olivLaw · European equity research
INVL Baltic Real Estate INR1L.VS
Lithuania · Nasdaq Vilnius · ISIN LT0000127151 · Vertical: Listed companies from Lithuania
INVL Baltic Real Estate is a closed-ended real estate investment company managed by a management company, investing in property in the Baltic region. The materials describe its governance structure and sector risks, but do not provide financial figures for the period reviewed.
At the close of 05 Nov 2026, INVL Baltic Real Estate (INR1L.VS) stock was 2.70 EUR (−8.16% on the day), with market capitalisation 21.5 m EUR, P/E 5.9 on diluted EPS of 0.46 EUR over the last 12 months, dividend yield 3.33%, beta 0.23, 52-week range 2.62–3.36 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)
- 41.4
- weak (30–45)
- Bollinger (20, 2)
- 2.59 – 3.03
- in the lower half of the band · %B 0.24 · band width 15.3%
- SMA 50 / 200
- 2.93 / 3.14
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.06 / -0.07
- 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 | −8.2% | −0.6% | −7.5 pp | — |
| 3 months | −11.2% | −4.2% | −7.0 pp | — |
| 6 months | −18.2% | +4.3% | −22.5 pp | — |
| Year to date | −17.7% | +7.5% | −25.2 pp | — |
| 1 year | −12.3% | +9.9% | −22.3 pp | +13.5% |
| 3 years | +31.1% | +49.8% | −18.8 pp | +55.7% |
| 5 years | +17.9% | +42.8% | −24.9 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 0 percentile of its own 3-quarter history (min 7.1, median 7.8, max 23.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 3.6 m | 4.0 m | 4.1 m |
| Revenue YoY | unavailable | +9.9% | +2.8% |
| Net income | 699.0 k | 2.7 m | 3.7 m |
| Net income YoY | unavailable | +291.8% | +33.9% |
| Diluted EPS | 0.09 | 0.34 | 0.46 |
| Diluted EPS YoY | unavailable | +277.8% | +35.3% |
| net % | 19.3% | 68.6% | 89.4% |
| Free cash flow | 1.7 m | 2.1 m | 2.2 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 801.0 k EUR
- Financial debt
- 18.1 m EUR
- Net debt
- 17.3 m EUR
- Equity
- 28.1 m EUR
- Total assets
- 49.2 m EUR
- Debt / equity
- 0.64x
- Current ratio
- 0.20x
- ROE
- 13.7%
- ROA
- 7.8%
- FCF margin
- 52.9%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 3.6 m | 4.0 m | 4.1 m | esef· 18 Mar 2026verified |
| Operating income | 1.8 m | 4.0 m | 4.7 m | esef· 18 Mar 2026verified |
| Depreciation & amortisation | 116.0 k | 115.0 k | 119.0 k | esef· 18 Mar 2026verified |
| EBITDA | 1.9 m ≈ | 4.2 m ≈ | 4.8 m ≈ | esef· 18 Mar 2026derived |
| Interest expense | 1.1 m | 1.3 m | 982.0 k | esef· 18 Mar 2026verified |
| Pre-tax income | 717.0 k | 2.8 m | 3.7 m | esef· 18 Mar 2026verified |
| Income tax | 18.0 k | 38.0 k | 6.0 k | esef· 18 Mar 2026verified |
| Net income | 699.0 k | 2.7 m | 3.7 m | esef· 18 Mar 2026verified |
| Diluted EPS | 0.09 | 0.34 | 0.46 | esef· 18 Mar 2026verified |
| Dividend per share | 0.09 | 0.09 | 0.09 | esef· 18 Mar 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 | 1.3 m | 1.8 m | 801.0 k | esef· 18 Mar 2026verified |
| Receivables | 326.0 k | 117.0 k | 171.0 k | esef· 18 Mar 2026verified |
| Current assets | 2.0 m | 2.6 m | 1.0 m | esef· 18 Mar 2026verified |
| Property, plant & equipment, net | 267.0 k | 167.0 k | 377.0 k | esef· 18 Mar 2026verified |
| Intangibles (excl. goodwill) | 8.0 k | 4.0 k | 1.0 k | esef· 18 Mar 2026verified |
| Total assets | 44.6 m | 45.3 m | 49.2 m | esef· 18 Mar 2026verified |
| Short-term debt | 944.0 k | 790.0 k | 3.6 m | esef· 18 Mar 2026verified |
| Long-term debt | 17.7 m | 16.2 m | 14.5 m | esef· 18 Mar 2026verified |
| Current liabilities | 2.2 m | 2.6 m | 5.1 m | esef· 18 Mar 2026verified |
| Total liabilities | 21.0 m | 20.1 m | 21.0 m | esef· 18 Mar 2026verified |
| Equity | 23.5 m | 25.2 m | 28.1 m | esef· 18 Mar 2026verified |
| Shares outstanding at year end | 7.8 m | 8.1 m | 8.0 m | esef· 18 Mar 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 1.7 m | 2.1 m | 2.2 m | esef· 18 Mar 2026verified |
| Capex | 17.0 k | 11.0 k | 15.0 k | esef· 18 Mar 2026verified |
| Free cash flow | 1.7 m ≈ | 2.1 m ≈ | 2.2 m ≈ | esef· 18 Mar 2026derived |
| Investing cash flow | -3.8 m | 2.7 m | -2.4 m | esef· 18 Mar 2026verified |
| Financing cash flow | 2.1 m | -4.2 m | -812.0 k | esef· 18 Mar 2026verified |
| Dividends paid | 712.0 k | 722.0 k | 709.0 k | esef· 18 Mar 2026verified |
| Share repurchases | 0 | 282.0 k | 63.0 k | esef· 18 Mar 2026verified |
≈ 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
Score: 60 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 21.5 m EUR
Key indicators
Coverage and freshness
Score by group
- Quality62
- Returns71
- Balance sheet20
- Valuation84
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: 3.40 – 9.71 EUR.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)4.36 – 9.71 (Mid 6.22)WACC 6.9% · starting FCFF 3.2 m EUR · terminal value share of EV 79%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -18.8%
- Peers: EV/EBITDA3.66 – 5.22 (Mid 5.22)3 companies used · median multiple 12.3x · quartiles 9.7x – 12.3xAMG1L.VS, IVL1L.VS, LGD1L.VS
- Peers: P/E3.40 – 5.66 (Mid 3.87)11 companies used · median multiple 8.4x · quartiles 7.4x – 12.3xAKO1L.VS, APG1L.VS, GRG1L.VS, IVL1L.VS, KNE1L.VS, KNR1L.VS, LGD1L.VS, RSU1L.VS, VBL1L.VS, VLP1L.VS, ZMP1L.VS
- Dividend discount (DDM)outside the aggregate1.22 – 1.67 (Mid 1.41)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
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 60/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 10.8% | 60 (vs peers) | 13% |
