New Risk • Jul 21
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 Estonian 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 Earnings have declined by 8.8% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (3.3% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.1% net profit margin). Market cap is less than US$100m (€42.7m market cap, or US$48.8m). Reported Earnings • May 05
First quarter 2026 earnings released: €0.03 loss per share (vs €0.052 loss in 1Q 2025) First quarter 2026 results: €0.03 loss per share (improved from €0.052 loss in 1Q 2025). Revenue: €16.8m (down 1.2% from 1Q 2025). Net loss: €915.0k (loss narrowed 43% from 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Announcement • Apr 29
AS Ekspress Grupp, Annual General Meeting, Jun 01, 2026 AS Ekspress Grupp, Annual General Meeting, Jun 01, 2026, at 10:00 FLE Standard Time. Location: the seat of ekspress grupp, in the city of tallinn, narva mnt 13, 4th floor, Estonia New Risk • Apr 09
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 70% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 4.7% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.3% net profit margin). Market cap is less than US$100m (€38.4m market cap, or US$44.8m). New Risk • Feb 22
New major risk - Revenue and earnings growth Earnings have declined by 4.7% 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 Risk Earnings have declined by 4.7% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (1.3% net profit margin). Market cap is less than US$100m (€38.2m market cap, or US$45.1m). Reported Earnings • Feb 22
Full year 2025 earnings released: EPS: €0.033 (vs €0.11 in FY 2024) Full year 2025 results: EPS: €0.033 (down from €0.11 in FY 2024). Revenue: €80.2m (up 5.3% from FY 2024). Net income: €1.03m (down 68% from FY 2024). Profit margin: 1.3% (down from 4.3% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 9% per year. New Risk • Dec 26
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 Estonian stocks, typically moving 3.7% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (3.7% average weekly change). Market cap is less than US$100m (€38.1m market cap, or US$44.9m). Announcement • Dec 25
UAB Admisa entered into sale and purchase agreement to acquire UAB Lrytas from AS Ekspress Grupp (TLSE:EEG1T). UAB Admisa entered into sale and purchase agreement to acquire UAB Lrytas from AS Ekspress Grupp (TLSE:EEG1T) on December 23, 2025. Lithuanian Competition Council has approved the transaction. The transaction is scheduled to be completed by the end of 2025. Announcement • Dec 20
AS Ekspress Grupp (TLSE:EEG1T) entered the contract to acquire Liikluslab Baltic OU. AS Ekspress Grupp (TLSE:EEG1T) entered the contract to acquire Liikluslab Baltic OU on December 19, 2025. The purpose of the acquisition is to grow the digital business and expand into a new business area. Strategically, the acquisition supports Ekspress Grupp's long-term goal of increasing revenues from digital subscriptions and services and creates an opportunity for international expansion. After the transaction, Liikluslab Baltic OÜ will continue to operate as a separate company. As a group, Ekspress Grupp offers Liikluslab Baltic synergy in functions supporting the main business, providing notably bigger growth potential for the growing company. The transaction is partly financed with a bank loan from AS SEB Pank. The transaction is not considered as a significant transaction according to the rules and regulations of the NASDAQ Tallinn Stock Exchange “Requirements for Issuers”. AS Ekspress Grupp confirms that the members of the Group’s Management and Supervisory Boards are not personally interested in the transaction.
The transaction is scheduled to be completed by the end of 2025. Reported Earnings • Nov 02
Third quarter 2025 earnings released: EPS: €0.079 (vs €0.01 in 3Q 2024) Third quarter 2025 results: EPS: €0.079 (up from €0.01 in 3Q 2024). Revenue: €17.9m (up 6.3% from 3Q 2024). Net income: €2.44m (up €2.14m from 3Q 2024). Profit margin: 14% (up from 1.8% in 3Q 2024). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 10% per year, which means it is performing significantly worse than earnings. Reported Earnings • Aug 01
Second quarter 2025 earnings released: EPS: €0.035 (vs €0.033 in 2Q 2024) Second quarter 2025 results: EPS: €0.035 (up from €0.033 in 2Q 2024). Revenue: €21.4m (up 9.2% from 2Q 2024). Net income: €1.08m (up 5.7% from 2Q 2024). Profit margin: 5.1% (down from 5.2% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 14% per year and the company’s share price has also fallen by 14% per year. Announcement • Jul 09
AS Ekspress Grupp (TLSE:EEG1T) agreed to acquire remaining 50% stake in AS Ohtuleht Kirjastus from AVH Grupp. AS Ekspress Grupp (TLSE:EEG1T) agreed to acquire remaining 50% stake in AS Ohtuleht Kirjastus from AVH Grupp on July 9, 2025. Upon completion, AS Ekspress Grupp will own 100% stake in AS Ohtuleht Kirjastus.
