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INVL Technology
Earnings Release • May 5, 2025
2265_rns_2025-05-05_e6a80116-9a34-440c-b779-8974a20f00b7.pdf
Earnings Release
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NAV on the rise
The INVL Technology share price increased 70% in 2024 driven by increasing profits and NAV. The end of 2024 estimated value of the portfolio companies was raised by 20% by the external valuator. First exit is likely to come later than we initially expected due the high volatility in the stock markets. Nevertheless, we see potential for continued strong performance underpinned by strong operations and exits.
H2/24 delivers record results
Revenue in H2/24 came in at EUR 34.1m (+18% y-on-y), offsetting a softer H1/24 and lifting the full-year 2024 revenue to EUR 59.1m (+5% y-on-y). More importantly, the full-year 2024 EBIT increased by 59% y-on-y to EUR 3.5m, showing the Group's ability to deliver profitable growth.
NAV keeps increasing
The end of 2024 audited NAV/shr. increased by 19% from EUR 3.61/shr. to EUR 4.29/shr. The share trades at an 21% NAV discount, which is in-line with the long-term average of 22%. In 2025, we forecast a NAV per share increase of 17% to EUR 5.04/share, which implies further share price upside.
Base Case Fair value raised
We raise our sum-of-the-parts Base case Fair value slightly to EUR 4.12/shr. (prev. 4.01), which implies a P/Sales multiple 0.9x. This can be compared to the peer P/Sales average of 1.4x and INVL Technology's current P/Sales of 0.6x. We believe profitable technology operations could trade higher than 0.6x Sales.
Key figures (MEUR)
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| 2023 | 2024 | 2025E | 2026E | 2027E | |
|---|---|---|---|---|---|
| Holding company | |||||
| Fair value Financial assets* | 44.9 | 54.1 | 60.2 | 65.4 | 70.0 |
| Change Financial assets | 9.9 | 9.2 | 6.2 | 5.1 | 4.6 |
| Other income | 0.8 | 1.8 | 0.2 | 0.2 | 0.2 |
| Total income | 10.7 | 10.9 | 6.3 | 5.3 | 4.8 |
| Operating expenses | -0.7 | -0.9 | -1.0 | -1.0 | -1.1 |
| Accrued perf. fee | -4.9 | -2.0 | -1.5 | -1.5 | -1.5 |
| Net profit | 5.2 | 8.1 | 3.8 | 2.8 | 2.2 |
| Revenue (m) | 56.4 | 59.1 | 65.2 | 70.9 | 76.1 |
| EBIT (m) | 2.2 | 3.5 | 3.8 | 4.1 | 4.4 |
| Revenue growth | 19.5% | 4.7% | 10.4% | 8.7% | 7.4% |
| XXXXXXXXXXX P/Sales |
0.73 | 0.69 | 0.63 | 0.58 | 0.54 |
Dsjf ;lj;lsa lkjdf lladksf ldjsf kjdsl fjljsf;lasdjfkljdkl fjdkjkljasdfklj kdjaf jdakf j;ldfj;l dkjafj kjdk fjdskjf ;lasjfkjad;f Source: Company data, Enlight Research estimates, *external valuation (history), Enlight Research (estimate)
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Baltics - Lithuania Commissioned Research – Q4 2024 Update
| Fair value range (EUR) | |
|---|---|
| Bull (P/Sales 1.1x) | 4.99 |
| Base (P/Sales 0.9x) | 4.12 |
| Bear(P/Sales 0.7x) | 3.25 |
| Key Data | |
| Price (EUR) | 3.40 |
| Ticker | INC1L |
| Country | Lithuania |
| Listed | Vilnius (Lithuania) |
| Market Cap (EURm) | 41 |
| Net debt (EURm)* | -1.4 |
| Shares (m) | 12.0 |
| Free float | 36% |
| *End of 2024 |
| Price range | |
|---|---|
| 52-week high | 4.00 |
| 52-week low | 2.10 |
Analyst
Coverage frequency
2x per year
Key takeaways
NAV on the rise
A strong finish to H2/24 pushed full-year results to record levels, driving NAV meaningfully higher. Revenue in H2/24 came in at EUR 34.1m (+18% y-on-y), offsetting a softer H1/24 and lifting full-year revenue to EUR 59.1m (+5% y-on-y). More importantly, the full-year 2024 EBIT increased significantly by 59% y-on-y to EUR 3.5m, which shows the Group's ability to deliver profitable growth. The robust topand bottom-line performance translated into higher portfolio company valuations, with an audited (external) end of 2024 NAV of EUR 4.29/share—11% higher than we projected one year ago. In 2024, the NAV/share rose 19% while the share price gained 70%, reflecting growing investor confidence. The share trades at a 21% end of 2024 NAV discount, which is in-line with the long-term average of 22%. In 2025, we forecast a NAV/share increase of 17% to EUR 5.04/share which implies further share price upside.
