New Risk • Jun 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Lithuanian stocks, typically moving 4.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (60% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (4.0% average weekly change). Buy Or Sell Opportunity • May 29
Now 20% undervalued Over the last 90 days, the stock has risen 15% to €1.01. The fair value is estimated to be €1.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • May 11
First quarter 2026 earnings released: EPS: €0.074 (vs €0.054 loss in 1Q 2025) First quarter 2026 results: EPS: €0.074 (up from €0.054 loss in 1Q 2025). Revenue: €158.7m (up 47% from 1Q 2025). Net income: €37.2m (up €64.2m from 1Q 2025). Profit margin: 23% (up from net loss in 1Q 2025). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • May 05
Now 20% undervalued Over the last 90 days, the stock has risen 16% to €1.01. The fair value is estimated to be €1.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Apr 23
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €1.04, the stock trades at a trailing P/E ratio of 15.3x. Average trailing P/E is 16x in the Electric Utilities industry in Europe. Total returns to shareholders of 70% over the past three years. Annonce • Apr 21
Litgrid AB Announces Dividend for 2025, Payable from 14 May 2026 LITGRID AB announced the general meeting of shareholders held on 17 April 2026 adopted a decision on the distribution of the company profit for 2025 and the payment of an EUR 0.054 dividend per share. Dividends are paid out from 14 May 2026 in the following order: to the shareholders, whose LITGRID AB shares are accounted by a financial brokerage company or credit institutions, which provide securities accounting services, the dividend amount, after deduction of Personal or Corporate withholding income tax applicable by the laws of Lithuania, will be transferred to the shareholders’ accounts held with a respective financial brokerage company or credit institution; to the shareholders, whose LITGRID AB shares on behalf of the Company are accounted by the authorised custodian AB SEB bankas, the dividend amount, after deduction of Personal or Corporate withholding income tax applicable by the laws of Lithuania, will be transferred to the shareholders’ accounts with AB SEB bankas or the accounts (IBAN) with other bank or financial institution as indicated by the shareholders (requests with account indications should be submitted to any branch of SEB bankas). Dividends paid in 2026 will be taxed as follows: dividends paid to natural persons–residents of the Republic of Lithuania and natural persons–residents of foreign countries are subject to withholding Personal income tax of 15%; dividends paid to legal entities of the Republic of Lithuania and legal entities–residents of foreign countries are subject to withholding Corporate income tax of 17%, unless otherwise provided for by the laws. Buy Or Sell Opportunity • Apr 16
Now 21% undervalued Over the last 90 days, the stock has risen 2.7% to €0.90. The fair value is estimated to be €1.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. Annonce • Mar 26
Litgrid AB, Annual General Meeting, Apr 17, 2026 Litgrid AB, Annual General Meeting, Apr 17, 2026, at 10:00 FLE Standard Time. Location: karlo gustavo emilio manerheimo st. 8, lt-05131, vilnius, 229 hall, Lithuania New Risk • Mar 04
New major risk - Revenue and earnings growth Earnings have declined by 2.3% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 2.3% per year over the past 5 years. Reported Earnings • Mar 02
Full year 2025 earnings released: EPS: €0.068 (vs €0.097 in FY 2024) Full year 2025 results: EPS: €0.068 (down from €0.097 in FY 2024). Revenue: €431.1m (up 15% from FY 2024). Net income: €34.2m (down 30% from FY 2024). Profit margin: 7.9% (down from 13% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Annonce • Jan 13
Litgrid AB Appoints Andrius Šemeškevicius as CEO The Board of Litgrid AB on January 12th 2026 appointed Andrius Šemeškevicius as the CEO of Litgrid effective from 23 February 2026 for a five-year term. In this capacity, A. Šemeškevicius will replace Rokas Masiulis, who was leading the team of Litgrid from February 2021. Andrius Šemeškevicius has accumulated many years of experience in the field of technology. For the last 11 years, he worked as the Chief Technology Officer of Telia Lietuva. In 2023–2024, he served as an independent member of the Litgrid Board and was responsible for the technology and digitalization. A. Šemeškevicius holds a Master of Science in Engineering Computer Science from Vilnius Gediminas Technical University (Vilnius Tech), has completed the Leadership and Business Development Program at the Saïd Business School of Oxford University and the Executive Education Program for Senior Executives at The Wharton School of the University of Pennsylvania. Buy Or Sell Opportunity • Jan 02
