olivLaw · European equity research
AB INVL Baltic Farmland INL1L.VS
Lithuania · Nasdaq Vilnius · ISIN LT0000128753 · Vertical: Listed companies from Lithuania
INVL Baltic Farmland is a Lithuanian agricultural land fund that leases its land to farmers and agricultural companies. The fair value of its investment properties reached EUR 23,326 thousand at the end of 2025, while the higher corporate tax rate from 2026 could weigh on future profitability.
At the close of 05 Nov 2026, AB INVL Baltic Farmland (INL1L.VS) stock was 7.25 EUR (+0.69% on the day), with market capitalisation 23.7 m EUR, P/E 29.0 on diluted EPS of 0.25 EUR over the last 12 months, dividend yield 1.66%, beta -0.07, 52-week range 6.00–7.40 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)
- 64.7
- strong (55–70)
- Bollinger (20, 2)
- 6.95 – 7.26
- in the upper half of the band · %B 0.97 · band width 4.4%
- SMA 50 / 200
- 6.98 / 6.72
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.06 / 0.05
- MACD above 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 | +1.4% | −0.6% | +2.0 pp | — |
| 3 months | +9.8% | −4.2% | +14.0 pp | — |
| 6 months | +9.0% | +4.3% | +4.7 pp | — |
| Year to date | +11.5% | +7.5% | +4.0 pp | — |
| 1 year | +12.4% | +9.9% | +2.5 pp | +11.9% |
| 3 years | +2.1% | +49.8% | −47.7 pp | +55.7% |
| 5 years | +2.8% | +42.8% | −40.0 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 100 percentile of its own 3-quarter history (min 8.8, median 11.1, max 26.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 794.0 k | 835.0 k | 891.0 k |
| Revenue YoY | unavailable | +5.2% | +6.7% |
| Net income | 2.6 m | 1.8 m | 816.0 k |
| Net income YoY | unavailable | −30.5% | −55.6% |
| Diluted EPS | 0.82 | 0.57 | 0.25 |
| Diluted EPS YoY | unavailable | −30.5% | −56.1% |
| net % | 332.9% | 219.9% | 91.6% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 72.0 k EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 20.2 m EUR
- Total assets
- 23.6 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.12x
- ROE
- 4.1%
- ROA
- 3.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 794.0 k | 835.0 k | 891.0 k | esef· 10 Mar 2026verified |
| Operating income | 3.1 m | 2.4 m | 1.2 m | esef· 10 Mar 2026verified |
| Interest expense | 0 | 0 | 0 | esef· 10 Mar 2026verified |
| Pre-tax income | 3.1 m | 2.4 m | 1.2 m | esef· 10 Mar 2026verified |
| Income tax | 451.0 k | 538.0 k | 379.0 k | esef· 10 Mar 2026verified |
| Net income | 2.6 m | 1.8 m | 816.0 k | esef· 10 Mar 2026verified |
| Diluted EPS | 0.82 | 0.57 | 0.25 | esef· 10 Mar 2026verified |
| Dividend per share | 0.15 | 0.12 | 0.12 | esef· 10 Mar 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 59.0 k | 125.0 k | 72.0 k | esef· 10 Mar 2026verified |
| Receivables | 131.0 k | 120.0 k | 219.0 k | esef· 10 Mar 2026verified |
| Current assets | 191.0 k | 248.0 k | 293.0 k | esef· 10 Mar 2026verified |
| Total assets | 20.9 m | 23.0 m | 23.6 m | esef· 10 Mar 2026verified |
| Current liabilities | 228.0 k | 337.0 k | 261.0 k | esef· 10 Mar 2026verified |
| Total liabilities | 2.7 m | 3.2 m | 3.4 m | esef· 10 Mar 2026verified |
| Equity | 18.3 m | 19.7 m | 20.2 m | esef· 10 Mar 2026verified |
| Shares outstanding at year end | 3.2 m | 3.2 m | 3.3 m | esef· 10 Mar 2026derived |
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: 3 of at least 6
- score weight coverage: 20.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 23.7 m EUR
Key indicators
Coverage and freshness
Score by group