Year ends with record Sales and EBIT
Source: Company reports (historical),
NAV per share & Pct. change
Source: Company reports (historical), Enlight Research (estimates)
NAV still with discount
Since Q1/17, the average quarterly NAV discount has been 22%. In our last H1/24 update in September last year, the NAV discount narrowed to 11%, as investors anticipated portfolio company exits. Currently, the discount has widened to 21%, which is likely a result of exits being delayed due to the volatile market environment. Given that we are in the Exit phase—where the holding company aims to exit its investments no later than mid-July 2026 (with a possible 2 year extension) and distribute the proceeds to shareholders—we believe the NAV discount will be at or below the long-term average.
INVL Technology share NAV discount
Source: Company reports, "Today" calculated on share price of EUR 3.40 (May 2, 2025)
Source: Company
External valuation raised
An external valuation of the portfolio companies is done at the end of each calendar year. At the end of 2024, the external valuator increased the value of the holdings by 20% to EUR 54.1m from EUR 44.9m at the end of 2023. Worth noting is that the external valuation of EUR 54.1m implies a 2025E P/Sales multiple of 0.82x, which we believe is conservative for technology assets posting compound annual sales growth of around 16% the last three years – with profits.
| External valuation | |||||
|---|---|---|---|---|---|
| (EURm) | 2022 | 2023 | 2024 | Diff | Diff % |
| NRD Companies | 7.3 | 11.0 | 14.1 | 3.2 | 29% |
| Novian Companies | 17.6 | 19.7 | 22.0 | 2.3 | 12% |
| NRD CS | 9.9 | 14.1 | 17.8 | 3.7 | 26% |
| FINTime | 0.2 | 0.1 | 0.1 | 0.0 | 22% |
| Total | 34.9 | 44.9 | 54.1 | 9.2 | 20% |
Source: Company
Valuation
P/Sales peer valuation
Since our last update in September last year (Q2/24 Update), the Cybersecurity peers' P/Sales median has expanded significantly to 3.7x (2.2x), while the Software segment P/Sales median has remained stable at 2.0x. Meanwhile, the multiples have declined for the Consulting segment to 0.56x (0.71x) and the Infrastructure segment to 0.48x (0.65x).
P/Sales peer multiple development since Q2/22 to Q4/24
Sep 2022 (Q2/22 Update) Apr 2023 (Q4/22 Update) Sep 2023 (Q2/23 Update)
Apr 2024 (Q4/23 Update) Sep 2024 (Q2/24 Update) Apr 2025 (Q4/24 Update)
Source: MarketScreener, Enlight Research, Introduce Research, DnB research, Share prices on 11 April 2025, P/Sales multiple based on current forecast year
Base case Sum-of-the-parts (SOTP) Valuation
Our P/Sales 2025E Base case sum-of-the-parts (SOTP) valuation per share is EUR 4.12 (prev. 4.01). Our valuation assumes NAV discount of 20% which is in-line with the long-term average discount of 22% and slightly higher than the current NAV discount of 18%. Our SOTP value indicates a P/Sales multiple of 0.9x, which implies a 36% discount to the peer average P/Sales multiple of 1.4x.