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 5.4% to €0.86. The fair value is estimated to be €0.71, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.0% over the last 3 years. Meanwhile, the company became loss making. New Risk • Nov 09
New major risk - Revenue and earnings growth Earnings have declined by 2.3% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 2.3% per year over the past 5 years. Reported Earnings • Nov 09
Third quarter 2025 earnings released: EPS: €0.013 (vs €0.007 in 3Q 2024) Third quarter 2025 results: EPS: €0.013 (up from €0.007 in 3Q 2024). Revenue: €96.4m (up 19% from 3Q 2024). Net income: €6.71m (up 90% from 3Q 2024). Profit margin: 7.0% (up from 4.4% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Annonce • Sep 13
Litgrid AB Announces Term of Office of CEO Rokas Masiulis, will End on February 22, 2026 LITGRID AB announced a public selection process for a new CEO. Applications for this position will be accepted until 27 October 2026. The term of office of the current CEO, Rokas Masiulis, will end on February 22, 2026. New Risk • May 13
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Dividend per share is over 52x earnings per share. The company is paying a dividend despite having no free cash flows. Dividend yield: 5.8% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Dividend per share is over 52x earnings per share. Paying a dividend despite having no free cash flows. High level of non-cash earnings (41% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (0.1% net profit margin). New Risk • May 11
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 0.1% Last year net profit margin: 15% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (41% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (0.1% net profit margin). Declared Dividend • Apr 30
Dividend reduced to €0.049 Dividend of €0.049 is 16% lower than last year. Ex-date: 14th May 2025 Payment date: 1st January 1970 Dividend yield will be 5.8%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (80% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 75% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Annonce • Apr 29
Litgrid AB announces Annual dividend Litgrid AB announced Annual dividend of EUR 0.0490 per share, ex-date on May 14, 2025 and record date on May 15, 2025. Reported Earnings • Apr 12
Full year 2024 earnings released: EPS: €0.097 (vs €0.096 in FY 2023) Full year 2024 results: EPS: €0.097 (up from €0.096 in FY 2023). Revenue: €375.9m (up 2.5% from FY 2023). Net income: €49.0m (up 1.3% from FY 2023). Profit margin: 13% (in line with FY 2023). Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Mar 02
Full year 2024 earnings released: EPS: €0.097 (vs €0.096 in FY 2023) Full year 2024 results: EPS: €0.097 (up from €0.096 in FY 2023). Revenue: €378.3m (up 3.1% from FY 2023). Net income: €49.0m (up 1.3% from FY 2023). Profit margin: 13% (in line with FY 2023). Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. New Risk • Jan 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Lithuanian stocks, typically moving 4.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (45% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (4.1% average weekly change). Reported Earnings • Nov 10
Third quarter 2024 earnings released: EPS: €0.007 (vs €0.04 in 3Q 2023) Third quarter 2024 results: EPS: €0.007 (down from €0.04 in 3Q 2023). Revenue: €81.9m (up 15% from 3Q 2023). Net income: €3.54m (down 83% from 3Q 2023). Profit margin: 4.3% (down from 28% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 10
Second quarter 2024 earnings released: EPS: €0.013 (vs €0.02 in 2Q 2023) Second quarter 2024 results: EPS: €0.013 (down from €0.02 in 2Q 2023). Revenue: €84.8m (up 8.3% from 2Q 2023). Net income: €6.61m (down 34% from 2Q 2023). Profit margin: 7.8% (down from 13% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. New Risk • Jul 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Lithuanian stocks, typically moving 4.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (60% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (4.4% average weekly change). Reported Earnings • May 12
First quarter 2024 earnings released: EPS: €0.043 (vs €0.026 in 1Q 2023) First quarter 2024 results: EPS: €0.043 (up from €0.026 in 1Q 2023). Revenue: €113.0m (down 7.3% from 1Q 2023). Net income: €21.5m (up 67% from 1Q 2023). Profit margin: 19% (up from 11% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has remained flat. Annonce • May 08
Litgrid AB Approves Dividend Distribution for 2023, Payable from 29 May 2024 The general meeting of LITGRID AB shareholders held on 30 April 2024 adopted a decision on the distribution of the company profit for 2023 and the payment of an EUR 0.058 dividend per share. The company informed that May 14, 2024 is an ex-dividend date of LITGRID AB. Dividends are paid out from 29 May 2024. Annonce • Apr 30
