Enlight Research

[Enlight Research @ResearchEnlight]

Ignitis Group Q3 out pre-mkt
Q3 adj. EBITDA EUR 124m (est 121) on strong Customers & Solutions (EUR 20m beat)
Raise 2026 div. intention to 10% y/y growth EUR 1.504 = 6.0% net yld (est 3% growth 1.408 = 5.6%).
Lower end guide raised to 575-600m (prev. 550-600)
Webinar today@1pm

[Enlight Research @ResearchEnlight]

More on DelfinGroup
Indexo plan to offer EUR 1.90/shr for DelfinGroup shares in a voluntary takeover bid. Offer is conditional on that Indexo can finance the bid through a public offering.

[Enlight Research @ResearchEnlight]

DelfinGroup Q3 out this morning
Q3 Revenue EUR 21.2m (est 21.8)
Q3 PTP 4.4m (est 3.9)
Q3 EPS 6.7c (est 7.6)
Solid quarter despite small miss on our est.
Market likes it, share +7% today.

[Enlight Research @ResearchEnlight]

Grigeo -6% today to EUR 0.94 on Regional Court EUR 50m fine/damage.
GRG Klaipeda ~1% of Group EBITDA = better to shut down.
GRG est. value excl. GRG Klaipeda EUR ~1/shr.
Nxt Appeals Court (est 6-12M), then Supreme Court.
See report from 2021 for more https://t.co/Sn7NrNT3ZC

[Enlight Research @ResearchEnlight]

Eleving Q3 out bef. open
Q3 Loans +34% (est +30%)
Q3 Revenue EUR 99m (est 91)
Q3 Pre-prov. profit 68.4m (est 61.6)
Q3 Net profit 9.4m (est 9.8)
Revenue above, Profit in-line.
Webinar tomorrow @ 4pm

[Enlight Research @ResearchEnlight]

Tallinna Sadam Q3 out bef. open
Q3 Rev. EUR 34m (est 33)
Q3 EBITDA 16.6m (est 16.7)
Q3 EBIT 10.6m (est 10.2)
Q3 Net profit 9.5m (est 9.0)
Small beat on Top n Bottom.
Est Div yld 5.9% 2026-28 feels comfortable.
Webinar today 10am (EE), 11am (ENG)

[Enlight Research @ResearchEnlight]

Merko Q3 out before open
Q3 Sales EUR 118m (est. 130)
Q3 EBITDA 13.0m (est. 12.8)
Q3 Net profit 12.6m (est. 12.2)
Below on sales, but Profits inline as real estate development offset offset neg. deviation in Construction service.

[Enlight Research @ResearchEnlight]

Apranga est. updated after Q3/26.
Sales roughly unchanged.
EPS raised 14% this year and 18% coming two yrs.
2026E DPS raised 11% this yr to 30c = yield 7.8% (net yield 6.7%), 2027E DPS raised to 31c (prev. 27c) = yield 8.1% (net yield 6.9%).

[Enlight Research @ResearchEnlight]

Artea Bank Q3 Update publ.
Q3 NII inline, Profit below due one-offs & provisions.
2026 guide lowered.
Looks like a reset ahead of new strategy.
Soft short-term vs. potential bid from new main owner = not an easy case.
Base case FV EUR 0.89/shr.
https://t.co/hf7HISl2Bz

[Enlight Research @ResearchEnlight]

LV investors, looking forward to meeting at Investoru Kluba Konference 2026 on December 4.
https://t.co/54cSHy4SQ0

[Enlight Research @ResearchEnlight]

Tallink Oct pax published this morning
Oct pax +2.0% y/y (est. +1.5%) as EST-SWE pos. surprise +2.1% y/y (est. -6.0%).
Oct Cargo units +5.6% y/y (est. +4.4%) as FIN-SWE pos. surprise +38% y/y (est. +20%)

[Enlight Research @ResearchEnlight]

Apranga Q3 out after close
Q3 Rev. EUR 90m (est 90)
Q3 EBITDA 15.9m (est 14.2)
Q3 Net profit 8.2m (est 6.7)
Rev. inline, Profits above on lower OpEx.
Est. 2026 div yield 7.1% (net 6.0%) feels comfortable.

[Enlight Research @ResearchEnlight]

Liven Q3 out bef. open
Q3 Rev. EUR 3.7m (est. 7.8)
Q3 Gross profit 0.4m (est. 1.6)
Q3 EBIT -0.3m (est. 0.5)
Q3 Net profit -0.4m (est. 0.4)
Below on Rev. & Profit.
2026 Rev guidance EUR 59m (est 59) reiterated on planned Q4/26 key handovers.

[Enlight Research @ResearchEnlight]

EfTEN Q3 out pre-open
Q3 Rent income EUR 8.8m (est 8.1)
Q3 Operating profit 7.6m (est 6.9)
Q3 Net profit 6.1m (est 4.4)
Vacancy rate 2.2% lowest in 3yrs.
9M/26 Free cash flow +16% y/y
Above on Rev. & Profits.
Impressive performer in all weathers.

[Enlight Research @ResearchEnlight]

Artea Q3 out
Q3 Loans +8% y/y (est +10%)
Q3 NII EUR 41m (est 41)
Q3 Fees 8m (est 8)
Q3 Profit bef prov 14m (est 20)
Q3 Net profit 5m (est 14)
Q3 ROE 3.2% (est 9.6%)
Rev inline, Profit below on higher prov. & exp.
Lowered 2026 adj. ROE guid 8.6% (prev 12%)
Webinar tomorrow 8.30am

[Enlight Research @ResearchEnlight]

Tallink Q3 Update publ.
Q3 Sales & Profits beat.
Q3 EBIT +27% y/y adj. for fuel price (+7% non-adj)
Est. 7.7% yld this & nxt yr, 9.3% 2028.
Amazing EE retail prefer unsecured real estate junk bonds ahead of pos. CF yld asset (Pretend its a bond)
https://t.co/D31BE94j2b

[Enlight Research @ResearchEnlight]

Telia LT Q3 out this morning
Q3 Sales EUR 137m (est 133)
Q3 EBITDA 55.7m (est 52.9)
Q3 PTP 32.8m (est 28.4)
Q3 EPS 4.7c (est 4.3)
H1 FCF after invest. 82.8m up vs. last yr 86.6m.
Solid report w/ beat on Sales & Profits.
2026 est. yield 6.5% (net 5.5%) feels comfortable.

[Enlight Research @ResearchEnlight]

Tallink Q3 out pre-open
Q3 Rev. EUR 247m (est 234)
Q2 EBITDA 68m (est 61)
Q3 Net profit 43.8m (est 39.1)
Rev. beat 6%, Net profit 12% beat
Impressive given the geopolitical situation.
Webinar today @ 12.00

[Enlight Research @ResearchEnlight]

TKM Q3 Update publ.
Cars Q3 sales growth 39% y/y confirms 2026 recovery.
We expect Supermarkets to recover 2027 on EE GDP recovery (5 quarters of growth).
FV EUR 9.90 = 11% upside w/ est. 6.7% yield 2026-27 while waiting for EE consumer to come back.
https://t.co/AVdqeEJcqD

[Enlight Research @ResearchEnlight]

LHV & CPA post Q3 estimates
2026E ROE: LHV 14.7%, CPA 14.0%
2026E P/BV: LHV 1.3x, CPA 1.0x
Fair value/shr.: LHV 3.51 (7% upside), CPA (18% upside)
Upside must weighted against credit cycle which has not been bad since Great Financial Crisis 2007-10 (pertains to all banks).