olivLaw · European equity research
AS Pro Kapital Grupp PKG1T.TL
Estonia · Nasdaq Tallinn · ISIN EE3100006040 · Vertical: Listed companies from Estonia
AS Pro Kapital Grupp is an Estonian real estate development group operating in Estonia, Latvia, Lithuania and Germany, with governance described in its 2021 annual report. For bond investors, the 2021 governance and loss-coverage disclosures provide the main context, as the company covered its 2020 loss from reserves and partly from share premium.
At the close of 06 Nov 2026, AS Pro Kapital Grupp (PKG1T.TL) stock was 0.54 EUR (−4.46% on the day), with beta 0.12, 52-week range 0.53–1.06 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)
- 29.2
- oversold (≤ 30)
- Bollinger (20, 2)
- 0.49 – 0.67
- in the lower half of the band · %B 0.23 · band width 30.5%
- SMA 50 / 200
- 0.62 / 0.81
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.03 / -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 | −17.7% | −0.6% | −17.0 pp | — |
| 3 months | −17.7% | −4.2% | −13.5 pp | — |
| 6 months | −38.5% | +4.3% | −42.8 pp | — |
| Year to date | −39.9% | +7.5% | −47.4 pp | — |
| 1 year | −50.0% | +9.9% | −59.9 pp | −5.9% |
| 3 years | −40.6% | +49.8% | −90.4 pp | −6.8% |
| 5 years | −64.1% | +42.8% | −106.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
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 | 2020 | 2021 |
|---|---|---|
| Revenue | 13.6 m | 43.1 m |
| Revenue YoY | unavailable | +216.0% |
| Net income | -55.7 m | 29.8 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -408.3% | 69.0% |
| Free cash flow | -7.8 m | 13.1 m |
Balance sheet & financial health
Fiscal year 2021 · 31 Dec 2021
- Cash
- 9.6 m EUR
- Financial debt
- 46.5 m EUR
- Net debt
- 36.8 m EUR
- Equity
- 42.8 m EUR
- Total assets
- 116.0 m EUR
- Debt / equity
- 1.08x
- Current ratio
- 2.66x
- ROE
- 113.5%
- ROA
- 20.2%
- FCF margin
- 30.4%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2020 | 2021 | Source (latest year) |
|---|---|---|---|
| Revenue | 13.6 m | 43.1 m | esef· 07 Jun 2022verified |
| Cost of revenue | 9.4 m | 32.5 m | esef· 07 Jun 2022verified |
| Gross profit | 4.2 m | 10.6 m | esef· 07 Jun 2022verified |
| Operating income | 2.5 m | 39.8 m | esef· 07 Jun 2022verified |
| Interest expense | 5.4 m | 6.0 m | esef· 07 Jun 2022verified |
| Pre-tax income | -2.9 m | 33.9 m | esef· 07 Jun 2022verified |
| Income tax | 354.0 k | -10.0 k | esef· 07 Jun 2022verified |
| Net income | -55.7 m | 29.8 m | esef· 07 Jun 2022verified |
Balance sheet · EUR
| Line | 2020 | 2021 | Source (latest year) |
|---|---|---|---|
| Cash | 9.4 m | 9.6 m | esef· 07 Jun 2022verified |
| Receivables | 755.0 k | 680.0 k | esef· 07 Jun 2022verified |
| Inventories | 58.4 m | 57.5 m | esef· 07 Jun 2022verified |
| Current assets | 69.5 m | 68.0 m | esef· 07 Jun 2022verified |
| Property, plant & equipment, net | 6.7 m | 6.8 m | esef· 07 Jun 2022verified |
| Goodwill | 262.0 k | 262.0 k | esef· 07 Jun 2022verified |
| Intangibles (excl. goodwill) | 113.0 k | 92.0 k | esef· 07 Jun 2022verified |
| Total assets | 179.0 m | 116.0 m | esef· 07 Jun 2022verified |
| Accounts payable | 22.2 m | 7.3 m | esef· 07 Jun 2022verified |
| Long-term debt | 27.3 m | 46.5 m | esef· 07 Jun 2022verified |
| Current liabilities | 138.6 m | 25.5 m | esef· 07 Jun 2022verified |
| Total liabilities | 169.5 m | 73.2 m | esef· 07 Jun 2022verified |
| Equity | 9.6 m | 42.8 m | esef· 07 Jun 2022verified |
Cash flow · EUR
| Line | 2020 | 2021 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | -7.7 m | 13.3 m | esef· 07 Jun 2022verified |
| Capex | 94.0 k | 178.0 k | esef· 07 Jun 2022verified |
| Free cash flow | -7.8 m ≈ | 13.1 m ≈ | esef· 07 Jun 2022derived |
| Investing cash flow | -980.0 k | 1.2 m | esef· 07 Jun 2022verified |
| Financing cash flow | 7.4 m | -14.2 m | esef· 07 Jun 2022verified |
≈ 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: 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
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