Fair value Invalda Technology (Base case)
| Enlight | Enlight | |||||||
|---|---|---|---|---|---|---|---|---|
| Weighted P/Sales 2025 | (W)P/Sales | Sales | Sales | Sales | F V | FV/share | ||
| Base case | Peer avg. | discount | 2023 | 2024 | 2025E | (EURm) | (EUR) | |
| Business area: Business climate improvement & e-governance | ||||||||
| NRD Companies | 1.2 | 1.3 | 7 % | 11.0 | 10.0 | 11.2 | 13.4 | 1.12 |
| Business area: IT services & software | ||||||||
| Novian Companies | 0.6 | 0.9 | 33% | 38.0 | 38.9 | 42.4 | 24.6 | 2.06 |
| Business area: Cybersecurity | ||||||||
| NRD CS | 1.9 | 3.7 | 48% | 7.4 | 10.2 | 11.6 | 22.1 | 1.85 |
| Business area: Business process outsourcing | ||||||||
| FINtime | n a | n a | n a | n a | n a | n a | 0.148 | 0.01 |
| Group total | 0.9 | 1.4 | 36% | 56.4 | 59.1 | 65.2 | 60.2 | 5.04 |
| Sales growth | 26% | 20% | 5 % | |||||
| Add Net cash: | 1.4 | 0.1 | ||||||
| Group total: | 61.6 | 5.15 | ||||||
| Less assumed NAV discount: | 20% | 20% | ||||||
| Less assumed NAV discount (EUR): | 12.3 | 1.03 | ||||||
| Enlight Base case Fair Value: | 49.3 | 4.12 |
Source: Historical figures (Company reports), Forecast figures (Enlight Research), Peer P/Sales average (MarketScreener, Enlight Research, Introduce). Based on peer valuation on 11 April 2025
Peer tables
| Price | Mcap (m) | P/Sales | P/Sales | P/Sales | P/Sales | EBIT marg. | EBIT marg. | EBIT marg. | EBIT marg. | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Company | Ticker | Ccy | (last) | (last) | 2023 | 2024 | 2025E | 2026E | 2023 | 2024 | 2025E | 2026E |
| Dustin | DUST | SEK | 3.10 | 1,403 | 0.06 | 0.07 | 0.07 | 0.06 | 2.0% | 1.5% | -5.3% | 1.9% |
| Proact IT | PACT | SEK | 112.00 | 3,013 | 0.62 | 0.62 | 0.59 | 0.57 | 5.1% | 6.1% | 6.1% | 6.6% |
| Atea | ATEA | NOK | 128.00 | 14,257 | 0.41 | 0.41 | 0.37 | 0.36 | 3.6% | 3.5% | 4.1% | 4.2% |
| Aixia Group | AIXIA B | SEK | 98.40 | 155 | 1.40 | 0.43 | 0.70 | 0.56 | -3.6% | 5.1% | 6.7% | 9.4% |
| Average | 0.62 | 0.38 | 0.43 | 0.39 | 1.8% | 4.0% | 2.9% | 5.5% | ||||
| Median | 0.52 | 0.42 | 0.48 | 0.46 | 2.8% | 4.3% | 5.1% | 5.4% | ||||
| Cybersecurity | ||||||||||||
| Price | Mcap (m) | P/Sales | P/Sales | P/Sales | P/Sales | EBIT marg. | EBIT marg. | EBIT marg. | EBIT marg. | |||
| Company | Ticker | Ccy | (last) | (last) | 2023 | 2024 | 2025E | 2026E | 2023 | 2024 | 2025E | 2026E |
| Clavister Holding | CLAV | SEK | 3.29 | 879 | 5.5 | 4.6 | 3.8 | 3.3 | -19.1% | -6.7% | 3.5% | 11.7% |
| Freja eID Group | FREJA | SEK | 10.00 | 227 | 4.8 | 4.4 | 3.7 | 3.5 | -32.3% | -57.0% | -31.5% | -15.4% |
| Withsecure OYJ | FSC1V | EUR | 0.88 | 154 | 1.1 | 1.0 | 1.1 | 1.0 | -30.7% | -6.9% | -3.2% | 0.4% |
| Average | 3.8 | 3.3 | 2.9 | 2.6 | -27.4% | -23.5% | -10.4% | -1.1% | ||||
| Median | 4.8 | 4.4 | 3.7 | 3.3 | -30.7% | -6.9% | -3.2% | 0.4% | ||||
| Average excluding extremes | ||||||||||||
| Software | ||||||||||||
| Price | Mcap (m) | P/Sales | P/Sales | P/Sales | P/Sales | |||||||
| Ticker | (last) | (last) | 2023 | 2024 | 2025E | 2026E | EBIT marg. 2023 |
EBIT marg. 2024 |
EBIT marg. 2025E |
EBIT marg. 2026E |
||
| Company | AGILC | Ccy DKK |