The transaction is subject to subject to antitrust regulations. Upcoming Dividend • May 29
Upcoming dividend of €0.06 per share Eligible shareholders must have bought the stock before 05 June 2025. Payment date: 12 June 2025. Payout ratio is a comfortable 70% and this is well supported by cash flows. Trailing yield: 5.5%. Lower than top quartile of Estonian dividend payers (6.3%). Higher than average of industry peers (4.1%). Reported Earnings • May 01
First quarter 2025 earnings released: €0.052 loss per share (vs €0.04 loss in 1Q 2024) First quarter 2025 results: €0.052 loss per share (further deteriorated from €0.04 loss in 1Q 2024). Revenue: €17.0m (up 4.8% from 1Q 2024). Net loss: €1.60m (loss widened 31% from 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 14% per year whereas the company’s share price has fallen by 19% per year. Announcement • Apr 30
AS Ekspress Grupp, Annual General Meeting, May 23, 2025 AS Ekspress Grupp, Annual General Meeting, May 23, 2025, at 10:00 FLE Standard Time. Location: the seat of as ekspress grupp, in the city of tallinn, narva mnt 13 , 4th floor, Estonia Reported Earnings • Feb 23
Full year 2024 earnings released: EPS: €0.11 (vs €0.11 in FY 2023) Full year 2024 results: EPS: €0.11 (down from €0.11 in FY 2023). Revenue: €76.2m (up 4.2% from FY 2023). Net income: €3.25m (down 2.9% from FY 2023). Profit margin: 4.3% (down from 4.6% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 13% per year whereas the company’s share price has fallen by 15% per year. Reported Earnings • Nov 01
Third quarter 2024 earnings released: EPS: €0.01 (vs €0.031 in 3Q 2023) Third quarter 2024 results: EPS: €0.01 (down from €0.031 in 3Q 2023). Revenue: €16.8m (up 1.9% from 3Q 2023). Net income: €305.0k (down 68% from 3Q 2023). Profit margin: 1.8% (down from 5.8% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 14% per year whereas the company’s share price has fallen by 16% per year. Reported Earnings • Aug 01
Second quarter 2024 earnings released: EPS: €0.033 (vs €0.02 in 2Q 2023) Second quarter 2024 results: EPS: €0.033 (up from €0.02 in 2Q 2023). Revenue: €19.6m (up 6.0% from 2Q 2023). Net income: €1.03m (up 67% from 2Q 2023). Profit margin: 5.2% (up from 3.3% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. New Risk • May 23
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 Estonian stocks, typically moving 3.4% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (3.4% average weekly change). Profit margins are more than 30% lower than last year (3.9% net profit margin). Shareholders have been diluted in the past year (3.7% increase in shares outstanding). Market cap is less than US$100m (€33.0m market cap, or US$35.8m). Upcoming Dividend • May 09
Upcoming dividend of €0.06 per share Eligible shareholders must have bought the stock before 16 May 2024. Payment date: 22 May 2024. Payout ratio is a comfortable 63% and this is well supported by cash flows. Trailing yield: 5.0%. Lower than top quartile of Estonian dividend payers (7.4%). Higher than average of industry peers (3.8%). New Risk • May 07
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.2% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (3.9% net profit margin). Shareholders have been diluted in the past year (3.2% increase in shares outstanding). Market cap is less than US$100m (€36.5m market cap, or US$39.3m). Announcement • May 03
AS Ekspress Grupp Approves Dividend for the Year 2023, Payable on 22 May 2024 AS Ekspress Grupp at its Annual General Meeting of the Shareholders held on 3 May 2024, approved the Profit Distribution Proposal for 2023. To distribute a total EUR 3.35 million as follows: to pay dividends 6 (six) euro cents per share in the total amount of EUR 1.84 million; to increase statutory reserve by EUR 0.17 million; the remaining EUR 1.34 million to be allocated to the retained earnings. Shareholders, entered into the share register of AS Ekspress Grupp on 17 May 2024, at the close of the business of the settlement system, will be entitled to dividends. The day of change of the rights related to the shares (ex-date) is on 16 May 2024; from this date onwards, the person acquiring the shares will not have the right to receive dividends for the financial year 2023. Dividends will be paid to the shareholders on 22 May 2024 to the shareholder’s bank account, which is linked to the securities account. New Risk • May 01
