olivLaw · European equity research
Akcinė bendrovė "Invalda INVL" IVL1L.VS
Lithuania · Nasdaq Vilnius · ISIN LT0000102279 · Vertical: Listed companies from Lithuania
Invalda INVL is a Lithuanian investment group that manages investment funds and invests directly in companies and funds, with asset management at its core. The 2025 annual report describes a group of about 149 employees as of 31 December 2025, up from the prior year.
At the close of 05 Nov 2026, Akcinė bendrovė "Invalda INVL" (IVL1L.VS) stock was 26.40 EUR (−2.22% on the day), with market capitalisation 318.0 m EUR, P/E 7.0 on diluted EPS of 3.78 EUR over the last 12 months, dividend yield 4.73%, beta 0.27, 52-week range 21.20–30.00 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)
- 50.2
- neutral
- Bollinger (20, 2)
- 25.10 – 27.18
- in the upper half of the band · %B 0.62 · band width 8.0%
- SMA 50 / 200
- 26.99 / 26.56
- mixed trend
- MACD (12, 26, 9)
- -0.23 / -0.35
- 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 | −3.6% | +0.4% | −4.0 pp | — |
| 3 months | −5.0% | −3.3% | −1.8 pp | — |
| 6 months | −10.8% | +4.0% | −14.8 pp | — |
| Year to date | +11.9% | +8.1% | +3.8 pp | — |
| 1 year | +22.2% | +10.7% | +11.5 pp | +10.8% |
| 3 years | unavailable | +50.1% | unavailable | +50.0% |
| 5 years | +76.0% | +43.6% | +32.4 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 3.2, median 5.2, max 6.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 17.0 m | 14.1 m | 20.4 m |
| Revenue YoY | unavailable | −16.8% | +44.6% |
| Net income | 45.8 m | 44.4 m | 47.1 m |
| Net income YoY | unavailable | −3.1% | +6.1% |
| Diluted EPS | 3.77 | 3.59 | 3.78 |
| Diluted EPS YoY | unavailable | −4.8% | +5.3% |
| net % | 270.1% | 314.5% | 230.8% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 11.6 m EUR
- Financial debt
- 33.0 k EUR
- Net debt
- -11.6 m EUR
- Equity
- 256.3 m EUR
- Total assets
- 274.5 m EUR
- Debt / equity
- 0.00x
- Current ratio
- 5.37x
- ROE
- 19.7%
- ROA
- 18.0%
- 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 | 17.0 m | 14.1 m | 20.4 m | esef· 09 Apr 2026verified |
| Operating income | 50.6 m | 48.1 m | 42.4 m | esef· 09 Apr 2026verified |
| Depreciation & amortisation | 744.0 k | 853.0 k | 687.0 k | esef· 09 Apr 2026verified |
| EBITDA | 51.4 m ≈ | 49.0 m ≈ | 43.0 m ≈ | esef· 09 Apr 2026derived |
| Interest expense | 317.0 k | 588.0 k | 749.0 k | esef· 09 Apr 2026verified |
| Pre-tax income | 50.3 m | 47.5 m | 41.6 m | esef· 09 Apr 2026verified |
| Income tax | 4.5 m | 3.1 m | -5.5 m | esef· 09 Apr 2026verified |
| Net income | 45.8 m | 44.4 m | 47.1 m | esef· 09 Apr 2026verified |
| Diluted EPS | 3.77 | 3.59 | 3.78 | esef· 09 Apr 2026verified |
| Dividend per share | — | 0.10 | 1.25 | esef· 09 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 3.7 m | 5.4 m | 11.6 m | esef· 09 Apr 2026verified |
| Current assets | 10.4 m | 11.5 m | 28.4 m | esef· 09 Apr 2026verified |
| Property, plant & equipment, net | 1.6 m | 999.0 k | 2.1 m | esef· 09 Apr 2026verified |
| Total assets | 218.5 m | 247.7 m | 274.5 m | esef· 09 Apr 2026verified |
| Short-term debt | 4.9 m | 31.0 k | 33.0 k | esef· 09 Apr 2026verified |
| Current liabilities | 36.6 m | 9.1 m | 5.3 m | esef· 09 Apr 2026verified |
| Total liabilities | 40.4 m | 25.5 m | 18.2 m | esef· 09 Apr 2026verified |
| Equity | 178.0 m | 222.2 m | 256.3 m | esef· 09 Apr 2026verified |
| Shares outstanding at year end | 11.9 m | 12.0 m | 12.0 m | esef· 09 Apr 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
Score: 83 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 318.0 m EUR
Key indicators
Coverage and freshness
Score by group
- Quality100
- Balance sheet100
- Valuation78
- Returns0
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: 17.00 – 46.53 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/EBITDA37.51 – 45.03 (Mid 45.02)3 companies used · median multiple 12.3x · quartiles 10.2x – 12.3xAMG1L.VS, INR1L.VS, LGD1L.VS
- Peers: P/E27.94 – 46.53 (Mid 31.83)11 companies used · median multiple 8.4x · quartiles 7.4x – 12.3xAKO1L.VS, APG1L.VS, GRG1L.VS, INR1L.VS, KNE1L.VS, KNR1L.VS, LGD1L.VS, RSU1L.VS, VBL1L.VS, VLP1L.VS, ZMP1L.VS
