How does NHCBHFFSDB's PS Ratio compare to its peers?

NHCBHFFSDB is good value based on its Price-To-Sales Ratio (1.8x) compared to the peer average (4.4x).

How does NHCBHFFSDB's PS Ratio compare vs other companies in the SE Capital Markets Industry?

NHCBHFFSDB is good value based on its Price-To-Sales Ratio (1.8x) compared to the Swedish Capital Markets industry average (3.2x).

What is NHCBHFFSDB's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

Insufficient data to calculate NHCBHFFSDB's Price-To-Sales Fair Ratio for valuation analysis.

What is the Fair Price of NHCBHFFSDB when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Insufficient data to calculate NHCBHFFSDB's fair value for valuation analysis.

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Insufficient data to show price forecast.

NHCBHFFSDB Stock Overview

A regulated closed-end contractual investment fund registered in Estonia on 23 May 2016. More details

NHCBHFFSDB fundamental analysis
Snowflake Score
Valuation	2/6
Future Growth	0/6
Past Performance	0/6
Financial Health	1/6
Dividends	0/6

Risk Analysis

Interest payments are not well covered by earnings

Earnings have declined by 38.6% per year over past 5 years

Does not have a meaningful market cap (SEK37M)

Shareholders have been diluted in the past year

My Notes

Capture your thoughts, links and company narrative

Baltic Horizon Fund Competitors

Case Group

OM:CASE

SEK 547.1m

Transferator

NGM:TRAN A

SEK 201.1m

oodash Group

OM:OODA

SEK 124.8m

Seafire

OM:SEAF

SEK 231.4m

Price History & Performance

Summary of share price highs, lows and changes for Baltic Horizon Fund
Historical stock prices
Current Share Price	€2.78
52 Week High	€3.58
52 Week Low	€2.48
Beta	0.55
1 Month Change	-2.11%
3 Month Change	-9.15%
1 Year Change	-15.76%
3 Year Change	n/a
5 Year Change	n/a
Change since IPO	-55.52%

Recent updates

Shareholder Returns

	NHCBHFFSDB	SE Capital Markets	SE Market
7D	0.7%	1.1%	0.8%
1Y	-15.8%	22.5%	8.6%

Return vs Industry: NHCBHFFSDB underperformed the Swedish Capital Markets industry which returned 22.5% over the past year.

Return vs Market: NHCBHFFSDB underperformed the Swedish Market which returned 8.6% over the past year.

Price Volatility

Is NHCBHFFSDB's price volatile compared to industry and market?
NHCBHFFSDB volatility
NHCBHFFSDB Average Weekly Movement	4.3%
Capital Markets Industry Average Movement	6.3%
Market Average Movement	5.7%
10% most volatile stocks in SE Market	11.6%
10% least volatile stocks in SE Market	3.2%

Stable Share Price: NHCBHFFSDB has not had significant price volatility in the past 3 months compared to the Swedish market.

Volatility Over Time: NHCBHFFSDB's weekly volatility (4%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
2016	n/a	Tarmo Karotam	www.baltichorizon.com

Baltic Horizon Fund is a regulated closed-end contractual investment fund registered in Estonia on 23 May 2016. The Fund is managed by Northern Horizon Capital AS. Both the Fund and the Management Company are supervised by the Estonian Financial Supervision and Resolution Authority.

Baltic Horizon Fund Fundamentals Summary

How do Baltic Horizon Fund's earnings and revenue compare to its market cap?
NHCBHFFSDB fundamental statistics
Market cap	SEK 427.10m
Earnings (TTM)	-SEK 242.07m
Revenue (TTM)	SEK 231.11m

1.8x

P/S Ratio

-1.8x

P/E Ratio

Is NHCBHFFSDB overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
NHCBHFFSDB income statement (TTM)
Revenue	€20.20m
Cost of Revenue	€8.44m
Gross Profit	€11.76m
Other Expenses	€32.92m
Earnings	-€21.16m

Last Reported Earnings

Sep 30, 2024

Next Earnings Date

Feb 17, 2025

Earnings per share (EPS)	-0.15
Gross Margin	58.24%
Net Profit Margin	-104.74%
Debt/Equity Ratio	143.6%

How did NHCBHFFSDB perform over the long term?

See historical performance and comparison

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2025/01/05 09:57
End of Day Share Price	2025/01/03 00:00
Earnings	2024/09/30
Annual Earnings	2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Baltic Horizon Fund is covered by 4 analysts. 0 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Sander Danil	AS LHV Pank
Alar Kangur	AS LHV Pank
Andrej Rodionov	Swedbank AS