8.4 | 93 | 1.4 | 1.5 | 1.5 | 1.5 | -18% | -20% | 1.6% | 3.2% |
| Agillic Artificial Solutions |
TENEO | SEK | 0.675 | 333 | 5.5 | 4.0 | 2.2 | 1.5 | -120% | -67% | -4.6% | 18.3% |
| Briox | BRIX | SEK | 5.06 | 290 | 9.8 | 11.2 | 13.2 | 11.6 | -83% | -110% | -73.2% | -40.0% |
| FormPipe Software | FPIP | SEK | 26.5 | 1,438 | 2.7 | 2.7 | 2.5 | 2.3 | 10% | 7% | 13.8% | 18.0% |
| Fortnox | FNOX | SEK | 85.6 | 52,194 | 31.8 | 25.5 | 21.1 | 17.3 | 41% | 43% | 44.9% | 46.4% |
| LeadDesk Oyj | LEADD | EUR | 6.2 | 34 | 1.2 | 1.1 | 0.9 | 0.8 | -4% | -1% | -1.5% | 0.7% |
| Lime Technologies | LIME | SEK | 361.5 | 4,802 | 8.3 | 7.0 | 6.2 | 5.4 | 20% | 20% | 21.2% | 22.5% |
| Litium | LITI | SEK | 7.82 | 130 | 1.9 | 1.8 | 1.7 | 1.5 | -5% | 1% | 2.5% | 4.8% |
| Siili Solutions Oyj | SIILI | EUR | 5.74 | 47 | 0.4 | 0.4 | 0.4 | 0.4 | 6% | 3% | 3.8% | 5.2% |
| BuildData | BUILD | SEK | 3.4 | 213 | 2.4 | 2.1 | 1.9 | 1.7 | -27% | -29% | -4.4% | 4.1% |
| Average | 6.5 | 5.7 | 5.1 | 4.4 | -18% | -15% | 0.4% | 8.3% | ||||
| Median | 2.6 | 2.4 | 2.0 | 1.6 | -4.3% | -0.2% | 2.0% | 5.0% | ||||
| Average excluding extremes | 3.0 | 2.3 | 1.9 | 1.7 | ||||||||
| IT Consulting | Price | Mcap (m) | P/Sales | P/Sales | P/Sales | P/Sales | EBIT marg. | EBIT marg. | EBIT marg. | EBIT marg. | ||
| Company | Ticker | Ccy | (last) | (last) | 2023 | 2024 | 2025E | 2026E | 2023 | 2024 | 2025E | 2026E |
| B3 Consulting Group | B3 | SEK | 56.9 | 518 | 0.45 | 0.46 | 0.37 | 0.34 | 7.5% | 2.3% | 7.3% | 9.3% |
| CAG Group | CAG | SEK | 112 | 803 | 0.90 | 0.92 | 0.92 | 0.85 | 8.1% | 7.7% | 8.4% | 8.9% |
| Digia Oyj | DIGIA | EUR | 6.58 | 176 | 0.91 | 0.85 | 0.84 | 0.81 | 7.2% | 8.9% | 9.1% | 9.5% |
| Solteq Oyj | SOLTEQ | EUR | 0.652 | 13 | 0.22 | 0.25 | 0.26 | 0.25 | -6.1% | 3.6% | 5.1% | 7.6% |
| Time People Group | TPGR | SEK | 5.35 | 39 | 0.12 | 0.15 | 0.15 | 0.14 | 4.0% | -1.5% | 1.9% | 2.7% |
| Innofactor Plc | IFA1V | EUR | 1.71 | 61 | 0.76 | 0.79 | 0.75 | 0.72 | 7.3% | 4.4% | 7.0% | 7.1% |
| Average | 0.56 | 0.57 | 0.55 | 0.52 | 4.7% | 4.2% | 6.5% | 7.5% | ||||
| Median | 0.61 | 0.62 | 0.56 | 0.53 | 7.2% | 4.0% | 7.1% | 8.2% |
Source: MarketScreener, Enlight Research, Introduce. Based on share prices on 11 April 2025
Q4 Estimates vs. Outcome
Portfolio companies estimate vs. outcome
The Q4/24 Group Sales of EUR 14.9m was 25.6% or EUR 5.1m below our EUR 20.1m estimate. The deviation was due to the Novian segment (~2/3 of sales), where a historically strong Q4 occurred already in Q3, resulting in a softer-than-expected Q4. However, on a half-year basis, Novian still delivered solid results, with H2/24 sales of EUR 22.6m, up 15% y-on-y. The NRD Companies Q4/24 sales came in at EUR 3.1m or 19% above our estimate, while the Cybersecurity's segment posted EUR 4.3m in sales which was 33% or EUR 1.1m above our forecast. The Q4/24 Group EBIT of EUR 1.3m was EUR 0.4m below our EUR 1.7m forecast, as the Cybersecurity segment came in slightly lower than expected. Worth noting is that even though the group sales was lower than forecast, the EBIT margin of 8.6% was slightly higher than our 8.3% estimate.