- Dividend discount (DDM)17.00 – 23.18 (Mid 19.62)
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
Neutral profile · Score 83/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 15.4% | 100 (vs peers) | 16% |
| Net margin · Quality | 230.8% | 100 (vs peers) | 10% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -0.3x | 100 (on a fixed band) | 16% |
| Interest coverage · Balance sheet | 56.5x | 100 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 5.4x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 7.0x | 85 (vs peers) | 16% |
| EV/EBITDA · Valuation | 7.1x | 72 (on a fixed band) | 16% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality100/100 · 2/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation78/100 · 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
Akcinė bendrovė "Invalda INVL" (IVL1L.VS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 20.4 m EUR in 2025; YoY growth 44.6%; net margin 230.8%; ROE 19.7%; net debt/EBITDA -0.3x.
The estimated value range is 27.94–45.03 EUR per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 31.83 EUR, the price of 26.40 EUR leaves a potential of 20.6% (value / price − 1) and a margin of safety of 17.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 83/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 15.4%
- Net margin: 230.8%
- Net debt / EBITDA: -0.3x
- Interest coverage: 56.5x
- Current ratio: 5.4x
- P/E (TTM): 7.0x
- EV/EBITDA: 7.1x
- The price is below the estimated value range
What contradicts it
- Shareholder yield (distributions): 0.0%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, FCF yield, 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 IVL1L.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 | 17.84 Total return -28% · Per year -28% | 31.40 Total return 25% · Per year 25% | 47.11 Total return 85% · Per year 85% |
| 3 years | 21.17 Total return -6% · Per year -2% | 41.53 Total return 77% · Per year 21% | 67.83 Total return 182% · Per year 41% |
| 5 years | 25.11 Total return 21% · Per year 4% | 54.93 Total return 146% · Per year 20% | 97.68 Total return 320% · Per year 33% |
- Exit P/E± 10.38
- Net margin± 7.27
- Annual revenue growth± 5.42
- Annual dilution± 0.61
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
Invalda INVL is a Lithuanian investment group that manages investment funds and invests directly in companies and funds, with asset management at its core. The 2025 annual report describes a group of about 149 employees as of 31 December 2025, up from the prior year.
SWOT
Strengths
- Long experience of the management team in the financial sector and the ability to navigate economic cycles.
- Managed funds that reflect strategies built over three decades, plus an extensive network of partners and experts.
- Alignment of interests through the group's direct investment in the funds it manages.
Weaknesses
- Relatively small central staff, which concentrates responsibilities in a few key people.
- Dependence of results on the value of direct investments, which can fluctuate significantly from year to year.
- The share price may trade below the fair value of the assets, reflecting market scepticism.
Opportunities
- Growing investor interest in products that integrate sustainability and responsibility criteria.
- Expanding the range of managed funds could attract new assets and diversify fee income.
- Developing asset management in the Baltic region, where the company already has a presence.
Threats
- A decline in capital markets could reduce the value of managed assets and fee income.
- Cyber attacks on the group's systems or those of portfolio companies could seriously disrupt operations.
- Rising regulatory and reporting requirements could increase compliance costs.
Risks
- Returns below expectationshigh
The return on direct investments could be lower than the historical average of the private equity industry, and some companies may fail to create value.