21% · 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: 1.63 – 2.97 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 · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E1.79 – 2.97 (Mid 2.04)12 companies used · median multiple 8.2x · quartiles 7.1x – 11.9xAKO1L.VS, APG1L.VS, GRG1L.VS, INR1L.VS, IVL1L.VS, KNE1L.VS, KNR1L.VS, LGD1L.VS, RSU1L.VS, VBL1L.VS, VLP1L.VS, ZMP1L.VS
- Dividend discount (DDM)1.63 – 2.23 (Mid 1.88)
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: 3 of at least 6; score weight coverage: 20.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 91.6% | 93 (vs peers) | 30% |
| 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 | 1.1x | 27 (on a fixed band) | 20% |
| P/E (TTM) · Valuation | 29.0x | 8 (vs peers) | 50% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial27/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial93/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial8/100 · 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
Akcinė bendrovė "INVL Baltic Farmland" (INL1L.VS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 891.0 k EUR in 2025; YoY growth 6.7%; net margin 91.6%; ROE 4.1%.
The estimated value range is 1.71–2.60 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 1.96 EUR, the price of 7.25 EUR leaves a potential of -72.9% (value / price − 1) and a margin of safety of -269.2% (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: 3 of at least 6; score weight coverage: 20.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 91.6%
What contradicts it
- Current ratio: 1.1x
- P/E (TTM): 29.0x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Lithuania · same country · compared with 15 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LGD1L.VSLitgrid Ab | 571.2 m | 16.7 | 13.0% | 8.0% | +14.2% | +38% / +67% |
| IVL1L.VSAkcinė bendrovė "Invalda INVL" | 318.0 m | 7.0 | 19.7% | 230.8% | +44.6% | +21% / +165% |
| AKO1L.VSAB Akola group | 267.2 m | 7.2 | 10.5% | 2.5% | −4.4% | +4% / +58% |
| APG1L.VSAkcinė prekybos bendrovė "APRANGA" | 213.6 m | 13.2 | 23.9% | 5.3% | +4.9% | +22% / +44% |
| AMG1L.VSAB "Amber Grid" | 199.3 m | 120.0 | 0.8% | 2.0% | −6.4% | 0% / +4% |
| VLP1L.VSAb "vilkyškių Pieninė" | 184.2 m | 16.8 | 12.6% | 3.8% | +16.9% | +46% / +228% |
| KNE1L.VSAB "KN Energies" | 180.3 m | 9.9 | 10.8% | 17.3% | +12.3% | +41% / +139% |
| GRG1L.VSAB "Grigeo" | 131.7 m | 7.9 | 12.5% | 6.7% | +15.7% | +0% / +2% |
| RSU1L.VSAkcinė bendrovė "ROKIŠKIO SŪRIS" | 130.5 m | 7.6 | 11.1% | 4.3% | +8.7% | −7% / +46% |
| ZMP1L.VSAkcinė bendrovė "ŽEMAITIJOS PIENAS" | 117.1 m | 5.4 | 14.1% | 6.4% | +10.6% | +9% / +68% |
| KNR1L.VSAkcinė bendrovė "Kauno energija" | 88.7 m | 11.4 | 7.6% | 9.1% | −0.3% | +16% / +124% |
| VBL1L.VSAkcinė bendrovė "VILNIAUS BALDAI" | 37.4 m | 8.4 | 11.5% | 4.3% | +7.1% | −5% / +54% |
| INL1L.VSAkcinė bendrovė "INVL Baltic Farmland" | 23.7 m | 29.0 | 4.1% | 91.6% | +6.7% | +12% / +1% |
| INR1L.VSSpecialioji uždarojo tipo nekilnojamojo turto investicinė bendrovė "INVL Baltic Real Estate" | 21.5 m | 5.9 | 13.7% | 89.4% | +2.8% | −15% / +34% |
| NTU1L.VSAkcinė bendrovė "Novaturas" | 5.8 m | — | -64.2% | -3.8% | −3.6% | unavailable / unavailable |
| AUG1L.VSAUGA group, AB | — | — | -43.3% | -20.7% | −6.9% | +15% / −73% |
1- and 3-year price returns: for INL1L.VS 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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 4.38 Total return -38% · Per year -38% | 7.74 Total return 8% · Per year 8% | 11.64 Total return 63% · Per year 63% |
| 3 years | 4.44 Total return -35% · Per year -13% | 8.81 Total return 27% · Per year 8% | 14.53 Total return 108% · Per year 28% |
| 5 years | 4.50 Total return -31% · Per year -7% | 10.03 Total return 48% · Per year 8% | 18.13 Total return 163% · Per year 21% |