| Q4/24 | Q4/24 | Diff. | ||
|---|---|---|---|---|
| Sales by portfolio company (EURm) | Estimate | Outcome | EURm | % |
| NRD Companies | 2.6 | 3.1 | 0.5 | 18.8% |
| Novian | 14.2 | 7.5 | -6.7 | -47.2% |
| NRD CS | 3.3 | 4.3 | 1.1 | 33.1% |
| Group sales | 20.1 | 14.9 | -5.1 | -25.6% |
| Q4/24 | Q4/24 | Diff. | ||
| Sales growth | Estimate | Outcome | EURm | %-pts |
| NRD Companies | -0.2% | 18.6% | nm | 18.8 |
| Novian | 3.2% | -34.8% | nm | -38.0 |
| NRD CS | 16.8% | 55.4% | nm | 38.6 |
| Group sales growth | 4.7% | -11.7% | nm | -1639 |
| Q4/24 | Q4/24 | Diff. | ||
| EBIT by portfolio company (EURm) | Estimate | Outcome | EURm | % |
| NRD Companies | 0.6 | 0.6 | 0.0 | 0.0% |
| Novian | 0.8 | 0.8 | 0.0 | 0.0% |
| NRD CS | 0.4 | 0.2 | -0.2 | -40.8% |
| Eliminations | -0.2 | -0.4 | -0.2 | 132.1% |
| Group EBIT (after Eliminations) | 1.7 | 1.3 | -0.4 | -23.1% |
| Q4/24 | Q4/24 | Diff. | ||
| EBIT margin by Segment | Outcome | EURm | %-pts | |
| Estimate | ||||
| NRD Companies | 24.8% | 20.8% | nm | -3.9 |
| Novian (incl. Elsis PRO) | 5.5% | 10.5% | nm | 5.0 |
Group EBIT margin 8.3% 8.6% nm 0.3
Source: Company reports, Enlight Research
Estimate changes
Portfolio companies Estimate changes
Total Sales for all portfolio companies has been raised by +5% for 2025 and by +8% for 2026. For 2027, we project a 7.4% increase to EUR 76.1m. The EBIT is lowered by 12% for this year, and 14% for next year.
| Sales all portfolio companies (EURm) | 2025E | 2026E | 2027E |
|---|---|---|---|
| Old estimate | 62.2 | 65.5 | na |
| New estimate | 65.2 | 70.9 | 76.1 |
| Change | 3.0 | 5.4 | na |
| Change (pct) | 4.8% | 8.2% | na |
| EBIT all portfolio companies (EURm) | 2025E | 2026E | 2027E |
| Old estimate | 4.3 | 4.8 | na |
| New estimate | 3.8 | 4.1 | 4.4 |
| Change | -0.5 | -0.7 | na |
| Change (pct) | -11.7% | -14.1% | na |
Source: Enlight Research
Holding company Estimate changes
We have significantly raised our Fair Value (FV) estimates for financial assets, now projecting EUR 60.2m in 2025 and EUR 65.4m in 2026—up 23–27% from previous forecasts. The change in FV of financial assets has significant impact on the Holding company's estimated Total income and EBIT as they are mainly made up of FV changes. Important to note is that the Holding company Income statement mainly consist of non-cash flow items e.g., the Change in FV of financial assets will not be converted to cash until exits are made, while the performance fee provisions will not become a cash outflow until it is paid out at the end of the company life (2026 or later).
