AS Merko Ehitus' (TAL:MRK1T) Problems Go Beyond Weak Profit
Feb 13
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Estonia (OMX) Market Analysis & Valuation
UpdatedFeb 15, 2026
DataAggregated Company Financials
Companies29
- 7D0.6%
- 3M8.0%
- 1Y-0.004%
- YTD-0.2%
Over the last 7 days, the market has remained flat, with no particular sector making any big moves this week. In line with that, the market has also been flat over the past year. As for the next few years, earnings are expected to grow by 4.4% per annum.
Market Valuation and Performance
Has the Estonia Market valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Sun, 15 Feb 2026 | €4.7b | €5.1b | €334.1m | 15.2x | 14.2x | 0.9x |
| Tue, 13 Jan 2026 | €4.7b | €5.2b | €358.4m | 14.8x | 13.2x | 0.9x |
| Thu, 11 Dec 2025 | €4.5b | €5.2b | €358.4m | 14x | 12.6x | 0.9x |
| Sat, 08 Nov 2025 | €4.4b | €5.1b | €397.5m | 12.7x | 11.1x | 0.9x |
| Mon, 06 Oct 2025 | €4.5b | €5.2b | €412.6m | 13.1x | 10.9x | 0.9x |
| Wed, 03 Sep 2025 | €4.7b | €5.2b | €411.9m | 13.9x | 11.3x | 0.9x |
| Fri, 01 Aug 2025 | €5.6b | €5.1b | €466.8m | 15x | 12.1x | 1.1x |
| Sun, 29 Jun 2025 | €5.7b | €5.2b | €488.2m | 15.2x | 11.7x | 1.1x |
| Tue, 27 May 2025 | €5.7b | €5.2b | €488.0m | 15.1x | 11.7x | 1.1x |
| Thu, 24 Apr 2025 | €5.5b | €5.1b | €570.5m | 11.6x | 9.6x | 1.1x |
| Sat, 22 Mar 2025 | €5.2b | €5.1b | €589.7m | 9.4x | 8.9x | 1x |
| Mon, 17 Feb 2025 | €5.4b | €5.0b | €615.2m | 10.5x | 8.8x | 1.1x |
| Wed, 15 Jan 2025 | €5.0b | €5.0b | €610.2m | 10.8x | 8.2x | 1x |
| Fri, 13 Dec 2024 | €4.9b | €5.0b | €610.2m | 11x | 8x | 1x |
| Sun, 10 Nov 2024 | €5.0b | €5.0b | €611.3m | 11x | 8.2x | 1x |
| Tue, 08 Oct 2024 | €4.9b | €4.8b | €691.3m | 9.6x | 7x | 1x |
| Thu, 05 Sep 2024 | €4.9b | €4.8b | €691.1m | 9.6x | 7.1x | 1x |
| Sat, 03 Aug 2024 | €5.0b | €4.8b | €707.8m | 9.6x | 7x | 1x |
| Mon, 01 Jul 2024 | €5.0b | €4.8b | €734.2m | 10.9x | 6.8x | 1x |
| Wed, 29 May 2024 | €5.2b | €4.8b | €738.3m | 11.1x | 7x | 1.1x |
| Fri, 26 Apr 2024 | €5.2b | €4.8b | €714.3m | 11.1x | 7.3x | 1.1x |
| Sun, 24 Mar 2024 | €5.1b | €4.9b | €715.3m | 11.1x | 7.2x | 1x |
| Tue, 20 Feb 2024 | €5.0b | €5.0b | €710.3m | 11.6x | 7x | 1x |
| Thu, 18 Jan 2024 | €5.1b | €5.0b | €709.1m | 10.3x | 7.2x | 1x |
| Sat, 16 Dec 2023 | €5.0b | €3.8b | €441.1m | 11.4x | 11.4x | 1.3x |
| Mon, 13 Nov 2023 | €4.5b | €3.8b | €447.8m | 11.8x | 10.1x | 1.2x |
| Wed, 11 Oct 2023 | €4.6b | €3.8b | €415.9m | 11.4x | 11.1x | 1.2x |
| Fri, 08 Sep 2023 | €4.7b | €3.8b | €414.9m | 11.8x | 11.4x | 1.3x |
| Sun, 06 Aug 2023 | €4.7b | €3.8b | €441.4m | 11.7x | 10.7x | 1.2x |
| Tue, 04 Jul 2023 | €4.8b | €3.7b | €386.6m | 12.5x | 12.4x | 1.3x |
| Thu, 01 Jun 2023 | €4.9b | €3.7b | €382.0m | 13.3x | 12.7x | 1.3x |
| Sat, 29 Apr 2023 | €4.9b | €3.6b | €384.9m | 13.5x | 12.8x | 1.4x |
| Mon, 27 Mar 2023 | €4.9b | €3.5b | €322.0m | 14.6x | 15.2x | 1.4x |
| Wed, 22 Feb 2023 | €4.9b | €3.5b | €321.5m | 14x | 15.3x | 1.4x |
Price to Earnings Ratio
15.3x
Current Market PE
- Investors are optimistic on the Estonian market, and appear confident in strong long term growth rates.
- The market is trading at a PE ratio of 14.2x which is higher than its 3-year average PE of 10.1x.
Past Earnings Growth
- The earnings for Estonian listed companies have remained mostly flat over the last three years.
- Meanwhile revenues have grown 14% per year.
- This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased and as a result, profits have held steady.
Sector Trends
Which sectors have driven the changes within the Estonia Market?
| EE Market | 0.62% | |
| Consumer Discretionary | 2.14% | |
| Real Estate | 1.95% | |
| Tech | 1.94% | |
| Industrials | 1.08% | |
| Financials | 0.71% | |
| Consumer Staples | 0.10% | |
| Telecom | 0.011% | |
| Utilities | 0% | 0 |
| Healthcare | -1.52% | |
Sector PE
- Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 28.1x.
- It looks like investors are confident that earnings will grow faster in the future than they have historically.
- The Consumer Discretionary sector is the least preferred by investors for future growth, which is trading close to its 3-year average of 5.2x.
Forecasted Growth
- Analysts are most optimistic on the Industrials sector, expecting annual earnings growth of 4.4% over the next 5 years.
- This is better than its past earnings decline of 17% per year.
- In contrast, the Industrials sector is expected to see its earnings grow by 4.4% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | Sector | |
|---|---|---|---|---|---|---|
| TSM1T AS Tallinna Sadam | €1.45 | 2.7% +€10.0m | 24.1% | PE16.5x | Industrials | |
| CPA1T Coop Pank | €2.23 | 4.5% +€9.8m | -2.2% | PB1x | Financials | |
| HAE1T AS Harju Elekter Group | €5.46 | 3.8% +€3.7m | 10.3% | PE17.3x | Industrials | |
| PKG1T AS Pro Kapital Grupp | €0.98 | 4.3% +€2.3m | -2.0% | PE8.4x | Real Estate | |
| MRK1T AS Merko Ehitus | €30.10 | 0.3% +€1.8m | 19.0% | PE13.3x | Industrials |