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 · input data missing
- 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 | 62.5% | 100 (vs peers) | 31% |
| Net margin · Quality | 69.0% | 100 (vs peers) | 19% |
| FCF conversion · Quality | 44.1% | 20 (on a fixed band) | 19% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 6.7x | 80 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 2.7x | 100 (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 | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet88/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality78/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 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
AS Pro Kapital Grupp (PKG1T.TL). Latest full fiscal year: 2021; data up to 2021-12-31.
Figures computed from the financial statements: revenue 43.1 m EUR in 2021; YoY growth 216.0%; net margin 69.0%; ROE 106.4%.
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
- ROIC: 62.5%
- Net margin: 69.0%
- Interest coverage: 6.7x
- Current ratio: 2.7x
What contradicts it
- FCF conversion: 44.1%
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Estonia · same country · compared with 9 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 | |
|---|---|---|---|---|---|---|
| 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 PKG1T.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
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 Pro Kapital Grupp is an Estonian real estate development group operating in Estonia, Latvia, Lithuania and Germany, with governance described in its 2021 annual report. For bond investors, the 2021 governance and loss-coverage disclosures provide the main context, as the company covered its 2020 loss from reserves and partly from share premium.
SWOT
Strengths
- A multi-jurisdictional group structure with presence in four European markets, per the 2021 annual report.
- Access to funding through bonds listed on two exchanges, which diversifies sources of capital.
- Documented governance following a comply or explain principle, with alignment to governance recommendations.
Weaknesses
- The 2020 loss was covered from reserves and share premium, indicating pressure on equity.
- Lack of electronic participation in general meetings limits access for shareholders who cannot attend in person.
- The source gives no detailed segment revenue data, which makes performance assessment difficult.
Opportunities
- If capital markets stay open, refinancing through bonds could support ongoing projects.
- Divesting non-core activities such as the remaining hotel could free capital for core projects.
- Alignment with OECD standards could attract institutional foreign investors.
Threats
- Refinancing costs could rise if bond market conditions tighten.
- The regional property market could be affected by shifts in demand or bank financing.
- Reliance on foreign shareholders for most capital could complicate governance decisions.
Risks
- Equity weakened by the 2020 losshigh
Covering the loss from reserves and share premium could limit the company's financial flexibility in coming periods.
- Dependence on bond refinancinghigh
If access to capital markets narrows, companies with bonds due for refinancing may face repayment difficulties.
- Concentration of foreign shareholdersmedium
With most shareholders being foreign, exercising voting rights can become difficult, and the legal risk of remote participation remains unresolved.
- Non-core activities still being divestedmedium
If the divestment of remaining hotel activities is delayed or sold below expected value, financial results could be affected.
- Limited data in the primary sourcelow
The 2021 annual report contains no segment revenue figures, which reduces the capacity for independent assessment.
Investment thesis
What would need to be true (bull case)
- If bond funding remains accessible, the company could keep developing projects across four markets.
- Divesting non-core activities could simplify the group and free capital for its main areas.