| Holding company Estimate changes | |||
|---|---|---|---|
| Fair value financial assets | 2025E | 2026E | 2027E |
| Old estimate | 49.0 | 51.4 | na |
| New estimate | 60.2 | 65.4 | 70.0 |
| Change | 11.2 | 14.0 | na |
| Change (pct) | 22.9% | 27.3% | na |
| Change FV financial assets | 2025E | 2026E | 2027E |
| Old estimate | 1.8 | 2.3 | na |
| New estimate | 6.2 | 5.1 | 4.6 |
| Change | 4.4 | 2.8 | na |
| Change (pct) | 245.9% | 118.9% | na |
| Total income | 2025E | 2026E | 2027E |
| Old estimate | 1.9 | 2.5 | na |
| New estimate | 6.3 | 5.3 | 4.8 |
| Change | 4.4 | 2.8 | na |
| Change (pct) | 224.4% | 110.9% | na |
| EBIT | 2025E | 2026E | 2027E |
| Old estimate | -0.5 | 0.0 | na |
| New estimate | 3.8 | 2.8 | 2.2 |
| Change | 4.4 | 2.8 | na |
| Change (pct) | nm | nm | na |
Risk factors
Below is a list of what we believe are some of the most important risks, however, this list should not be regarded as a complete list of risks. For examples of additional risks, we refer to the listing document and company reports.
Risk of change of technology
The technology sector is in constant change. Failure to adapt and learn a new technology could result in a drop in sale and earnings and hence lower the Fair value of the company.
The state of the M&A market
If the market for mergers and acquisitions is depressed during the exit phase (mainly 2026 with possible 2 years extension), the deal valuations could be lower than expected and it could be hard to sell portfolio companies.
Political risk
A significant share of clients are public institutions and hence the company has exposure to public sector contracts, which entails political risks.
Intellectual Property risk
A significant share of the company's assets consists of intellectual property in the form of proprietary software and technology know-how. Therefore, the risk that somebody will try and steal intellectual property is present.
Valuation risk
The fair value of the holding companies is done by an independent external valuation firm. However, there is no guarantee that the final exit price of company will be according to the external valuation, nor to our valuation.
NAV discount risk
Even though the NAV of INVL Technology increases, there is no guarantee that the share price will increase in-line with the NAV as the NAV discount could increase as well.
Liquidity risk
The trading activity (liquidity) on the Nasdaq Baltic Exchange is low relative to most Western European markets. Therefore, it may be hard to buy and sell INVL Technology shares without affecting the share price.
Russia – Ukraine risk
The company has no direct exposure to Russia or Ukraine. However, a general downturn in the economy due to the Russia – Ukraine war can affect the company's sales and profits.
Inflation risk
High inflation is likely to lead to an increase in INVL Technologies' operating expenses, which could affect the margins negatively if the company cannot pass on these costs to the clients.
| Income Statement | 2023 | 2024 | 2025E | 2026E | 2027E |
|---|---|---|---|---|---|
| Net sales | 10.7 | 10.9 | 6.3 | 5.3 | 4.8 |
| Total operating costs | -5.6 | -2.8 | -2.5 | -2.5 | -2.6 |
| EBITDA | 5.2 | 8.1 | 3.9 | 2.8 | 2.2 |
| Depreciation & Amort. | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| One-off EBIT items | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| EBIT | 5.2 | 8.1 | 3.9 | 2.8 | 2.2 |
| Financial net | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 |
| Pre-tax profit | 5.2 | 8.1 | 3.9 | 2.8 | 2.3 |
