olivLaw · European equity research
Akcinė bendrovė "Novaturas" NTU1L.VS
Lithuania · Nasdaq Vilnius · ISIN LT0000131872 · Vertical: Listed companies from Lithuania
Novaturas is a Lithuanian tour operator that sells travel packages through its network of travel agencies and direct channels, with summer seaside holidays as its main product. The company is in focus because its 2024 annual report records that it did not comply with all financial and non-financial covenants in its financing agreements, while its market capitalisation at year end was EUR 11.28 million.
At the close of 05 Nov 2026, Akcinė bendrovė "Novaturas" (NTU1L.VS) stock was 0.74 EUR (−1.60% on the day), with market capitalisation 5.8 m EUR, beta 0.10, 52-week range 0.65–1.24 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)
- 42.6
- weak (30–45)
- Bollinger (20, 2)
- 0.72 – 0.75
- in the lower half of the band · %B 0.46 · band width 4.2%
- SMA 50 / 200
- 0.77 / 0.87
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.01
- 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 | −1.6% | −0.6% | −1.0 pp | — |
| 3 months | −6.3% | −4.2% | −2.2 pp | — |
| 6 months | −10.9% | +4.3% | −15.2 pp | — |
| Year to date | unavailable | +7.5% | unavailable | — |
| 1 year | unavailable | +9.9% | unavailable | +12.4% |
| 3 years | unavailable | +49.8% | unavailable | +53.6% |
| 5 years | unavailable | +42.8% | unavailable | — |
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.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 196.7 m | 208.3 m | 200.9 m |
| Revenue YoY | unavailable | +5.9% | −3.6% |
| Net income | -722.0 k | 3.4 m | -7.6 m |
| Net income YoY | unavailable | unavailable | −325.5% |
| Diluted EPS | -0.09 | 0.43 | -0.97 |
| Diluted EPS YoY | unavailable | unavailable | −325.6% |
| net % | -0.4% | 1.6% | -3.8% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 394.0 k EUR
- Financial debt
- 3.4 m EUR
- Net debt
- 3.0 m EUR
- Equity
- 8.0 m EUR
- Total assets
- 39.5 m EUR
- Debt / equity
- 0.43x
- Current ratio
- 0.51x
- ROE
- -64.2%
- ROA
- -17.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 196.7 m | 208.3 m | 200.9 m | esef· 10 Jun 2025verified |
| Cost of revenue | 177.6 m | 182.1 m | 180.1 m | esef· 10 Jun 2025verified |
| Gross profit | 19.1 m | 26.2 m | 20.7 m | esef· 10 Jun 2025verified |
| Operating income | 318.0 k | 4.3 m | -6.6 m | esef· 10 Jun 2025verified |
| Interest expense | 2.2 m | 1.7 m | 2.6 m | esef· 10 Jun 2025verified |
| Pre-tax income | -659.0 k | 3.9 m | -7.8 m | esef· 10 Jun 2025verified |
| Income tax | 63.0 k | 481.0 k | -182.0 k | esef· 10 Jun 2025verified |
| Net income | -722.0 k | 3.4 m | -7.6 m | esef· 10 Jun 2025verified |
| Diluted EPS | -0.09 | 0.43 | -0.97 | esef· 10 Jun 2025verified |
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 2.6 m | 3.3 m | 394.0 k | esef· 10 Jun 2025verified |
| Receivables | 2.1 m | 4.0 m | 2.8 m | esef· 10 Jun 2025verified |
| Current assets | 21.1 m | 15.4 m | 12.8 m | esef· 10 Jun 2025verified |
| Property, plant & equipment, net | 83.0 k | 135.0 k | 96.0 k | esef· 10 Jun 2025verified |
| Goodwill | 30.3 m | 30.3 m | 24.6 m | esef· 10 Jun 2025verified |
| Intangibles (excl. goodwill) | 627.0 k | 809.0 k | 736.0 k | esef· 10 Jun 2025verified |
| Total assets | 53.5 m | 47.6 m | 39.5 m | esef· 10 Jun 2025verified |
| Accounts payable | 14.3 m | 3.9 m | 5.2 m | esef· 10 Jun 2025verified |
| Short-term debt | 2.0 m | 742.0 k | 3.4 m | esef· 10 Jun 2025verified |
| Current liabilities | 34.1 m | 23.7 m | 25.4 m | esef· 10 Jun 2025verified |
| Equity | 12.4 m | 15.7 m | 8.0 m | esef· 10 Jun 2025verified |
| Shares outstanding at year end | 8.0 m | 7.8 m | 7.8 m | esef· 10 Jun 2025derived |
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: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 5.8 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
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: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -45.7% | 0 (vs peers) | 31% |
| Net margin · Quality | -3.8% | 7 (vs peers) | 19% |
| 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 | -2.5x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 0.5x | 0 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality3/100 · 2/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 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 "Novaturas" (NTU1L.VS). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 200.9 m EUR in 2024; YoY growth -3.6%; net margin -3.8%; ROE -64.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
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.
What contradicts it
- ROIC: -45.7%
- Net margin: -3.8%
- Interest coverage: -2.5x
- Current ratio: 0.5x
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, 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 NTU1L.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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
Novaturas is a Lithuanian tour operator that sells travel packages through its network of travel agencies and direct channels, with summer seaside holidays as its main product. The company is in focus because its 2024 annual report records that it did not comply with all financial and non-financial covenants in its financing agreements, while its market capitalisation at year end was EUR 11.28 million 1.