- Exit P/E± 2.20
- Net margin± 1.54
- Annual revenue growth± 1.24
- Annual dilution± 0.13
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
INVL Baltic Farmland is a Lithuanian agricultural land fund that leases its land to farmers and agricultural companies. The fair value of its investment properties reached EUR 23,326 thousand at the end of 2025 1, while the higher corporate tax rate from 2026 could weigh on future profitability.
SWOT
Strengths
- The company holds a portfolio of agricultural land in Lithuania structured through wholly owned subsidiaries. Operations, credit and operational risk management are outsourced to a specialised entity. The group carries no financial debt and uses no derivative instruments 1.
- Land book value rose in 2025 and the result exceeded initial forecasts 1. Tenants are bound by contract, so lease income is predictable over the lease terms 1.
- Liquidity is supported by cash balances and rent receipts, which cover all current liabilities 1.
Weaknesses
- Agricultural land is relatively illiquid, and finding buyers quickly can take time 1. Income is modest relative to asset value, which limits the current yield 1.
- Shareholding is concentrated, and a small group of shareholders can block proposals from other investors, which may disadvantage minority holders 1.
- Reliance on EU and national subsidies makes farmers' incomes, and therefore rents, vulnerable to policy changes 1.
Opportunities
- If the 2025 rise in land values continues, it could support the group's asset base 1. Long-term investments may benefit from returns that are correlated with inflation 1.
- Rising agricultural product prices could raise farmers' capacity to pay higher rents, which could lift the company's income 1.
- If overdue payments are kept under control, the income lost to unpaid rent could decline 1.
Threats
- Legal restrictions on buying agricultural land can shrink the buyer pool and reduce liquidity 1. Changes in EU agricultural policy could affect subsidies and rents 1.
- Extreme weather and crop disease can lower harvests and farmers' income, weighing on rents 1. Higher interest rates can reduce the value of agricultural property 1.
- Higher taxation, including the increased corporate income tax rate, can reduce the company's profits and assets 1.
Risks
- Restrictions on land purchaseshigh
The law on acquisition of agricultural land limits buying land and shares in entities that own it, which can reduce demand and asset prices 1.
- Dependence on EU subsidieshigh
Farmers rely heavily on the Common Agricultural Policy and national subsidies. Removal of direct payments could weigh on rents and land values 1.
- Tenant credit riskmedium
Tenants may fail to meet payment obligations, which would reduce profit and could create a need for additional financing 1.
- Weather and market riskmedium
Droughts, floods and hail can cut harvests, and swings in agricultural prices can reduce farmers' ability to pay rent 1.
- Shareholder concentrationmedium
A small group of shareholders together with related parties can decisively influence board elections and key decisions, with no guarantee these match minority interests 1.
Investment thesis
What would need to be true (bull case)
- Land values rose in 2025 and results beat forecasts, suggesting the portfolio can support asset value growth 1.
- The balance sheet carries no financial debt and cash covers current obligations, which reduces short-term liquidity risk 1.
- If inflation and agricultural prices stay favourable, rents and land values could keep rising, supporting long-term returns 1.
