggregated data of our coverage universe and company summary at the front of this publication, as well as key macro indicator forecasts. * Updated 'heat maps' to gauge the level of overall economic stress and development in each of the Baltic countries. This uses a variety of economic va...

LHV Institutional 'Baltic Equity Companion'

Please find attached our latest monthly: 'The Baltic Equity Companion' * Up to date profiles of the leading Baltic equities. * Valuation charts, stock summaries and key numbers for companies we cover. Includes aggregated data of our coverage universe and company summary at the front of this publication, as well as key macro indicator forecasts. * Updated 'heat maps' to gauge the level of overall economic stress and development in each of the Baltic countries. This uses a variety of economic va...

LHV Institutional Weekly Review

* Apranga (APG1L LH) Monthly Sales Update: Sales resilience continues * Hepsor (HPR1T ET): Q3 2022 Result Review: Low quarterly sales, the 2022-2024 financial guidance reduced * MADARA Cosmetics (MDARA LR) Q3 Sales Update: The resilience story comes to an end * Merko Ehitus (MRK1T ET) Q3 2022 Results Review: All round excellent performance * Nordecon (NCN1T ET) Q3 2022 Results Review: Broadly stable revenues while profitability deteriorated * Siauliu Bankas (SAB1L LH) Q3 2022 Results Review...

LHV Institutional Baltic Insight

* Hepsor (HPR1T ET) Q3 2022 Review: Low quarterly sales, the 2022-2024 financial guidance reduced HPR'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 dec...

LHV Institutional 'Baltic Equity Companion'

* Up to date profiles of the leading Baltic equities. * Valuation charts, stock summaries and key numbers for companies we cover. Includes aggregated data of our coverage universe and company summary at the front of this publication, as well as key macro indicator forecasts. * Updated 'heat maps' to gauge the level of overall economic stress and development in each of the Baltic countries. This uses a variety of economic variables (confidence measures, equity market, foreign and domestic trade ...

LHV Institutional 'Baltic Equity Companion'

* Up to date profiles of the leading Baltic equities. * Valuation charts, stock summaries and key numbers for companies we cover. Includes aggregated data of our coverage universe and company summary at the front of this publication, as well as key macro indicator forecasts. * Updated 'heat maps' to gauge the level of overall economic stress and development in each of the Baltic countries. This uses a variety of economic variables (confidence measures, equity market, foreign and domestic trade ...

LHV Institutional 'Baltic Equity Companion'

* Up to date profiles of the leading Baltic equities. * Valuation charts, stock summaries and key numbers for companies we cover. Includes aggregated data of our coverage universe and company summary at the front of this publication, as well as key macro indicator forecasts. * Updated 'heat maps' to gauge the level of overall economic stress and development in each of the Baltic countries. This uses a variety of economic variables (confidence measures, equity market, foreign and domestic trade ...

LHV Institutional Weekly Review

*Q2 2022 Results Review: Klaipedos Nafta (KNF1L LH) *H1 2022 Results Review: MADARA Cosmetics (MDARA LR) *News Update: Tallinna Vesi (TVE1T ET) * Key metrics for stocks covered.

LHV Institutional Baltic Insight

*H1 2022 Results Review: MADARA Cosmetics (MDARA) * Please also refer to the tables in the attachment.

LHV Institutional 'Baltic Equity Companion'

* Up to date profiles of the leading Baltic equities. * Valuation charts, stock summaries and key numbers for companies we cover. Includes aggregated data of our coverage universe and company summary at the front of this publication, as well as key macro indicator forecasts. * Updated 'heat maps' to gauge the level of overall economic stress and development in each of the Baltic countries. This uses a variety of economic variables (confidence measures, equity market, foreign and domestic trade ...

Baltic Review

* The Weekly Review presents our research team's Q2 (Main List) and H1 (First North List) previews for our Baltic coverage universe, incorporating a convenient table with short comments for each company * Tallinna Kaubamaja Group (TKM1T ET) was the first to publish full Q2 2022 report for our Baltic coverage universe. This edition includes our review: Sluggish Selvers, but department stores and cars saved the day * Also, please find TextMagic A2P SMS platform Q2 and H1 2022 Operational Review: H...

LHV Institutional Baltic Insight

* Today we provide our research team's Q2 (Main List) and H1 (First North List) previews for our Baltic coverage universe * A convenient table with short comment for each company is included * Also, TextMagic A2P SMS platform Q2 and H1 2022 Operational Review: H1 revenue growth driven by higher ARPU

LHV Institutional 'Baltic Equity Companion', May 2022

* Up to date profiles of the leading Baltic equities. * Valuation charts, stock summaries and key numbers for companies we cover. Includes aggregated data of our coverage universe and company summary at the front of this publication, as well as key macro indicator forecasts. * Updated 'heat maps' to gauge the level of overall economic stress and development in each of the Baltic countries. This uses a variety of economic variables (confidence measures, equity market, foreign and domestic trade a...

LHV Institutional Weekly Review, April 29th, 2022

* Quarterly results commentary for Apranga (APG1L LH), Harju Elekter (HAE1T ET), Novaturas (NTU1L LH), Siauliu Bankas (SAB1L LH), Tallink (TAL1T ET) and Tallinna Vesi (TVEAT ET) * Quarterly sales commentary for MADARA Cosmetics (MDARA LR) plus potential Russia-Ukraine conflict implications for our research coverage universe. * Key metrics for stocks covered.

LHV Institutional 'Baltic Equity Companion', April 2022

* Up to date profiles of the leading Baltic equities. * Valuation charts, stock summaries and key numbers for companies we cover. Includes aggregated data of our coverage universe and company summary at the front of this publication, as well as key macro indicator forecasts. * Updated 'heat maps' to gauge the level of overall economic stress and development in each of the Baltic countries. This uses a variety of economic variables (confidence measures, equity market, foreign and domestic trade a...

LHV Institutional Weekly Review, April 1st, 2022

* DelfinGroup AS (DGR1R LR) dividend sweetener and HansaMatrix (HMX1R LR) snippet * Potential implications of the war between Russia and Ukraine and associated sanctions for our research coverage universe * Key metrics for stocks covered.

LHV Institutional 'Baltic Equity Companion', March 2022

* Up to date profiles of the leading Baltic equities. * Valuation charts, stock summaries and key numbers for companies we cover. Includes aggregated data of our coverage universe and company summary at the front of this publication, as well as key macro indicator forecasts. * Updated 'heat maps' to gauge the level of overall economic stress and development in each of the Baltic countries. This uses a variety of economic variables (confidence measures, equity market, foreign and domestic trade a...