LITGRID AB Announces Board Appointment LITGRID AB at its Ordinary General Meeting of Shareholders held on 30 April 2024 appointed Tim Meyerjürgens was elected as an independent member of the Board and Pierre-Henri D’haene was elected as an independent member of the Board. Reported Earnings • Apr 04
Full year 2023 earnings released: EPS: €0.096 (vs €0.098 loss in FY 2022) Full year 2023 results: EPS: €0.096 (up from €0.098 loss in FY 2022). Revenue: €366.8m (down 12% from FY 2022). Net income: €48.4m (up €97.9m from FY 2022). Profit margin: 13% (up from net loss in FY 2022). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Annonce • Mar 30
Litgrid AB, Annual General Meeting, Apr 30, 2024 Litgrid AB, Annual General Meeting, Apr 30, 2024, at 10:00 E. Europe Standard Time. Location: Karlo Gustavo Emilio Manerheimo st. 8, LT-05131, Vilnius, Room 229 Vilnius Lithuania Agenda: To consider and approve Regarding Annual Report of LITGRID AB for 2023;Regarding independent auditor’s conclusion on LITGRID AB financial statements and annual report for 2023;Regarding the approval of the set of financial statements of LITGRID AB for 2023; Regarding the approval of the distribution of profit of LITGRID AB for 2023;Regarding the approval of the remuneration report of LITGRID AB for 2023; and to discuss other matters. Reported Earnings • Mar 01
Full year 2023 earnings released: EPS: €0.096 (vs €0.098 loss in FY 2022) Full year 2023 results: EPS: €0.096 (up from €0.098 loss in FY 2022). Revenue: €369.8m (down 12% from FY 2022). Net income: €48.4m (up €97.9m from FY 2022). Profit margin: 13% (up from net loss in FY 2022). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. New Risk • Feb 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Lithuanian stocks, typically moving 3.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (44% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (3.3% average weekly change). Annonce • Jan 27
LITGRID AB Provides Update on Settlement with UAB „GG LTU S23“ LITGRID AB informed that Vilnius Regional Court on 25 January 2024 approved the settlement agreement concluded between UAB „GG LTU S23“ and LITGRID AB. The civil proceedings for compensation for damages have been terminated. Reported Earnings • Nov 07
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: €108.1m (down 24% from 3Q 2022). Net income: €20.4m (up €54.6m from 3Q 2022). Profit margin: 19% (up from net loss in 3Q 2022). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 115 percentage points per year, which is a significant difference in performance. New Risk • Oct 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Lithuanian stocks, typically moving 3.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-€121m free cash flow). Earnings have declined by 2.2% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (3.0% average weekly change). Reported Earnings • Aug 29
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €80.1m (up 3.9% from 2Q 2022). Net income: €10.0m (up €17.3m from 2Q 2022). Profit margin: 13% (up from net loss in 2Q 2022). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 109 percentage points per year, which is a significant difference in performance. Annonce • Aug 22
Litgrid AB Provides Notification Regarding Legal Dispute LITGRID AB that Vilnius Regional Court announced that it received a claim from UB GG LTU S23 requesting the Court to recognise the Company's decision of 10 June 2022 to refuse to conclude a letter of intent and the response of 14 July 2022 regarding the refusal to conclude the letter of intent as illegal and to revoke them, to order EUR 19-768 535 in damages and incurred litigation costs from LITGRID. According to UAB GG LTU S23, the Company's decision of June 10, 2022, to refuse to conclude a letter of intent with it in accordance with the issued pre-conditions of connection is unfounded and illegal, therefore the plaintiff lost the opportunity to develop the solar power plant park and suffered losses of EUR 19-768 535 as a result. The Company will analyse the arguments of the claim and will make decisions about further actions in accordance with the procedure established by legal acts. Reported Earnings • May 06
First quarter 2023 earnings released: EPS: €0.026 (vs €0.004 loss in 1Q 2022) First quarter 2023 results: EPS: €0.026 (up from €0.004 loss in 1Q 2022). Revenue: €86.8m (up 28% from 1Q 2022). Net income: €12.9m (up €14.9m from 1Q 2022). Profit margin: 15% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 95 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 24
Full year 2022 earnings released: €0.098 loss per share (vs €0.04 profit in FY 2021) Full year 2022 results: €0.098 loss per share (down from €0.04 profit in FY 2021). Revenue: €419.0m (up 57% from FY 2021). Net loss: €49.5m (down 347% from profit in FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 07