| Taxes | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Minority interest | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Other items | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Net profit | 5.2 | 8.1 | 3.9 | 2.8 | 2.3 |
| Balance Sheet | 2023 | 2024 | 2025E | 2026E | 2027E |
| Cash and cash equivalent | 1 | 1 | 1 | 1 | 1 |
| Receivables | 0 | 0 | 0 | 0 | 0 |
| Inventories | 0 | 0 | 0 | 0 | 0 |
| Other current assets | 1 | 3 | 3 | 3 | 3 |
| Total current assets | 2 | 4 | 4 | 4 | 4 |
| Tangible assets | 0 | 0 | 0 | 0 | 0 |
| Goodwill & intangible | 0 | 0 | 0 | 0 | 0 |
| assets | |||||
| Lease & Investment | 0 | 0 | 0 | 0 | 0 |
| properties | |||||
| Long-term Investments | 45 | 54 | 60 | 65 | 65 |
| Associated companies | 0 | 0 | 0 | 0 | 0 |
| Other long-term assets | 2 | 0 | 0 | 0 | 0 |
| Total fixed assets | 47 | 54 | 60 | 65 | 65 |
| Total Assets | 49 | 59 | 64 | 69 | 69 |
| Accounts payable | 0 | 0 | 0 | 0 | 0 |
| Short-term IB debt | 0 | 0 | 2 | 13 | 19 |
| Other current liabilities | 0 | 0 | 0 | 0 | 0 |
| Total current liabilities | 0 | 0 | 2 | 13 | 19 |
| Long-term IB debt | 0 | 0 | 0 | 0 | 0 |
| Convertibles & Lease liab. | 0 | 0 | 0 | 0 | 0 |
| Deferred tax liab. | 0 | 0 | 0 | 0 | 0 |
| Provisions | 0 | 0 | 0 | 0 | 0 |
| Other long-term liab. | 0 | 0 | 0 | 0 | 0 |
| Total long-term liab. | 5 | 7 | 7 | 7 | 7 |
| Total Liabilities | 5 | 7 | 9 | 20 | 26 |
| Minority interest | 0 | 0 | 0 | 0 | 0 |
| Shareholders' equity | 44 | 51 | 55 | 49 | 43 |
| Total liabilities and equity | 49 | 59 | 64 | 69 | 69 |
| Free Cash Flow | 2023 | 2024 | 2025E | 2026E | 2027E |
|---|---|---|---|---|---|
| Operating profit | 5.2 | 8.1 | 3.9 | 2.8 | 2.2 |
| Depreciation & Amort. | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Working capital chg. | -0.5 | -1.7 | 0.0 | 0.0 | 0.0 |
| Other Operating CF items | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Operating Cash Flow | 4.7 | 6.4 | 3.9 | 2.8 | 2.2 |
| Net investments | -9.9 | -7.3 | -6.2 | -5.1 | 0.0 |
| Other items Free Cash Flow |
4.9 -0.4 |
2.0 1.1 |
0.0 -2.3 |
0.0 -2.4 |
0.0 2.2 |
| Capital structure | 2023 | 2024 | 2025E | 2026E | 2027E |
| Equity ratio | 89.0% | 87.9% | 86.2% | 71.4% | 62.1% |
| Debt / Equity ratio | 0.7% | 0.0% | 3.1% | 25.7% | 44.5% |
| Gearing % | -1.0% | -2.7% | 1.7% | 24.3% | 43.1% |
| Net debt/EBITDA | -0.1 | -0.2 | 0.2 | 4.3 | 8.5 |
| Profitability | 2023 | 2024 | 2025E | 2026E | 2027E |
| ROE | 12.6% | 17.0% | 7.2% | 5.4% | 5.0% |
| FCF yield | -1.6% | 3.0% | -5.4% | -5.5% | 5.1% |
| EBITDA margin | 48.2% | 74.0% | 60.9% | 52.1% | 45.5% |
| EBIT margin | 48.2% | 74.0% | 60.9% | 52.1% | 45.5% |
| PTP margin | 48.1% | 73.9% | 60.9% | 53.0% | 48.0% |
| Net margin | 48.1% | 73.9% | 60.9% | 53.0% | 48.0% |
| Valuation | 2023 | 2024 | 2025E | 2026E | 2027E |
| P/E | 4.4 | 4.8 | 11.1 | 15.2 | 18.6 |
| P/E adjusted | 4.4 | 4.8 | 11.1 | 15.2 | 18.6 |
| P/Sales | 2.1 | 3.5 | 6.8 | 8.1 | 8.9 |
| EV/Sales | 2.1 | 3.4 | 6.9 | 10.3 | 12.8 |
| EV/EBITDA | 4.3 | 4.6 | 11.4 | 19.9 | 28.2 |
| EV/EBIT | 4.3 | 4.6 | 11.4 | 19.9 | 28.2 |
| P/BV | 0.5 | 0.8 | 0.8 | 0.9 | 1.0 |
| P/BV tangible | 0.5 | 0.8 | 0.8 | 0.9 | 1.0 |
| Per share ratios | 2023 | 2024 | 2025E | 2026E | 2027E |
| EPS | 0.43 | 0.67 | 0.32 | 0.23 | 0.19 |
| EPS, adjusted | 0.43 | 0.67 | 0.32 | 0.23 | 0.19 |
| Operating CF/share | 0.39 | 0.54 | 0.32 | 0.23 | 0.18 |
| Free Cash Flow/share | -0.03 | 0.10 | -0.19 | -0.19 | 0.18 |
| BV/share | 3.61 | 4.29 | 4.54 | 4.05 | 3.52 |
| Tangible BV/share | 3.61 | 4.29 | 4.54 | 4.05 | 3.52 |