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: 3.9% Last year net profit margin: 5.7% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (3.9% net profit margin). Market cap is less than US$100m (€36.2m market cap, or US$38.6m). Declared Dividend • Apr 23
Dividend increased to €0.06 Dividend of €0.06 is 20% higher than last year. Ex-date: 16th May 2024 Payment date: 22nd May 2024 Dividend yield will be 5.0%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is well covered by both earnings (46% earnings payout ratio) and cash flows (17% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 254% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Apr 12
AS Ekspress Grupp, Annual General Meeting, May 03, 2024 AS Ekspress Grupp, Annual General Meeting, May 03, 2024, at 10:00 E. Europe Standard Time. Location: the seat of AS Ekspress Grupp, in the city of Tallinn, Narva mnt 13, 4th floor Estonia Estonia Agenda: To approve the 2023 annual report of AS Ekspress Grupp; to approve the proposal for distribution of profits; and to consider Extension of the mandate of the Member of the Supervisory Board. Reported Earnings • Apr 03
Full year 2023 earnings released: EPS: €0.11 (vs €0.13 in FY 2022) Full year 2023 results: EPS: €0.11 (down from €0.13 in FY 2022). Revenue: €73.1m (up 14% from FY 2022). Net income: €3.35m (down 17% from FY 2022). Profit margin: 4.6% (down from 6.3% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 9% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 18
Full year 2023 earnings released: EPS: €0.11 (vs €0.13 in FY 2022) Full year 2023 results: EPS: €0.11 (down from €0.13 in FY 2022). Revenue: €73.1m (up 14% from FY 2022). Net income: €3.35m (down 17% from FY 2022). Profit margin: 4.6% (down from 6.3% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 9% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 03
Third quarter 2023 earnings released: EPS: €0.032 (vs €0.028 in 3Q 2022) Third quarter 2023 results: EPS: €0.032 (up from €0.028 in 3Q 2022). Revenue: €16.5m (up 9.1% from 3Q 2022). Net income: €949.0k (up 11% from 3Q 2022). Profit margin: 5.8% (up from 5.7% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 31
AS Ekspress Grupp, AS Delfi Meedia, A/S Delfi and UAB Delfi Announces Changes in the Supervisory Boards There will be changes in the boards of significant subsidiaries of AS Ekspress Grupp from the beginning of September 2023, due to the resignation of AS Ekspress Grupp Management Board member Signe Kukin. Karl Anton, a member of the Management Board of Ekspress Grupp, will become a new member of AS Delfi Meedia Supervisory Board. The Supervisory Board of Delfi Meedia will continue in a composition of three members: Hans Luik (the Chairman), Mari-Liis Rüütsalu and Karl Anton. Karl Anton will also become a new member of the Supervisory Board of the Latvian subsidiary A/S Delfi and the Lithuanian subsidiary UAB Delfi. Both Supervisory Board operates with the following composition: Mari-Liis Rüütsalu (the Chairman), Hans Luik and Karl Anton. The Supervisory Board of AS Delfi Meedia decided to extend the powers of the Management Board member Piret Põldoja until August 31, 2026. The Management Board of Delfi Meedia continues in former composition: Argo Virkebau (Chairman of the Board), Erle Laak-Sepp, Tarvo Ulejev, Urmo Soonvald, Piret Põldoja and Sander Maasik. New Risk • Jul 30
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: 4.6% Last year net profit margin: 7.1% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (4.6% net profit margin). Market cap is less than US$100m (€43.7m market cap, or US$48.2m). Reported Earnings • Jul 29
Second quarter 2023 earnings released: EPS: €0.021 (vs €0.042 in 2Q 2022) Second quarter 2023 results: EPS: €0.021 (down from €0.042 in 2Q 2022). Revenue: €18.5m (up 13% from 2Q 2022). Net income: €613.0k (down 52% from 2Q 2022). Profit margin: 3.3% (down from 7.8% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 23% per year. Upcoming Dividend • May 11
Upcoming dividend of €0.05 per share at 3.0% yield Eligible shareholders must have bought the stock before 17 May 2023. Payment date: 24 May 2023. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Estonian dividend payers (5.5%). Lower than average of industry peers (4.5%). Announcement • May 08
