olivLaw · European equity research
AS DelfinGroup DGR1R.RG
Latvia · Nasdaq Riga · ISIN LV0000101806
AS DelfinGroup is a Latvian financial group offering consumer loans, pawn loans and second-hand goods trade through its Banknote network. The group expanded into Lithuania in 2023, and its net loan portfolio reached 89,0 mEUR in 2023.
At the close of 05 Nov 2026, AS DelfinGroup (DGR1R.RG) stock was 1.74 EUR (+3.88% on the day), with market capitalisation 79.0 m EUR, P/E 11.9 on diluted EPS of 0.15 EUR over the last 12 months, dividend yield 4.43%, beta 0.09, 52-week range 1.28–1.75 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 59.1
- strong (55–70)
- Bollinger (20, 2)
- 1.68 – 1.75
- in the upper half of the band · %B 0.85 · band width 3.8%
- SMA 50 / 200
- 1.63 / 1.47
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.02 / 0.03
- 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 | +3.9% | +0.4% | +3.5 pp | — |
| 3 months | +15.6% | −3.3% | +18.9 pp | — |
| 6 months | +21.3% | +4.0% | +17.3 pp | — |
| Year to date | +35.1% | +8.1% | +27.0 pp | — |
| 1 year | +34.7% | +10.7% | +24.0 pp | — |
| 3 years | +39.2% | +50.1% | −10.9 pp | — |
| 5 years | +16.0% | +43.6% | −27.6 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 67 percentile of its own 3-quarter history (min 8.9, median 11.2, max 14.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 4.0 m | 6.0 m | 6.6 m |
| Net income YoY | unavailable | +48.4% | +11.2% |
| Diluted EPS | 0.10 | 0.13 | 0.15 |
| Diluted EPS YoY | unavailable | +34.7% | +10.6% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | -3.6 m | -18.2 m | -14.4 m |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 5.9 m EUR
- Financial debt
- 6.4 m EUR
- Net debt
- 478.4 k EUR
- Equity
- 21.3 m EUR
- Total assets
- 105.1 m EUR
- Debt / equity
- 0.30x
- Current ratio
- 0.99x
- ROE
- 33.6%
- ROA
- 7.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cost of revenue | 3.2 m | 4.2 m | 6.1 m | esef· 09 Jul 2024verified |
| Gross profit | 15.4 m | 20.7 m | 25.1 m | esef· 09 Jul 2024verified |
| Pre-tax income | 5.0 m | 7.3 m | 8.3 m | esef· 09 Jul 2024verified |
| Income tax | 979.2 k | 1.3 m | 1.7 m | esef· 09 Jul 2024verified |
| Net income | 4.0 m | 6.0 m | 6.6 m | esef· 09 Jul 2024verified |
| Diluted EPS | 0.10 | 0.13 | 0.15 | esef· 09 Jul 2024verified |
| Dividend per share | 0.09 | 0.12 | 0.08 | esef· 09 Jul 2024derived |
Balance sheet · EUR
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 2.5 m | 2.4 m | 5.9 m | esef· 09 Jul 2024verified |
| Receivables | 15.7 m | 21.9 m | 23.3 m | esef· 09 Jul 2024verified |
| Inventories | 1.3 m | 2.3 m | 3.4 m | esef· 09 Jul 2024verified |
| Current assets | 19.4 m | 26.9 m | 32.8 m | esef· 09 Jul 2024verified |
| Property, plant & equipment, net | 3.5 m | 3.2 m | 3.7 m | esef· 09 Jul 2024verified |
| Goodwill | 127.6 k | 127.6 k | 127.6 k | esef· 09 Jul 2024verified |
| Total assets | 52.2 m | 77.2 m | 105.1 m | esef· 09 Jul 2024verified |
| Long-term debt | — | 0 | 6.4 m | esef· 09 Jul 2024verified |
| Current liabilities | 14.1 m | 37.4 m | 33.2 m | esef· 09 Jul 2024verified |
| Total liabilities | 34.7 m | 59.1 m | 83.7 m | esef· 09 Jul 2024verified |
| Equity | 17.5 m | 18.1 m | 21.3 m | esef· 09 Jul 2024verified |
| Shares outstanding at year end | 41.0 m | 45.2 m | 45.4 m | esef· 09 Jul 2024derived |
Cash flow · EUR
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -3.3 m | -18.0 m | -14.0 m | esef· 09 Jul 2024verified |
| Capex | 258.9 k | 204.1 k | 441.1 k | esef· 09 Jul 2024verified |
| Free cash flow | -3.6 m ≈ | -18.2 m ≈ | -14.4 m ≈ | esef· 09 Jul 2024derived |
| Investing cash flow | -74.1 k | -703.7 k | -1.7 m | esef· 09 Jul 2024verified |
| Financing cash flow | 1.2 m | 18.6 m | 19.3 m | esef· 09 Jul 2024verified |
| Dividends paid | 3.7 m | 5.4 m | 3.5 m | esef· 09 Jul 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 79.0 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
35% · 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: 1.05 – 1.43 EUR.