Full year 2022 earnings released: €0.098 loss per share (vs €0.04 profit in FY 2021) Full year 2022 results: €0.098 loss per share (down from €0.04 profit in FY 2021). Revenue: €420.3m (up 57% from FY 2021). Net loss: €49.4m (down 347% from profit in FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Annonce • Dec 30
Litgrid AB Appoints Tomas Varneckas as the Chairman of the Board LITGRID AB informed that Tomas Varneckas, the Head of Infrastructure of the Energy Transmission and Exchange Group EPSO-G, has been elected as the Chairman of the Board of LITGRID AB in the Board meeting held on 29 December 2022. T. Varneckas heads the Infrastructure Division at EPSO-G from August 2021, before joining the group he worked for almost 4 years at LTG Infra, which was responsible for the implementation of infrastructure projects. Prior to that, he worked for more than 17 years as the Project Director, Vice President and took other positions in the engineering company Sweco. There he was actively involved in the implementation of infrastructure projects of strategic importance in Lithuania, including the construction of electricity interconnections, the decontamination and dismantling of the Ignalina Nuclear Power Plant, the construction of a liquefied natural gas terminal, and the construction of incineration plants in Vilnius and Kaunas. Algirdas Juozaponis, who was the Chairman of the Board of LITGRID AB until December 2022, decided to leave the EPSO-G this year and to step down as Chief Financial Officer of EPSO-G in January. The LITGRID AB Board, which took the office in 2020, currently has 4 members elected for a 4-year term. Annonce • Dec 23
Litgrid AB Announces Board Changes Litgrid AB at its extraordinary General Meeting of Shareholders held on December 22, 2022 approved to recall Algirdas Juozaponis from the board members of the company and election of Mindaugas Keizeris, born 30/11/1980, to the board of LITGRID AB?until the end of the cadency of the board. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Domas Sidaravicius was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annonce • Nov 02
Litgrid AB (NSEL:LGD1L) acquired 37.6% stake in Tso Holding As from Fingrid Oyj. Litgrid AB (NSEL:LGD1L) acquired 37.6% stake in Tso Holding As from Fingrid Oyj on October 31, 2022.
Litgrid AB (NSEL:LGD1L) completed the acquisition of 37.6% stake in Tso Holding As from Fingrid Oyj on October 31, 2022. Annonce • Oct 22
Litgrid AB Announces the Resignation of Arturas Vilimas as Member of the Board Litgrid AB on 21 October 2022, the member of the Board, Arturas Vilimas, due to the personal reasons has declared his resignation from the position of the member of the Board, starting from 5 November 2022 (the last day as a member of the Board being 4th November 2022). Reported Earnings • Aug 05
Second quarter 2022 earnings released: €0.014 loss per share (vs €0.012 profit in 2Q 2021) Second quarter 2022 results: €0.014 loss per share (down from €0.012 profit in 2Q 2021). Revenue: €77.5m (up 55% from 2Q 2021). Net loss: €7.23m (down 222% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Jun 02
Now 21% undervalued Over the last 90 days, the stock is up 1.4%. The fair value is estimated to be €0.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.8% over the last 3 years. Meanwhile, the company has become profitable. Buying Opportunity • May 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 4.5%. The fair value is estimated to be €0.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.8% over the last 3 years. Meanwhile, the company has become profitable. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Arturas Vilimas was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 22
Full year 2021 earnings released: EPS: €0.04 (vs €0.053 in FY 2020) Full year 2021 results: EPS: €0.04 (down from €0.053 in FY 2020). Revenue: €267.3m (up 30% from FY 2020). Net income: €20.0m (down 25% from FY 2020). Profit margin: 7.5% (down from 13% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Annonce • Apr 21
Litgrid AB Approves Election of Tomas Varneckas and Gediminas Karalius to its Board Litgrid AB adopted the decision to elect Tomas Varneckas, nominated by the parent company UAB EPSO-G, and Gediminas Karalius, a civil servant, to the board of the company as of 20 April 2022 until the end of its term of office. Reported Earnings • Feb 05
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: €0.039 (down from €0.053 in FY 2020). Revenue: €270.6m (up 31% from FY 2020). Net income: €19.5m (down 27% from FY 2020). Profit margin: 7.2% (down from 13% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 06
Third quarter 2021 earnings released: EPS €0.007 (vs €0.01 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: €60.0m (up 26% from 3Q 2020). Net income: €3.50m (down 28% from 3Q 2020). Profit margin: 5.8% (down from 10% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS €0.012 (vs €0.009 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €50.0m (up 4.8% from 2Q 2020). Net income: €5.90m (up 30% from 2Q 2020). Profit margin: 12% (up from 9.5% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 24