SWOT
Strengths
- The company has an established travel agency sales structure and a broad range of destinations and hotels, which management presents as a competitive advantage.
- Full payment before travel reduces credit risk toward customers, and credit limits granted to agencies are controlled automatically.
- Diversifying aviation and hotel partners reduces dependence on any single supplier.
Weaknesses
- The group did not comply with all financial and non-financial covenants in its financing agreements at 31 December 2024.
- Dividend payments depend on prior approval from financing providers, which limits distributions to shareholders.
- Most revenue is in euros while flight costs are in US dollars, creating a structural currency exposure.
Opportunities
- Broader dynamic and hybrid packaging could increase the average sale value.
- Developing the direct B2C channel could reduce dependence on travel agencies.
- Using AI tools for customer service and data analysis could reduce operating costs.
Threats
- Insolvency or non-performance by charter and hotel partners could disrupt operations.
- Swings in fuel prices and the dollar exchange rate could erode margins on products sold.
- Refinancing pressure on variable-rate debt could reduce the capacity for investment.
Risks
- Covenant non-compliancehigh
At 31 December 2024 the group did not comply with all financial and non-financial covenants, and waivers were obtained from lenders, which could affect financing terms.
- Partner insolvencyhigh
Advance payments to charter airlines and hotels expose the company to losses if partners fail to meet their obligations.
- Currency and fuel riskmedium
Flight costs in dollars and fuel price volatility could affect margins, and the derivatives used to hedge are not accounted for as hedges.
- Variable interest ratesmedium
Part of the borrowings, including the credit line, carries a variable interest rate, so higher rates could raise financing costs.
- Limited dividendslow
Dividend payments require lender approval, and profit for 2021-2022 did not result in a dividend, which could weigh on shareholder appeal.
Investment thesis
What would need to be true (bull case)
- If the group successfully expands dynamic and hybrid packaging and the direct channel, revenue could grow without depending solely on agencies.
- Cost savings from AI tools and negotiation with financiers could strengthen the balance sheet.
- If the summer season remains solid, operations could generate enough cash to cover obligations.
What would break the thesis
- Covenant non-compliance could lead to stricter financing conditions or a loss of creditor confidence.
- Dependence on charter partners and currency exposure could erode margins during periods of volatility.
- The modest market capitalisation and conditional dividend policy could limit investor interest.
What to watch
- Status of covenants and renewal of lender waivers2025
- Progress of dynamic and hybrid packaging and the B2C channel2025
- Margin trends relative to fuel prices and the dollar exchange rate2025
- Decision on resuming dividend paymentsnext 10-K
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 Novaturas group creates and sells complete travel packages that include charter flights, hotel accommodation and transfers, mainly through partner travel agencies and increasingly through direct B2C channels. For 2025 the company plans to broaden its destination and hotel choice, introduce dynamic and hybrid packaging and use AI tools for content generation, customer service and data analysis 1. The shares are listed on Nasdaq Vilnius (NTU1L) and the Warsaw Stock Exchange (NTU) 1.
Segments
Travel agency sales (B2B)
Most sales take place through travel agencies to which the group grants credit limits; the reservation system automatically blocks sales once a limit is exceeded 1. Management has set growth in B2B channels as an objective.
Direct sales (B2C)
The direct channel to end customers is the second growth direction named in the 2025 plan, alongside dynamic and hybrid packaging 1.
Market context
Most of the group's sales revenue is received in euros, but the largest cost component, flights, is acquired in US dollars, which exposes the company to foreign exchange risk 1. Demand for organised travel in the region is strongly seasonal, with revenue concentrated in the summer months as shown in the monthly revenue chart of the report 1.
Trends
- Fuel cost and currency volatilitymixed
The group uses fuel futures or options and forward foreign exchange transactions to protect the margin on products sold, but these instruments are not subject to hedge accounting, which could lead to volatility in reported profit 1.
- Digitalisation and AI toolstailwind
The company included adopting AI tools for content generation, customer service and data analysis among its 2025 objectives, which could lower operating costs if implementation succeeds 1.
- Financing constraintsheadwind
Non-compliance with some financial and non-financial covenants at 31 December 2024 required waivers from lenders, and dividend payments depend on prior approval from financial lenders 1.
- Liquidity and advance payments to partnersheadwind
Contracts with key business partners oblige the group to pay for ordered services in advance, exposing the company to the insolvency risk of charter airlines or hotel operators 1.
Competitive position
The analysed sources do not name competitors; the report only states that the group works with several aviation and hotel partners at the same time to diversify risk 1. Management describes its competitive edge as its broad destination and hotel choice 1.
- Organised tour operators in the region
The sources do not name competitors; only charter operators and travel agencies the company works with are mentioned.
- Charter airline partners
Charter airlines are cited as partners rather than competitors; the report flags the risk of them failing to perform contracts.
- Travel agency networks
Travel agencies are the main sales channel and also compete for customer attention.
- Online booking platforms
The sources do not identify specific platforms; only the expansion of online direct sales is mentioned.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202410 Jun 2025
- Annual report 202301 May 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Akcinė bendrovė "Novaturas" · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.