AS Ekspress Grupp Announces Management Changes The Supervisory Board of AS Ekspress Grupp decided to elect Mr. Karl Anton as a new member of the Management Board until June 5, 2026. Karl Anton will become a chief innovation officer of the Group and he will be responsible of Group’s innovation activities. Starting from June 5, 2023, the Management Board of Ekspress Grupp will be as follows: Mari-Liis Rüütsalu (Chairman of the Board), Signe Kukin and Karl Anton. Announcement • May 05
AS Ekspress Grupp Approves Dividend for 2022, Payable on May 24, 2023 AS Ekspress Grupp at its Annual General Meeting of Shareholders held on 4 May 2023, approved Profit Distribution Proposal for 2022. To distribute a total EUR 4.05 million as follows: to pay dividends 5 (five) euro cents per share in the total amount of EUR 1.49 million; to increase statutory reserve by EUR 0.20 million; the remaining EUR 2.36 million to be allocated to the retained earnings. Shareholders, entered into the share register of AS Ekspress Grupp on 18 May 2023, at the close of the business of the settlement system, will be entitled to dividends. The day of change of the rights related to the shares (ex-date) is on 17 May 2023; from this date onwards, the person acquiring the shares will not have the right to receive dividends for the financial year 2022. Dividends will be paid to the shareholders on 24 May 2023 to the shareholder’s bank account, which is linked to the securities account. Reported Earnings • Apr 08
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: €0.13 (down from €0.14 in FY 2021). Revenue: €64.1m (up 20% from FY 2021). Net income: €4.05m (down 1.7% from FY 2021). Profit margin: 6.3% (down from 7.7% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) also surpassed analyst estimates by 18%. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Media industry in Europe. Over the last 3 years on average, earnings per share has increased by 37% per year whereas the company’s share price has increased by 38% per year. Reported Earnings • Feb 16
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: €0.13 (down from €0.14 in FY 2021). Revenue: €64.1m (up 20% from FY 2021). Net income: €4.05m (down 1.7% from FY 2021). Profit margin: 6.3% (down from 7.7% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) also surpassed analyst estimates by 18%. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Media industry in Europe. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 31
Third quarter 2022 earnings released: EPS: €0.028 (vs €0.038 in 3Q 2021) Third quarter 2022 results: EPS: €0.028 (down from €0.038 in 3Q 2021). Revenue: €15.1m (up 14% from 3Q 2021). Net income: €857.0k (down 25% from 3Q 2021). Profit margin: 5.7% (down from 8.6% in 3Q 2021). Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Media industry in Europe. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jul 30
Second quarter 2022 earnings released Second quarter 2022 results: EPS: €0.042. Revenue: €16.4m (flat on 2Q 2021). Net income: €1.27m (up €1.27m from 2Q 2021). Profit margin: 7.8% (up from null in 2Q 2021). Over the next year, revenue is forecast to grow 7.0%, compared to a 7.0% growth forecast for the industry in Europe. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Jun 17
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from €70.5m to €60.5m. EPS estimate increased from €0.11 to €0.12 per share. Net income forecast to shrink 1.4% next year vs 9.8% growth forecast for Media industry in Europe . Consensus price target broadly unchanged at €1.82. Share price fell 9.6% to €1.55 over the past week. Upcoming Dividend • May 06
Upcoming dividend of €0.08 per share Eligible shareholders must have bought the stock before 13 May 2022. Payment date: 20 May 2022. Trailing yield: 4.2%. Lower than top quartile of Estonian dividend payers (6.0%). In line with average of industry peers (4.0%). Reported Earnings • May 01
First quarter 2022 earnings: EPS misses analyst expectations First quarter 2022 results: €0.02 loss per share (down from €0.009 loss in 1Q 2021). Revenue: €13.4m (down 12% from 1Q 2021). Net loss: €511.0k (loss widened 93% from 1Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Over the next year, revenue is forecast to grow 29%, compared to a 704% growth forecast for the industry in Estonia. 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 27% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 27
