Enlight Research

DelfinGroup Q4 Update published Q4 Revenue & profits inline for a stellar 2025 w/ 35% ROE. Current PBV 1.7x looks low given forecast period +30% ROE w/ 9-14% est. div. yld. Base case FV 2.00/shr. research.enlightresearch.net/jsp/demoLogin.…

Tallinna Sadam Q4 Update publ. Q4 Sales & Profits bit above as = pos. Cargo & PAX trend cont. Exciting yr ahead - 1st Paldiski contract & 1st real estate tender. Shr +9% ytd = among top in Baltic. Expect 7c 2025 div = 4.9% yld. research.enlightresearch.net/jsp/demoLogin.…

Grigeo Q4 Update publ. Q4 Rev above, Profits below. 2 acquisitions + planned EUR 106m expansion investments this & nxt yr puts GRG on a growth mission. We expect synergies this yr & net div. yld 4.0% despite investments. research.enlightresearch.net/jsp/demoLogin.…

Artea's 4th largest owner Tesonet (7.3% shrs) buys 2.52% from Willgrow @ 1.10/shr=28% prem. = PBV 1.2x Cond. agreements to buy up to 31.7% shrs @ 1.2x book. Tesonet aims ECB approval buy controlling stake. P/BV 1.2x = our Base case multiple = Fair. Shr likely to gain tomorrow.

Coop bank prop. 2025 div 6.5c = 2.9% yield, P/BV 1.1x Comps below: LHV 17c = 4.7% yield, P/BV 1.5x Artea 4.7c = 4.7% net yield, P/BV 1.0x

Artea Q4 Update publ. Q4 Revs & profits below as Loan/Dep ratio lowered to reduce risk. Both Artea & LHV target 11% loan growth this yr w/ unch. Net profit. 2026E 4.7% net yld & PBV 1.0x cushion flat profit growth research.enlightresearch.net/jsp/demoLogin.…

Apranga post Q4 est. on website 2026 Sales est. +6.5% y/y at EUR 327m (prev. 322) 2026 Sales est. Including VAT at EUR 393m vs EUR 399m guidance 2026 EPS est. +3.2% y/y at EUR 0.30 (prev. 0.30) 2025 DPS est. at EUR 0.24 = net yield 5.6% (82% payout)

Ekspress Grupp Q4 Update EUR 1.25/shr bid reasonable as shr. traded at >50% peer discount for over 2yrs. Bid cleared 90% threshold = squeeze out likely prop. @ AGM. Sad to see EEG leave TALSE. research.enlightresearch.net/jsp/demoLogin.…

Ignitis Q4 update publ. 2025 adj. EBITDA above est. & guid. Recent asset deal reveals undervaluation 2026 est. adj. EBITDA at EUR 595m (3.5% > mid-guid.) 2026 est. div. yield 6.4% (net 5.4%) Base case SOTP FV EUR 28.80/shr research.enlightresearch.net/jsp/demoLogin.…

INVL Tech Q4/25 out pre-open. Q4 Group sales EUR 33.3m (17.9m) Q4 Group EBIT EUR 2.2m (0.7m) Strong beat on Sales & Profits. End of Q4/25 NAV EUR 5.40/shr. = 22% discount (inline w/ long-term avg.) to current shr. price EUR 4.22 (shr +7% today).

Tallink Feb pax out bef open Feb PAX +5.0% y/y (est +0,5%) as FIN-SWE +19.5% (est +0.5%) Cargo +9.2% (est +0.1%) as FIN-SWE +32.5% (est +0.5%) Above 2nd month in a row = FIN-SWE = large beat. Est. div. yield 9.8% this and coming 2 yrs.

Apranga February sales out after close Feb sales +4.9% to EUR 22m (est. +1% EUR 21.2m) Feb like-for-like sales based on m2 +3.5% (est. -0.2%) Headline figure and sales based on m2 above Jan-Feb sales LT +7.9%, LV +5.4%, EE +7.6% 1 new shop opened in Estonia

Apranga Q4/25 out before open Q4 Sales EUR 86m (est. 91) Q4 EBITDA 11.1m (est. 9.7) Q4 EBIT EUR 5.8m (est. 4.8) Q4 Net profit EUR 4.1m (est. 3.7) 2025 EPS 0.29 (est. 0.28) Below on sales but above on earnings Our 2025E DPS 0.24 = 5.6% net yield

Tallink Q4 Update publ What if 6c div is sustainable - we believe it is - 9.8% yld suggest we or the market is wrong. Sad to see CEO Mr. Nõgene leave but believe the new CEO Mr. Jalakas (from SEB) can also do a great job. research.enlightresearch.net/jsp/demoLogin.…

Akola Q2-25/26 Update publ Q2 profit < est due to write-down & grain trade seasonality. H1 still solid & we look for H2 pickup = grain inventory sold. FY EBITDA lowered 9% to EUR 100m, still > guid. 70-90m. Base case FV EUR 2.10/shr research.enlightresearch.net/jsp/demoLogin.…

KN Energies Q4/25 out after close Q4 Revenue EUR 28.5m (est. 26.5) Q4 EBITDA EUR 12.6m (est. 13.9) Q4 net profit EUR 5m (est. 4.5) Revenue above, earnings inline 2025 EPS 0.05 (est. 0.05) Our 2025E DPS 0.02 = 4.3% net yield, but there could be space for more Webinar 10AM tomorrow

DelfinGroup Q4/25 out after close Q4 Sales EUR 20.9m (est 21.2) Q4 PTP 4.6m (est 3.6) Q4 Net profit 3.5m (est 2.8) In line on sales and above on earnings Q4 prop. div. EUR 0.0391 = 3% quarterly yield on last share price EUR 1.31 Webinar @ 3 March 11am

Tallinna Sadam Q4 out bef open Q4 Rev EUR 29.2m (est 28.9) Q4 EBIT 4.8m (est 4.6) Q4 Net profit 3.6m (est 3.5) 2025 EPS 9c (est 9c) Bit above on Rev & Profits. Our 2025 DPS est 7c feels realistic = 4.8% yld Webinar today 10am (EE), 11am (ENG)

Grigeo Q4 out after close Q4 Rev. EUR 74m (est 57) Q4 EBITDA 6.8m (est 8.0) Q4 EBIT 3.5m (est 5.0) Q4 Net profit 2.9m (est 3.7) Revenues above, Profits below. 2025 EPS 0.13 (est 0.14)

Artea Q4 out after close Q4 NII EUR 34m (est 45) Q4 Fees 8.2m (est 8.2) Q4 Profit bef impair 15.5m (est 24.0) Q4 Impair 0.7m (est 3.6) Q4 Net profit 12.3 (est 16.7) Q4 adj. ROE 11.1% (est 13.9%) Prop 50% payout=4.3% yld Prop 20% buyback ups net yld to 5.9% Webinar tomorrow 8.30