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 · input data missing
- Peers: P/Eunavailable · not enough peers
- Dividend discount (DDM)1.05 – 1.43 (Mid 1.21)
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: 5 of at least 6; score weight coverage: 35.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | -217.6% | 0 (on a fixed band) | 18% |
| 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 | 1.0x | 16 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | 11.9x | 82 (on a fixed band) | 29% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -18.3% | 0 (on a fixed band) | 24% |
| Shareholder yield (distributions) · Returns | 4.4% | 63 (on a fixed band) | 18% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial16/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partial63/100 · 1/2 factors with a value
- Valuation46/100 · 2/3 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 "DelfinGroup" (DGR1R.RG). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: ROE 33.6%.
The estimated value range is 1.05–1.43 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 1.21 EUR, the price of 1.74 EUR leaves a potential of -30.6% (value / price − 1) and a margin of safety of -44.0% (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: 5 of at least 6; score weight coverage: 35.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- P/E (TTM): 11.9x
What contradicts it
- FCF conversion: -217.6%
- Current ratio: 1.0x
- FCF yield: -18.3%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Not enough comparable companies with data for an average.
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
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
AS DelfinGroup is a Latvian financial group offering consumer loans, pawn loans and second-hand goods trade through its Banknote network. The group expanded into Lithuania in 2023, and its net loan portfolio reached 89,0 mEUR in 2023 1.
SWOT
Strengths
- The group holds leading positions in the Latvian pawn market and a significant share of consumer lending, supported by record results in recent years 1.
- The Banknote platform and advanced process digitalisation give it a user-experience edge over many competitors 1.
- Access to funding through listed bonds and the Mintos platform diversifies its sources of capital 1.
Weaknesses
Opportunities
Risks
- Credit riskhigh
Portfolio quality depends on customers' ability to repay; a weakening of that ability could raise impairment losses 1.
- Interest rate riskmedium
Part of the funding carries variable interest linked to EURIBOR, so higher rates could compress margins 1.
- Liquidity riskmedium
Reliance on external funding platforms and bond issues could cause difficulties if these markets close 1.
- Regulatory riskmedium
Changes to licensing and non-bank lending rules could alter the business model 1.
- Geographic concentration risklow
Most activity is in Latvia and the Lithuanian expansion is still unproven, exposing the group to a single economy 1.
Investment thesis
What would need to be true (bull case)
- If the group keeps its share in consumer and pawn lending and the Lithuanian expansion works, growth could continue 1.
- Digitalisation and new products such as the credit card could bring new customers and lower servicing costs 1.
- Consolidation of the pawn market, with small operators exiting, could support a larger share for the group 1.
What would break the thesis
- If inflation and pressure on customers' incomes rise, portfolio quality could fall and weigh on profitability 1.
- Higher funding costs tied to variable rates could compress margins if interest rates rise 1.
- Expansion into Lithuania could prove more costly than expected, especially if local competition is strong 1.
What to watch
- Results of activity in Lithuania and the expansion of the branch network2024
- Adoption of the credit-line payment card and the online pawn product2024
- Trend in consumer loan portfolio qualitynext 10-K
- Evolution of market share in consumer and pawn lending in Latvia2025
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
DelfinGroup operates in three business segments: consumer loans, pawn loans and trade in second-hand and refurbished goods, all under the Banknote brand. At the end of 2023 the group had 96 branches, 91 in Latvia and 5 in Lithuania 1. The group aims to be customers' first choice in its product lines and to keep digitalising its services 1.
The company finances growth through bonds listed on Nasdaq Riga First North and through the Mintos investment platform, where investors from more than one hundred countries have funded the group's loans 1. The balance of bonds on the Mintos platform at 31 December 2023 was 29,4 mEUR 1.
In 2023 the group began developing digital products, such as a credit-line payment card and a fully online pawn product launched in 2024 1. These could widen the customer base if they are adopted at scale.
Segments
Consumer loans
In 2023 the segment posted the highest figures in the group's history, with loans issued of 68,9 mEUR and revenue of 34,2 mEUR 1. The group's share of this segment in Latvia reached 15,4% in the first half of 2023 1.
Market context
Trends
- Digitalisation of servicestailwind
The Banknote app, digital products and online pawn loans could attract new customers and reduce operating costs if adoption continues 1.
- Wage growth and inflationmixed
Rising average wages and inflation have increased collateral and loan values, but could weaken customers' repayment capacity if pressure persists 1.
- Consolidation of the pawn markettailwind
Exit of small pawn competitors gives the group additional share, provided licensing stays restrictive 1.
- Geopolitical and economic conditionsheadwind
The geopolitical environment weighed on the share price in 2023, and sanctions linked to the war in Ukraine are described by management as having an immaterial impact 1.
Competitive position
The group competes in Latvian non-bank consumer lending and pawn lending with other non-bank lenders and with banks, though the source does not name specific rivals 1. Small pawn rivals are gradually exiting, which gives the group room to extend its share 1.
The Lithuanian pawn market is new territory for the group, where competition will be a challenge as it expands branches in Vilnius and other cities 1. The source does not describe competitor positions in Lithuania in detail 1.
- Other non-bank lenders in Latvia
Non-bank companies offering consumer and pawn loans in Latvia, not named in the source 1.
- Small pawn operators
Local pawn operators that are exiting the market because of stricter licensing requirements 1.
- Banks in Latvia
Traditional credit institutions competing in consumer lending, without quantitative detail in the source 1.
- Local pawn operators in Lithuania
Established local actors with which the group will compete for share as it opens branches 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202309 Jul 2024
- Annual report 202205 Sept 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / AS DelfinGroup · 31 Dec 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.