- Share price volatilitymedium
The share price can fluctuate considerably for reasons beyond the company's control, and the market may value the shares below the fair value of the assets.
- Cyber security riskmedium
Unauthorised access to information systems could threaten confidential information and the stability of the group's systems.
- Dependence on key personnelmedium
The loss of key managers could affect operations and could lead to missed business opportunities.
- Double loss risklow
If the assets of a fund managed by INVL decline, both the management company and the group, which has invested directly in the fund, could suffer losses at the same time.
Investment thesis
What would need to be true (bull case)
- If the group's direct investments generate good returns, consolidated results could benefit significantly.
- Decades of management experience and funds with long track records could attract new investors.
- Adherence to responsible investment standards could appeal to investors focused on sustainability.
What would break the thesis
- If capital markets deteriorate, the value of investments and fee income could decline.
- Modest returns on some investments could keep the share price below the value of the assets.
- Regulatory and cyber security costs could rise and reduce profitability.
What to watch
- Development of the value of direct investments and of the returns of managed funds2026
- Volume of assets managed by INVL Asset Management and the trend of fee income2026
- Reporting on sustainability risks and application of the SFDR2026
- Relationship between the share price and net asset valuenext annual report
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
Invalda INVL is an investment company from Lithuania whose group combines direct investments in companies and funds with asset management through its management company INVL Asset Management. The annual report shows that the group invests both in companies and in units of INVL-managed funds, alongside other participants.
The parent company is organised with a collegial management board and no supervisory board, because according to the report its size does not warrant one. The board sets business objectives and oversees compliance and the accountability of the chief executive.
The group relies on the financial-sector experience of its management team, on managed funds that reflect strategies and experience built over more than 30 years, and on a network of partners and experts. The report presents these intangible resources as the group's main intangible assets.
Segments
Asset management
The subsidiary INVL Asset Management manages investment funds for investors, and its management fees depend on the level of assets under management. The report notes that the group has direct exposure to the funds it manages, which aligns the group's interests with those of fund investors.
Direct investments
The group invests directly in shares of companies and in units of collective investment undertakings. The return on these investments may be significantly lower than the historical average of the private equity industry, and their value could fall if companies do not create value.
Other investments and own funds
Besides managing funds, the group holds stakes in companies and own funds, and their performance contributes to consolidated results. The report warns that group results may fluctuate significantly and may not reflect future results.
Market context
The report describes the financial services market in Lithuania and the European Union, where fund management is supervised by the Bank of Lithuania. The company assesses sustainability risks and applies Regulation (EU) 2019/2088 to the group companies subject to it.
The company's shares are listed on the Vilnius Stock Exchange, and the report notes that the share price may fluctuate considerably and that the market may value the shares below the fair value of the assets. These factors shape investors' perception of the company.
Trends
- Sustainability regulation in financial servicesmixed
Application of the SFDR obliges group companies to publish information on the integration of sustainability risks and on principal adverse impacts. These requirements may raise compliance costs, but they may also help attract investors focused on ESG criteria.
- Responsible investmenttailwind
The group has adhered to the Principles for Responsible Investment since 2017, which may support confidence among institutional investors. However, the report states that no common environmental or climate policies have been adopted at group level.
- Volatility of capital marketsheadwind
The value of direct investments depends on economic cycles and capital market developments, and declines could affect group results. If markets deteriorate, the value of assets and fee income could fall.
- Cyber securityheadwind
The group is exposed to attempts to gain unauthorised access to its information systems and those of its portfolio companies. Rising cyber threats require additional investment in protection, and a serious incident could disrupt operations.
Competitive position
The report does not explicitly name competitors of the group. The company nonetheless operates in the investment fund and private equity market, where it competes with other management companies and institutional investors.
The group's competitive position rests on the management team's experience over three decades and on its range of managed funds. If fund performance stays below the industry average, attracting new investors could become more difficult.
- Other fund management companies in Central and Eastern Europe
The report does not name competitors; these firms are referred to generically as the reference market.
- International private equity funds
The report compares investment returns with the private equity industry average without naming specific firms.
- Asset management companies in the Baltic states
Regional competition for attracting investors into managed funds.
- Institutional investors managing portfolios directly
Investors who choose to invest without intermediaries are an indirect competitor for the group's funds.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202509 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Akcinė bendrovė "Invalda INVL" · 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.