| Div. per share | 0.00 | 0.00 | 0.72 | 0.72 | 0.72 |
| Div. payout ratio | 0.0% | 0.0% | 227.7% | 311.6% | 381.2% |
| Dividend yield | 0.0% | 0.0% | 20.5% | 20.5% | 20.5% |
| Shareholders | Capital | Votes | |||
| UAB LJB Investments | 8.533 | 19.91 % | |||
| INVL Life | 6.596 | 15.39 % | |||
| Irena Ona Miseikiene | 5.160 | 12.04 % | |||
| AB Lietuvos draudimas | 3.201 | 7.47 % | |||
| Kazimieras Tonkunas | 2.379 | 5.55 % | |||
| Alvydas Banys | 2.177 | 5.08 % | |||
| Key people | |
|---|---|
| CEO | Kazimieras Tonkunas |
| CFO | |
| IR | |
| Chairman | Kazimieras Tonkunas |
| P/E | EPS |
|---|---|
| Price per share | Profit before extraordinary items and taxes – income taxes + |
| Earnings per share | minority interest |
| Number of shares | |
| Earnings per share | |
| P/Sales | DPS |
| Market cap | |
| Sales | Dividend for financial period per share |
| P/BV | CEPS |
| Price per share | Gross cash flow from operations |
| Shareholders' equity + taxed provisions per share | Number of shares |
| P/CF Price per share |
EV/Share |
| Operating cash flow per share | Enterprise value |
| Number of shares | |
| EV (Enterprise value) | Sales/Share |
| Market cap + Net debt + Minority interest at market value – share of | Sales |
| associated companies at market value | Number of shares |
| Net debt | EBITDA/Share |
| Interest-bearing debt – financial assets | Earnings before interest, tax, depreciation and amortization |
| Number of shares | |
| EV/Sales | EBIT/Share |
| Enterprise value | Operating profit |
| Sales | Number of shares |
| EV/EBITDA | EAFI/Share |
| Pre-tax profit | |
| Enterprise value | Number of shares |
| Earnings before interest, tax, depreciation and amortization | |
| EV/EBIT | Capital employed/Share |
| Enterprise value | |
| Operating profit | Total assets – non-interest-bearing debt |
| Number of shares | |
| Div yield, % | Total assets |
| Dividend per share | |
| Price per share | Balance sheet total |
| Payout ratio, % | Interest coverage (x) |
| Total dividends | Operating profit |
| Earnings before extraordinary items and taxes – income taxes + minority interest | Financial items |
| Net cash/Share | Asset turnover (x) |
| Financial assets – interest-bearing debt | Turnover |
| Number of shares | Balance sheet total (average) |
| ROA, % | Debt/Equity, % |
| Operating profit + financial income + extraordinary items | Interest-bearing debt |
| Balance sheet total – interest-free short-term debt – long-term advances | Shareholders' equity + minority interest + taxed provisions |
| received and accounts payable (average) | |
| ROCE, % | Equity ratio, % |
| Profit before extraordinary items + interest expenses + other financial costs | Shareholders' equity + minority interest + taxed provisions |
| Balance sheet total – non-interest-bearing debt (average) | Total assets – interest-free loans |
| ROE, % | CAGR, % |
| Profit before extraordinary items – income taxes | Cumulative annual growth rate = Average growth rate per year |
| Shareholders' equity + minority interest + taxed provisions (average) |
Disclaimer
Enlight Research OÜ's main valuation methods are discounted cash flow valuation and peer valuation with common multiples such as Price to Earnings, Enterprise Value to EBITDA, dividend yield etc. Aforementioned methods are used to estimate a company's fair value according to the following three scenarios: Bull (positive), Base (main scenario), and Bear (negative).
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