Enlight Research

Home

Banks & Finance
- Artea Bankas
- Coop Pank
- LHV
Broadcasting & Publishing
Clothing & Footwear
- Apranga
Construction & Infrastructure
- Merko Ehitus
Energy
- Ignitis Group
FinTech
- DelfinGroup
- Eleving Group
Food Processing
- Integrated
  - Akola Group
- Non-integrated
Food Production
Food Retail
- TKM Grupp
Forest & Wood Products
- Grigeo Group AB
Fuel Retail
Installation
Leisure
- Tallink
Machinery
Marine & Sea
- Tallinna Sadam
Oil & Gas -Transportation
- KN Energies
Real Estate
- EfTEN
- Liven
Technology
- INVL Technology
Telecom Services
- Telia Lietuva
Water Utilities

About

Help

Sign in / Register for free

Q2/26 Review & Top picks

How high can you go?

Q1/26 Review & Top picks

Amateur Night at the Stock Exchanges

Baltics resilient to Iran war

Q3/25 Review & 2026 Top picks

2025 Top picks +45% ytd & 2026 Top picks revealed

Q2/25 Review & Top picks

Tough Baltic summer but Top picks still up 20-45%

Market Thoughts

Baltic Equities “smoking hot”, people buy bonds

Market Thoughts

The Baltic Trump trade is OFF - Outlook remains positive

Market Thoughts

The Baltic Trump trade is on - Outlook changed to positive

Market Thoughts

Trump Truce to decrease Baltic discount?

Enlight launch Bond view

Market Thoughts

Baltic Market Valuation, Top picks and Eleving IPO

Market Thoughts

Baltic stocks to pick up during the recession

Baltic Top Picks

Baltics in the tank = opportunity

Baltic Top Picks

Enlight Top Picks Change

Market Thoughts

What people miss about the Baltic Stock Market

Baltic Top Picks

Enlight Top Picks Update

Should you subscribe to the Grenardi bond?

How to trade LHV in 2024

Market Thoughts

Still happy with your Bank deposits & High-yield bonds?

The MedTech company Swedish analysts love

Enlight 2023 Annual Review and 2024 Outlook

Interview: Ekspress Grupp CEO Mari-Liis

INDEXO needs the bank license

Baltic Top Picks

Enlight Top Picks

Siauliu Bankas, LHV, Coop Pank

Buy the Stock or the Bond

Is Baltic Horizon cheap?

Cars back, Supermarkets next

All Media

Q2/26 Review & Top picks

How high can you go?

Grigeo Group AB

Profits above, Tissue expansion ahead

INVL Technology

EBITDA 80-100 New Normal

Latvian lending star

Ferry and Icebreaker Swing Factors

On track to meet full-year guidance

Keeps delivering

A neo-bank on top?

90% Revenue target covered

+8% yield despite fuel price increase

Car recovery powers the beat

Q1/26 Review & Top picks

Amateur Night at the Stock Exchanges

Shaping up to be a solid year

Eventful year ahead

In-line despite mixed weather

Bid in the making

Close to 10% yield

Cars drive revenues

Unique offer that sells

Baltics resilient to Iran war

INVL Technology

9% yield, +30% ROE, and growing...

Solid end of 2025

Grigeo Group AB

On a growth mission

Lowering the risk

Too cheap for too long

Recent Deal Hints Undervaluation

What if 6c dividend is sustainable

Expect a strong H2

Growth and Dividends

Sustainable 6% yield

Looking for Recovery in 2026

Q3/25 Review & 2026 Top picks

2025 Top picks +45% ytd & 2026 Top picks revealed

Baltic’s top performer

Positive EBIT trend intact

On track to reach top-end of guidance

Guidance within Reach

Substantial dividend upside

Ready for consumer revival

KIA drive sales

Investor event videos (Artea Bank, Akola Group, KN Energies, AEI)

