공고 • Jul 08
AS Baltika to Delist from Stock Exchange Investors´ interest in connection with AS Baltika's merger and their plan to delist has been significant. Neither AS Baltika nor its main shareholder has considered it necessary to disclose additional information as a market announcement, which would help AS Baltika´s minority shareholders to form an opinion. AS Nasdaq Tallinn, as the organizer of the Regulated Market, plays an important role in ensuring a transparent trading environment as well as better investor communication. Therefore, Nasdaq Tallinn Stock Exchange considers it necessary to clarify the already disclosed information and to disclose the additional information provided by AS Baltika to Nasdaq Tallinn Stock Exchange, which may help the shareholders of AS Baltika to form their opinion, including preparing for the extraordinary general meeting of AS Baltika, to be held on July 27th, 2023, the agenda of which includes the approval of the merger agreements signed between AS Baltika and KJK BLTK Holding OÜ on June 26th, 2023, the takeover of the shares of minority shareholders and the process of delisting of AS Baltika shares. New Risk • Jun 29
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 20% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (20% average weekly change). High level of non-cash earnings (93% accrual ratio). Market cap is less than US$10m (€4.76m market cap, or US$5.19m). Reported Earnings • Jun 02
First quarter 2023 earnings released: €0.01 loss per share (vs €0.025 loss in 1Q 2022) First quarter 2023 results: €0.01 loss per share (improved from €0.025 loss in 1Q 2022). Revenue: €2.16m (up 4.1% from 1Q 2022). Net loss: €641.0k (loss narrowed 52% from 1Q 2022). Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 05
Third quarter 2022 earnings released: EPS: €0.12 (vs €0.007 loss in 3Q 2021) Third quarter 2022 results: EPS: €0.12 (up from €0.007 loss in 3Q 2021). Revenue: €2.43m (down 36% from 3Q 2021). Net income: €6.61m (up €7.00m from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 77% 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 • Jul 19
Second quarter 2022 earnings released: €0.02 loss per share (vs €0.001 profit in 2Q 2021) Second quarter 2022 results: €0.02 loss per share (down from €0.001 profit in 2Q 2021). Revenue: €2.31m (down 28% from 2Q 2021). Net loss: €1.00m (down €1.04m from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Buying Opportunity • May 26
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be €0.26, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 48% over the last 3 years. Meanwhile, the company became loss making. Buying Opportunity • May 09
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 7.7%. The fair value is estimated to be €0.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 48% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Apr 21
First quarter 2022 earnings released: €0.025 loss per share (vs €0.031 loss in 1Q 2021) First quarter 2022 results: €0.025 loss per share (up from €0.031 loss in 1Q 2021). Revenue: €2.08m (down 2.7% from 1Q 2021). Net loss: €1.35m (loss narrowed 19% from 1Q 2021). Over the last 3 years on average, earnings per share has increased by 126% per year but the company’s share price has fallen by 38% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 01
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: €0.05 loss per share (down from €0.007 loss in FY 2020). Revenue: €11.8m (down 40% from FY 2020). Net loss: €2.90m (loss widened €2.52m from FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 119% per year but the company’s share price has fallen by 43% per year, which means it is significantly lagging earnings. Reported Earnings • Oct 20
Third quarter 2021 earnings released: €0.01 loss per share (vs €0.01 loss in 3Q 2020) The company reported a soft third quarter result with weaker revenues and control over costs, although losses reduced. Third quarter 2021 results: Revenue: €3.82m (down 33% from 3Q 2020). Net loss: €392.0k (loss narrowed 24% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has fallen by 43% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 18
Second quarter 2021 earnings released: EPS €0.001 (vs €0.073 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €3.21m (down 14% from 2Q 2020). Net income: €37.0k (down 99% from 2Q 2020). Profit margin: 1.2% (down from 107% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has fallen by 45% per year, which means it is significantly lagging earnings. Executive Departure • Jun 10
Member of Management Board & Group CFO Triinu Tarkin has left the company During their tenure, the company went from making losses to turning a profit. On the 4th of June, Triinu Tarkin left the company after less than a year in the role. We don't have any record of a personal shareholding under Triinu's name. Triinu is the only executive to leave the company over the last 12 months. Reported Earnings • Apr 21
First quarter 2021 earnings released: €0.031 loss per share (vs €0.048 loss in 1Q 2020) The company reported a soft first quarter result with weaker revenues and control over costs, although losses reduced. First quarter 2021 results: Revenue: €2.13m (down 65% from 1Q 2020). Net loss: €1.66m (loss narrowed 36% from 1Q 2020). 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 46% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 28
Full year 2020 earnings released: €0.007 loss per share (vs €0.16 loss in FY 2019) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: €19.7m (down 50% from FY 2019). Net loss: €377.0k (loss narrowed 94% from FY 2019). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 48% per year, which means it is significantly lagging earnings.