Price target increased to €1.79 Up from €0.98, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of €1.71. Stock is up 76% over the past year. The company is forecast to post earnings per share of €0.11 for next year compared to €0.14 last year. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improved over the past week After last week's 16% share price gain to €1.80, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 15x in the Media industry in Europe. Total returns to shareholders of 87% over the past three years. Valuation Update With 7 Day Price Move • Nov 22
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €1.52, the stock trades at a trailing P/E ratio of 11.3x. Average forward P/E is 15x in the Media industry in Europe. Total returns to shareholders of 53% over the past three years. Upcoming Dividend • Nov 11
Inaugural dividend of €0.10 per share Eligible shareholders must have bought the stock before 18 November 2021. Payment date: 23 November 2021. The company last paid an ordinary dividend in June 2018. The average dividend yield among industry peers is 3.2%. Reported Earnings • Oct 30
Third quarter 2021 earnings released: EPS €0.042 (vs €0.036 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: €13.3m (down 13% from 3Q 2020). Net income: €1.14m (up 6.4% from 3Q 2020). Profit margin: 8.6% (up from 7.1% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 29
Investor sentiment improved over the past week After last week's 23% share price gain to €1.62, the stock trades at a trailing P/E ratio of 13.4x. Average forward P/E is 14x in the Media industry in Europe. Total returns to shareholders of 52% over the past three years. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment improved over the past week After last week's 21% share price gain to €1.22, the stock trades at a trailing P/E ratio of 10.1x. Average forward P/E is 14x in the Media industry in Europe. Total loss to shareholders of 1.6% over the past three years. Reported Earnings • Aug 03
Second quarter 2021 earnings released: EPS €0.041 (vs €0.019 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €17.9m (up 28% from 2Q 2020). Net income: €1.25m (up 117% from 2Q 2020). Profit margin: 7.0% (up from 4.1% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • May 03
First quarter 2021 earnings released: €0.01 loss per share (vs €0.025 loss in 1Q 2020) The company reported a decent first quarter result with reduced losses and improved control over expenses, although revenues were weaker. First quarter 2021 results: Revenue: €15.3m (down 2.5% from 1Q 2020). Net loss: €265.0k (loss narrowed 64% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 21
Full year 2020 earnings released: EPS €0.08 (vs €0.047 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: €63.2m (down 6.2% from FY 2019). Net income: €2.51m (up 80% from FY 2019). Profit margin: 4.0% (up from 2.1% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 9% per year. Analyst Estimate Surprise Post Earnings • Feb 21
Revenue misses expectations Revenue missed analyst estimates by 3.7%. Over the next year, revenue is forecast to grow 13% while theMedia industry in Estonia is not expected to grow. Is New 90 Day High Low • Feb 08
New 90-day high: €0.94 The company is up 43% from its price of €0.66 on 10 November 2020. The Estonian market is up 21% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Media industry, which is up 13% over the same period. Is New 90 Day High Low • Jan 12
New 90-day high: €0.83 The company is up 33% from its price of €0.63 on 14 October 2020. The Estonian market is up 20% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Media industry, which is up 19% over the same period. Is New 90 Day High Low • Dec 22
New 90-day high: €0.69 The company is up 5.0% from its price of €0.66 on 23 September 2020. The Estonian market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Media industry, which is up 25% over the same period. Reported Earnings • Oct 31
Third quarter earnings released Over the last 12 months the company has reported total profits of €2.54m, with earnings increasing by €3.03m from the prior year. Total revenue was €64.5m over the last 12 months, down 1.1% from the prior year. Is New 90 Day High Low • Oct 14
New 90-day low: €0.63 The company is down 20% from its price of €0.78 on 15 July 2020. The Estonian market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Media industry, which is up 10.0% over the same period.