- Alignment with OECD governance standards could strengthen confidence among institutional investors.
What would break the thesis
- The 2020 loss covered from reserves could reduce the equity available for future projects.
- If bond markets tighten, refinancing debt could become more costly.
- The absence of segment figures in the primary source could make independent assessment of performance difficult.
What to watch
- State of equity after covering the 2020 loss2022
- Pace of divesting non-core hotel activities2022
- Refinancing schedule for listed bonds2024
- Changes to electronic participation in general meetingsnext annual general meeting
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
Per the 2021 annual report, AS Pro Kapital Grupp is a public limited company under Estonian law, with a group governance structure spanning a holding company and separate groups in Estonia, Latvia, Lithuania and Germany. The General Meeting of Shareholders is the highest directing body, alongside a Supervisory Council and a Management Board. The source does not detail the project portfolio; that information would need to come from the rest of the annual report 1.
The company covered its 2020 financial-year loss of 55677271 euros 1 using retained earnings from prior periods, the revaluation reserve, the statutory reserve and partly share premium, with dividends not discussed. This suggests the governing bodies chose to protect equity from existing reserves rather than distribute profit.
As at December 2021 the Management Board had three members, reducing to two from 2022 1. Executive roles, including chief executive and chief financial officer, are held by people with experience in real estate development and hospitality.
Segments
Real estate development in the Baltics and Germany
According to the 2021 annual report, the group operates through separate regional structures in Estonia, Latvia, Lithuania and Germany 1. The source gives no segment revenue figures, so the contribution of each region cannot be estimated from this document.
Remaining hotel activity
The report notes the company's last hotel was treated as non-core and was being divested, with responsibility for the divestment assigned to a Management Board member 1. The financial impact of the sale is not detailed in the source.
Market context
The consulted source contains no data on the real estate market size in Estonia, Latvia, Lithuania or Germany. The 2021 annual report focuses on governance and group structure, so market analysis would need other sources. From this document one can only note that the group operates in four jurisdictions and has listed bonds on the Tallinn and Stockholm exchanges 1.
Prospectuses for bonds listed on NASDAQ Stockholm and NASDAQ OMX Tallinn indicate that capital-markets funding plays an important role for the company 1. If financing conditions tighten, refinancing costs could become a relevant factor.
Trends
- Funding through listed bondsmixed
Bond issues on Stockholm and Tallinn give access to debt capital not solely dependent on banks 1. This funding source could support project development if it remains available at acceptable cost.
- Loss covered from reservesheadwind
Covering the 2020 loss with reserves and share premium reduces the company's ability to distribute dividends in the near term 1. In the short run this could limit appeal for investors seeking current income.
- Alignment with OECD governance standardstailwind
The company states it follows corporate governance recommendations and, in some respects, the G20/OECD principles of 2015 1. This alignment could reduce risks perceived by foreign investors, who form the majority of shareholders.
- Participation in general meetingsheadwind
The company does not allow electronic participation in general meetings, citing difficulty verifying the identity of foreign shareholders 1. This practice could restrict access for investors unable to attend in person.
Competitive position
The consulted source does not identify direct competitors. The 2021 annual report does not discuss the company's competitive position in its markets, so any comparison must be made with other documents.
Because the company is listed on the Baltic exchanges and Stockholm, comparison with other bond issuers and developers in the region could be relevant. The primary source, however, offers no data enabling a quantitative comparison.
- Baltic real estate developers
The source names no competitors; this category is noted only as a general reference point.
- Bond issuers listed in Tallinn
The source mentions only the listing of the company's own bonds on the Tallinn exchange, with no other issuers named.
- Developers active in Germany
The group has a dedicated German structure, but the source identifies no other players in this segment.
- Hotel operators
The company retained one hotel considered non-core; the source names no other operators.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202107 Jun 2022
Sources
- [1] Annual report, fiscal year ended 2021-12-31 (ESEF) · SEC / AS Pro Kapital Grupp · 31 Dec 2021
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.