What would break the thesis
- The higher corporate tax rate from 2026 reduces profitability, and net profit has already been hit by the recalculation of deferred tax 1.
- Land is relatively illiquid, and legal restrictions can shrink the buyer pool, making it harder to sell assets 1.
- Dependence on EU subsidies and volatile crop prices could weigh on lease income and land values 1.
What to watch
- Publication of the 2026 forecasts by management2026
- Effect of the higher corporate tax rate on net profit2026
- Development of land values in the next valuationnext 10-K
- Level of overdue rent and late-payment penalties2026
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
The company invests in agricultural land in Lithuania through wholly owned subsidiaries, each an agricultural landowner and lessor. The land is leased to farmers and agricultural companies, and day-to-day operations and credit risk management are delegated to a third party, UAB INVL Farmland Management 1. In 2025 revenue was EUR 891 thousand and unaudited net profit was EUR 816 thousand 1.
Group revenue comes from lease income, interest income and other income, including penalties charged to tenants for overdue payments. The variable part of rent linked to land tax is invoiced in the fourth quarter, once tax authorities provide their estimate 1. The group has no borrowings, uses no derivatives and made no acquisitions in the reporting period 1.
Land is valued using a market approach based on sales of comparable properties, adjusted for land size and productivity. The 2.6% increase in land holding value during 2025 helped results exceed the forecasts 1. Forecasts for 2026 had not been approved at the time of the report and will be published separately 1.
Segments
Agricultural land leasing
The core activity is leasing farmland held through subsidiaries to farmers and agricultural companies in Lithuania. Lease income is recognised on a straight-line basis over the lease term, with the fixed part invoiced to tenants in the first quarter 1.
Market context
The reference market is the Lithuanian agricultural land market, where prices are shaped by harvests, agricultural product prices, local supply and demand, and competition among farmers 1. The law on acquisition of agricultural land restricts the pool of buyers, which can reduce liquidity and asset prices 1. The report recommends a medium to long investment horizon to avoid short-term price swings 1.
The sector depends heavily on the EU Common Agricultural Policy and national subsidies for 2021-2027, and removal of direct payments could weigh on rents and land values 1. Rising fuel, fertiliser and labour costs can squeeze farm margins and reduce farmers' capacity to pay higher rents 1.
Trends
- Rising land valuestailwind
Land holding value rose 2.6% in 2025 versus the prior year, helping results beat forecasts 1. If this trend continues, it could support the group's asset value.
- Higher corporate tax rateheadwind
From 2026 the standard corporate income tax rate in Lithuania rises to 17%, and recalculating deferred tax reduced expected net profit by EUR 188 thousand 1. The effect on future profitability depends on profit levels and tax obligations.
- Volatile crop pricesmixed
Crop prices have historically been very volatile and largely determine farm profitability and therefore farmers' ability to pay rent 1. A simultaneous fall in output prices and high input costs could reduce lease income.
- Inflation and interest ratesmixed
Inflation can erode the purchasing power of lease income, although farmland returns appear to be correlated with inflation 1. Rising global interest rates may weigh on the value of agricultural property 1.
Competitive position
The document does not explicitly name competitors in the Lithuanian farmland market. It does note that farmers and investors compete for land and that legal restrictions can shrink the buyer pool, affecting liquidity 1.
A key factor is shareholder concentration: three shareholders together with related parties hold more than 60% of shares, giving them significant influence over decisions 1. The source contains no list of competitors against which the company could be benchmarked.
- Farmers and agricultural companies in Lithuania
The company's main tenants and, at the same time, competitors for land and resources, whose ability to pay depends on crop prices 1.
- Agricultural land investors
Potential buyers of land, whose number is limited by the law on acquisition of agricultural land 1.
- Other land buyers
Can influence land prices and liquidity, though the source does not identify them by name 1.
- Other agricultural real estate funds
Generic competition for similar assets; the source names no specific entities 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202510 Mar 2026
- Annual report 202404 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / AB INVL Baltic Farmland · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.