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EnlightResearch TSM1T - Tallinna Sadam #752433   2023-05-29 08:53
EnlightResearch IGN1L - Ignitis grupė #753391   2023-06-09 13:43
EnlightResearch IGN1L - Ignitis grupė #753678   2023-06-13 10:21
jeronimas [2023-06-09 14:03]:
Enlight research do you plan to adjust Discount rate from currently used 6,5% to more realistic one? 10-12% for IGN. and motivated div yield 5% -> can you share main assumptions for it? it hasn't changed also for last couple of years.

or do you wait for IGN Wacc regulatory targets recalculation?

Yes, we wait for regulatory WACC calculations to adjust. With this said, it is not sure it will be 10-12% or motivated yield of 9-10% as this is probably unrealistic in practice (perhaps correct in theory) as the peer group is yielding 5.4% on 2023. When rates were negative, our WACC was probably too high, and some might argue it is too low now. But what happens if rates sink next year? Also, note that our DCF WACC is 7.8% which gives roughly same Fair value (27.85) as the motivated yield model (visible on last page of report). As always with valuation, one has a choice to be 100% theoretical or blend in some reality. A university professor must be 100% theoretical, but an investor, must also consider the real world.
EnlightResearch AUG1L - AUGA group #754407   2023-06-20 08:31
EnlightResearch NTU1L - Novaturas #754409   2023-06-20 08:34
EnlightResearch "VIRŠI" IPO #755442   2023-06-30 09:07
Latvian fuel retailer "Virši" joins Enlight's website. 2023 PE <10x look compelling (forecast 8% above guidance). Div. yield (2-3%) held back by expansion investments i.e. yield could improve significantly post-expansion.
Link to est. & valuation:
https://research.enlightresearch.net/CompanyViews.action?page=overview&fid=4064&compareFid=0&percentageComparison=false
EnlightResearch TKM1T - Tallinna Kaubamaja #757258   2023-07-19 09:42
Analysis after Q2/22 report
“Consumers just want to have fun”
https://research.enlightresearch.net/jsp/demoLogin.jsp?key=3512&x=aabbcc&resLibId=89000
EnlightResearch TKM1T - Tallinna Kaubamaja #757262   2023-07-19 09:47
Correction, analysis after Q2/23
EnlightResearch EEG1T - Ekspress Grupp #758754   2023-08-09 09:11
EnlightResearch TAL1T - Tallink Group #758857   2023-08-10 08:56
EnlightResearch Baltijos rinkų pulsas #759017   2023-08-10 22:10
Participate in Enlight's investor survey and get a chance to win EUR 100, 50, 25 Euronics gift card.
Takes only a few minutes to complete (20 questions).
All participants are anonymous.
Link to Google forms survey here:
https://forms.gle/bNjfKQDrkwLi4dkZ9
EnlightResearch SAB1L - Šiaulių bankas #759433   2023-08-17 08:59
Analysis after Q2/23
“No complaints except for valuation”https://research.enlightresearch.net/jsp/demoLogin.jsp?key=3512&x=aabbcc&resLibId=89033
EnlightResearch TSM1T - Tallinna Sadam #759782   2023-08-23 09:27
EnlightResearch EfTEN Real Estate Fund III #760233   2023-08-30 08:11
EnlightResearch NTU1L - Novaturas #761627   2023-09-14 08:26
Analysis after Q2/23 report
"Dividend policy imply high yield "
https://research.enlightresearch.net/jsp/demoLogin.jsp?key=3512&x=aabbcc&resLibId=89052
EnlightResearch IGN1L - Ignitis grupė #761704   2023-09-15 08:32
Analysis after Q2/23 report
“Diversification benefit”
https://research.enlightresearch.net/jsp/demoLogin.jsp?key=3512&x=aabbcc&resLibId=89053
EnlightResearch LNA1L - Linas Agro Group #761705   2023-09-15 09:00
EnlightResearch LNA1L - Linas Agro Group #761738   2023-09-15 16:08
The majority of it is EUR 40m estimated investment in Instant noodle plant
EnlightResearch LNA1L - Linas Agro Group #761771   2023-09-16 08:57
There is a EUR 13m deal with Auga on Grybai.
Some smaller investments have also been announced.
EnlightResearch GRG1L - Grigiškės #762669   2023-09-26 08:24
Analysis after Q2/23 report
“Valuation low due to legal case”
https://research.enlightresearch.net/jsp/demoLogin.jsp?key=3512&x=aabbcc&resLibId=89057
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