INVL Technology

Profitability surprises

Q2/25 Review & Top picks

Tough Baltic summer but Top picks still up 20-45%

Grigeo Group AB

EBIT growth next year

Icebreaker could not break profits

7-8% forecast yield 2025-27

Double-digit beats

Impressive loan and revenue growth

3x installed wind & solar capacity

Valuation too low again

Stable yield around 6%

Not too bad given the economy

Perhaps some signs of improvement

No stresso, no stresso

Comparing LHV bond yields

Market Thoughts

Baltic Equities “smoking hot”, people buy bonds

Recovery continues

Undiscovered food giant

The Baltics energy stock

6% yield with potential for more

The long and the short view

INVL Technology

NAV on the rise

Challenging year priced in

Headwind 2025 → Tailwind 2026

Bond-like dividend yield

Market Thoughts

The Baltic Trump trade is OFF - Outlook remains positive

2024 was a turnaround year

Trending upwards

Strong finish of the year

Free cash flow support dividends

Grigeo Group AB

Another solid year

Growing in all the right places

15% sales growth with 7.4% yield

After rain comes sun

Market Thoughts

The Baltic Trump trade is on - Outlook changed to positive

Market Thoughts

Trump Truce to decrease Baltic discount?

Outperformance continues

Perfect time to Buy

Food giant in the making

+30% in 12 months and more to give

Siauliu Bank Q3 2024 Webinar

Estonian recession burden ad spend

All about the Dividend

Enlight launch Bond view

No need for drama

Market Thoughts

Baltic Market Valuation, Top picks and Eleving IPO

Double-Digit EPS Growth

INVL Technology

+73% year-to-date

Food segment boost earnings

Towards another solid year

Grigeo Group AB

Normalization at higher levels

+5% yield throughout the recession

Better than expected

Market Thoughts

Baltic stocks to pick up during the recession

Valuation at 14-year low

Lithuania is looking good

Navigating the economic downturn

Cash flow and Dividends intact

Baltic Top Picks

Baltics in the tank = opportunity

Decent start of the year

Strong start to the year

Interview: EfTEN. The goat of Baltic real estate Viljar Arakas talks bonds, fire sales, Tallinn vs. Vilnius, valuations, future growth segments...

Hidden e-commerce value

Cargo throughput stabilizes

Weak economy affects ad spend

+12K Estonians cannot be wrong

Satisfactory start of the year

Baltic Top Picks

Enlight Top Picks Change

Market Thoughts

What people miss about the Baltic Stock Market

INVL Technology

We are in EXIT phase

Baltic Top Picks

Enlight Top Picks Update

Should you subscribe to the Grenardi bond?

Looking for crop segment comeback

Dividends cushions downside

Interview: TKM CEO, Mr. Puusepp talks about car market, Estonian consumers, Enlight estimates....

How to trade LHV in 2024

Market Thoughts

Still happy with your Bank deposits & High-yield bonds?

The MedTech company Swedish analysts love

Enlight 2023 Annual Review and 2024 Outlook

Interview: Ekspress Grupp CEO Mari-Liis

INDEXO needs the bank license

Baltic Top Picks

Enlight Top Picks

Siauliu Bankas, LHV, Coop Pank

Buy the Stock or the Bond

Is Baltic Horizon cheap?

Quant investing in the Baltics

Linas Agro Group financial results for the year 2020/2021

Tallinna Vesi Reporting the Results of Q3 2021

'Novaturas' financial results of Q3, 2021

Tallink Grupp Webinar - Presenting the Results of Q3 2021

Coop Pank 2021. aasta III kvartali ja 9 kuu majandustulemusi tutvustav veebiseminar

Madara Cosmetics

AS MADARA Cosmetics 6 months 2021 Webinar

AUGA group, AB financial results H1, 2021

Olainfarm 6 months 2021 Webinar

'Novaturas' financial results of Q2, 2021

Tallinna Vesi Reporting the Results of Q2 2021

Tallink Grupp Webinar - Presenting the Results of Q2 2021

Coop Pank 2021. aasta II kvartali ja 6 kuu majandustulemusi tutvustav veebiseminar