First quarter 2021 earnings released: EPS €0.023 (vs €0.018 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: €61.2m (up 15% from 1Q 2020). Net income: €11.5m (up 26% from 1Q 2020). Profit margin: 19% (up from 17% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Annonce • May 19
Litgrid AB Approves Investment Decision of the Implementation Phase of the Harmony Link Interconnector Project LITGRID AB at its EGM held on 17 May 2021, approved the investment decision of the implementation phase of the Harmony Link Interconnector Project. Annonce • Apr 30
LITGRID AB Announces Dividend for 2020, Payable from 19 May 2021 The general meeting of LITGRID AB shareholders held on 20 April 2021 adopted a decision on the distribution of the company profit for 2020 and the payment of EUR 0.0328 dividend per share. Dividends are paid out from 19 May 2021. Reported Earnings • Mar 18
Full year 2020 earnings released: EPS €0.053 (vs €0.006 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: €206.4m (up 13% from FY 2019). Net income: €26.6m (up €23.6m from FY 2019). Profit margin: 13% (up from 1.6% in FY 2019). Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Annonce • Mar 06
LITGRID AB Enters into the Management Holding Services Agreement with UAB EPSO-G LITGRID AB announced that on 4 March 2021 concluded the purchase agreement for management holding services with the parent company UAB EPSO-G. The maximum price of the contact (excluding VAT) is EUR 425,000, the term of the contract is 36 months. The Audit Committee of UAB EPSO-G on 22 February 2021 stated that the management holding services purchase transaction is in line with market conditions, is fair and reasonable to Litgrid shareholders who are not parties to the transaction. Annonce • Feb 09
Litgrid AB Announces Board Changes The Board of LITGRID AB appointed Rokas Masiulis as Director General of LITGRID AB effective from 22 February 2021 when his resignation from the position of a member of the Board of AB Vilniaus šilumos tinklai is completed in accordance with the principles of separation of energy transmission and generation. In this capacity, he will replace Vidmantas Grušas who is acting Director General of the Company from 16 October 2020. Vidmantas Grušas will continue to work as the Director of the Transmission Network Department of LITGRID AB. R. Masiulis has 10 years. experience working on corporate management boards. At the time of his appointment, R. Masiulis was a member of the boards of Vilnius International French Lyceum and financial technology company UAB Connectpay. Is New 90 Day High Low • Feb 08
New 90-day high: €0.67 The company is up 17% from its price of €0.57 on 10 November 2020. The Lithuanian market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electric Utilities industry, which is up 7.0% over the same period. Reported Earnings • Feb 06
Full year 2020 earnings released: EPS €0.054 (vs €0.009 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: €208.0m (up 7.4% from FY 2019). Net income: €27.1m (up 488% from FY 2019). Profit margin: 13% (up from 2.4% in FY 2019). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Dec 30
New 90-day high: €0.58 The company is up 1.0% from its price of €0.58 on 30 September 2020. The Lithuanian market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electric Utilities industry, which is up 19% over the same period. Reported Earnings • Nov 06
Third quarter 2020 earnings released: EPS €1.01 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: €47.6m (up 3.3% from 3Q 2019). Net income: €4.86m (up €6.90m from 3Q 2019). Profit margin: 10% (up from net loss in 3Q 2019). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Annonce • Oct 12
Litgrid AB Announces Executive Changes Litgrid AB revoked Daivis Virbickas from the position of the director general of the Company from October 16 being it the last date in the position. The Board appointed Vidmantas Grušas, the director of Litgrid Transmission Grid department as director general of the Company from the date until a permanent director general of the Company is selected in an open recruitment process. Annonce • Jul 30
QEIF II Development Holding SARL managed by Quaero Capital SA completed the acquisition of UAB Duomenu logistikos centras from LITGRID AB & UAB Ignitis Grupe. QEIF II Development Holding SARL managed by Quaero Capital SA agreed to acquire UAB Duomenu logistikos centras from LITGRID AB & UAB Ignitis Grupe for €10.1 on June 30, 2020. Under the terms, Litgrid will get €2.1 million as consideration.
QEIF II Development Holding SARL managed by Quaero Capital SA completed the acquisition of UAB Duomenu logistikos centras from LITGRID AB & UAB Ignitis Grupe on July 7, 2020.