olivLaw · European equity research
AS LHV Group LHV1T.TL
Estonia · Nasdaq Tallinn · ISIN EE3100102203 · Vertical: Listed companies from Estonia
At the close of 06 Nov 2026, AS LHV Group (LHV1T.TL) stock was 3.25 EUR (+0.15% on the day), with market capitalisation 95.0 m EUR, P/E 1.7 on diluted EPS of 1.94 EUR over the last 12 months, dividend yield 11.01%, beta 0.15, 52-week range 3.24–3.69 EUR.
Data as of · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 39.2
- weak (30–45)
- Bollinger (20, 2)
- 3.23 – 3.29
- in the lower half of the band · %B 0.22 · band width 1.9%
- SMA 50 / 200
- 3.29 / 3.42
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.01
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −0.9% | −0.6% | −0.3 pp | — |
| 3 months | −3.1% | −4.2% | +1.0 pp | — |
| 6 months | −4.1% | +4.3% | −8.5 pp | — |
| Year to date | −9.2% | +7.5% | −16.7 pp | — |
| 1 year | −0.8% | +9.9% | −10.7 pp | −7.5% |
| 3 years | −7.9% | +49.8% | −57.8 pp | −8.1% |
| 5 years | −28.0% | +42.8% | −70.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 50 percentile of its own 2-quarter history (min 1.5, median 1.9, max 2.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 |
|---|---|---|
| Revenue | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable |
| Net income | 38.0 m | 58.3 m |
| Net income YoY | unavailable | +53.5% |
| Diluted EPS | 1.29 | 1.94 |
| Diluted EPS YoY | unavailable | +50.4% |
| net % | unavailable | unavailable |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2021 · 31 Dec 2021
- Cash
- 3.9 bn EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 324.8 m EUR
- Total assets
- 6.8 bn EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 20.4%
- ROA
- 1.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
Balance sheet · EUR
| Line | 2020 | 2021 | Source (latest year) |
|---|---|---|---|
| Cash | 2.4 bn | 3.9 bn | esef· 17 Mar 2022verified |
| Property, plant & equipment, net | 2.8 m | 4.5 m | esef· 17 Mar 2022verified |
| Goodwill | 3.6 m | 3.6 m | esef· 17 Mar 2022verified |
| Intangibles (excl. goodwill) | 15.1 m | 11.8 m | esef· 17 Mar 2022verified |
| Total assets | 5.0 bn | 6.8 bn | esef· 17 Mar 2022verified |
| Total liabilities | 4.7 bn | 6.5 bn | esef· 17 Mar 2022verified |
| Equity | 245.3 m | 324.8 m | esef· 17 Mar 2022verified |
| Shares outstanding at year end | 28.8 m | 29.3 m | esef· 17 Mar 2022derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 16.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 95.0 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
17% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 11.86 – 32.45 EUR.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E11.86 – 32.45 (Mid 22.69)7 companies used · median multiple 11.7x · quartiles 6.1x – 16.7xHPR1T.TL, NCN1T.TL, PRF1T.TL, SFG1T.TL, TAL1T.TL, TSM1T.TL, TVE1T.TL
- Dividend discount (DDM)outside the aggregate4.86 – 6.62 (Mid 5.61)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 16.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 1.7x | 100 (vs peers) | 63% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 11.0% | 100 (on a fixed band) | 38% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial100/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
AS LHV Group (LHV1T.TL). Latest full fiscal year: 2021; data up to 2021-12-31.
Figures computed from the financial statements: ROE 21.1%.
The estimated value range is 11.86–32.45 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 22.69 EUR, the price of 3.25 EUR leaves a potential of 599.1% (value / price − 1) and a margin of safety of 85.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 16.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- P/E (TTM): 1.7x
- Shareholder yield (distributions): 11.0%
- The price is below the estimated value range
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Estonia · same country · compared with 10 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TAL1T.TLAktsiaselts Tallink Grupp | 479.7 m | 34.4 | 2.0% | 1.8% | +61.7% | +15% / −4% |
| TSM1T.TLaktsiaselts TALLINNA SADAM | 327.2 m | 17.1 | 5.1% | 16.0% | +2.5% | −1% / +7% |
| TVE1T.TLAktsiaselts Tallinna Vesi | 217.4 m | 16.4 | 11.2% | 20.6% | +5.3% | +2% / +0% |
| LVN1T.TLLiven AS | 38.2 m | 70.0 | 3.1% | 2.0% | −23.8% | unavailable / unavailable |
| SFG1T.TLAktsiaselts Silvano Fashion Group | 37.2 m | 3.8 | 20.1% | 16.9% | +1.6% | −7% / −6% |
| NCN1T.TLNordecon AS | 17.6 m | 7.1 | 7.7% | 0.8% | +26.5% | −10% / −8% |
| HPR1T.TLHepsor AS | 16.3 m | 11.7 | 7.2% | 10.8% | −14.0% | −31% / −41% |
| PRF1T.TLAS PRFoods | 2.0 m | 5.1 | 3.8% | 1.5% | −53.5% | −12% / −75% |
| PKG1T.TLAS Pro Kapital Grupp | — | — | 106.4% | 69.0% | +216.0% | −47% / −46% |
| TKM1T.TLTallinna Kaubamaja Grupp AS | — | — | 8.8% | 2.6% | +3.4% | −4% / −10% |
1- and 3-year price returns: for LHV1T.TL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
The qualitative analysis has not been written for this company yet.
Products, market & competition
The qualitative analysis has not been written for this company yet.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202117 Mar 2022
- Annual report 202117 Mar 2022
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.