Olainfarm Q1 2021 Webinar

AUGA group, AB financial results Q1, 2021

AS Harju Elekter aktsionäride korralise üldkoosoleku otseülekanne 29.04.2021

Coop Pank 2021. aasta I kvartali majandustulemusi tutvustav veebiseminar

Linas Agro Group financial results for the first half year of 2020/2021

Tallinna Vesi Reporting the Results of Q1 2021

Novaturas financial results of Q1, 2021

Tallink Grupp Webinar - Presenting the Results of Q1 2021

Tallink Q4 2020 Webinar

Auga Q4 2020 Webinar

Siauliu Bankas Q4 2020 Webinar

Novaturas Q2 2020 Webinar

Tallink Q2 2020 Webinar

Siauliu Bankas Q2 2020 Webinar

AUGA Q1 2020 Webinar

Tallink Q1 2020 Webinar

Tallink Q1 2020 Webinar

Siauliu Bankas Q1 2020 Webinar

Novaturas Q1 2020 Webinar

Klaipedos Nafta Q1 2020 Webinar

Tallinna Vesi Q1 2020 Webinar

Auga Q4 2019 Webinar

Tallinna Sadam Q4 Webinar

Tallink Q4 2019 Webinar

Novaturas Q4 2019 Webinar

Klaipedos Nafta Q4 2019 Webinar

Tallinna Vesi Q4 2019 Webinar

AUGA Q3 2019 Webinar

Tallinna Sadam Q3 Webinar

Latest Research

Grigeo Group AB

Profits above, Tissue expansion ahead

INVL Technology

EBITDA 80-100 New Normal

Latvian lending star

Ferry and Icebreaker Swing Factors

On track to meet full-year guidance

Keeps delivering

A neo-bank on top?

90% Revenue target covered

+8% yield despite fuel price increase

Car recovery powers the beat

Shaping up to be a solid year

Eventful year ahead

In-line despite mixed weather

Bid in the making

Close to 10% yield

Cars drive revenues

Unique offer that sells

INVL Technology

9% yield, +30% ROE, and growing...

Solid end of 2025

Grigeo Group AB

On a growth mission

Lowering the risk

Too cheap for too long

Recent Deal Hints Undervaluation

What if 6c dividend is sustainable

Expect a strong H2

Growth and Dividends

Sustainable 6% yield

Looking for Recovery in 2026

Baltic’s top performer

Positive EBIT trend intact

On track to reach top-end of guidance

Guidance within Reach

Substantial dividend upside

Ready for consumer revival

KIA drive sales

INVL Technology

Profitability surprises

Grigeo Group AB

EBIT growth next year

Icebreaker could not break profits

7-8% forecast yield 2025-27

Double-digit beats

Impressive loan and revenue growth

3x installed wind & solar capacity

Valuation too low again

Stable yield around 6%

Not too bad given the economy

Perhaps some signs of improvement

No stresso, no stresso

Recovery continues

Undiscovered food giant

The Baltics energy stock

6% yield with potential for more

The long and the short view

INVL Technology

NAV on the rise

Challenging year priced in

Headwind 2025 → Tailwind 2026

Bond-like dividend yield

2024 was a turnaround year

Trending upwards

Strong finish of the year

Free cash flow support dividends

Grigeo Group AB

Another solid year

Growing in all the right places

15% sales growth with 7.4% yield

After rain comes sun

Outperformance continues

Perfect time to Buy

Food giant in the making

+30% in 12 months and more to give

Estonian recession burden ad spend

All about the Dividend

No need for drama

Double-Digit EPS Growth

INVL Technology

+73% year-to-date

Food segment boost earnings

Towards another solid year

Grigeo Group AB

Normalization at higher levels

+5% yield throughout the recession

Better than expected

Valuation at 14-year low

Lithuania is looking good

Navigating the economic downturn

Cash flow and Dividends intact

Decent start of the year

Strong start to the year

Hidden e-commerce value

Cargo throughput stabilizes

Weak economy affects ad spend

+12K Estonians cannot be wrong

Satisfactory start of the year

INVL Technology

We are in EXIT phase

Looking for crop segment comeback

Dividends cushions downside