| Net margin · Quality | 89.4% | 87 (vs peers) | 8% |
| FCF conversion · Quality | 59.2% | 42 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 3.6x | 11 (on a fixed band) | 13% |
| Interest coverage · Balance sheet | 4.7x | 50 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 0.2x | 0 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 5.9x | 92 (vs peers) | 13% |
| EV/EBITDA · Valuation | 8.1x | 62 (on a fixed band) | 13% |
| FCF yield · Valuation | 10.1% | 100 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 3.6% | 51 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 32.6% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet20/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality62/100 · 3/3 factors with a value
- Returns71/100 · 2/2 factors with a value
- Valuation84/100 · 3/3 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
Specialioji uždarojo tipo nekilnojamojo turto investicinė bendrovė "INVL Baltic Real Estate" (INR1L.VS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 4.1 m EUR in 2025; YoY growth 2.8%; net margin 89.4%; ROE 13.7%; net debt/EBITDA 3.6x.
The estimated value range is 3.66–5.66 EUR per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 5.22 EUR, the price of 2.70 EUR leaves a potential of 93.2% (value / price − 1) and a margin of safety of 48.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 60/100, 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. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 89.4%
- P/E (TTM): 5.9x
- FCF yield: 10.1%
- Payout ratio (FCF): 32.6%
- The price is below the estimated value range
What contradicts it
- Net debt / EBITDA: 3.6x
- Current ratio: 0.2x
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y.
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 INR1L.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 | 1.57 Total return -39% · Per year -39% | 2.78 Total return 6% · Per year 6% | 4.18 Total return 59% · Per year 59% |
| 3 years | 1.47 Total return -38% · Per year -15% | 2.93 Total return 19% · Per year 6% | 4.86 Total return 93% · Per year 25% |
| 5 years | 1.38 Total return -37% · Per year -9% | 3.10 Total return 33% · Per year 6% | 5.65 Total return 133% · Per year 18% |
- Exit P/E± 0.73
- Net margin± 0.51
- Annual revenue growth± 0.43
- Annual dilution± 0.04
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 Real Estate is a closed-ended real estate investment company managed by a management company, investing in property in the Baltic region. The materials describe its governance structure and sector risks, but do not provide financial figures for the period reviewed.
SWOT
Strengths
- The governance structure includes an investment committee and a management company licensed by the Bank of Lithuania 1.
- Building administration is provided through a contract with a dedicated subsidiary, giving operational continuity 1.
- The portfolio is diversified across several real estate objects, which reduces the impact of one weak investment 1.
Weaknesses
- The company depends on external financing for acquisitions, and a lack of it could limit growth 1.
- Leases for an unspecified term can be terminated quickly, which adds uncertainty to income 1.
- Leverage increases the impact of asset depreciation on the net asset value of assets bought with borrowed money 1.
Opportunities
Risks
- Dependence on external financinghigh
Lack of adequate financing could force asset sales at unfavourable prices 1.
- Interest rate riskmedium
A rise in base rates could reduce the return on investments 1.
- Tenant riskhigh
Deterioration of the economy could lead to unpaid rent and lease terminations 1.
- Liquidity riskmedium
Selling assets or shares at the desired time and price could prove difficult 1.
- Conflict of interest riskmedium
The interests of the management company or related persons could differ from those of the company and its shareholders 1.
Investment thesis
What would need to be true (bull case)
- If the Baltic market returns to growth, the value of properties in the portfolio could rise and rental income could increase 1.
- The administration structure and investment control could support operational efficiency 1.
- Portfolio diversification could limit the impact of one unsuccessful investment on results 1.
What would break the thesis
What to watch
- Evolution of interest rates and cost of financing2027
- Occupancy levels and rent stability across the portfolionext 10-K
- General Shareholders' Meeting decisions on profit distribution2027
- Development of the Baltic property market and price cycle2027
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 was granted a licence by the Bank of Lithuania on 22 December 2016 to operate as a closed-ended investment company, and its management was transferred to the management company INVL Asset Management under the Law on Collective Investment Undertakings 1. The General Shareholders' Meeting, the management company's board and the investment committee form its decision-making structure 1. The investment committee, formed in 2016, makes decisions on asset management and represents the company's interests 1.
Property administration is partly outsourced to the subsidiary Proprietas, UAB, which manages and administers buildings in the portfolio under an agreement effective from 1 January 2018 1. The shares are listed on the secondary list of Nasdaq, according to the document 1.
As an investment company, assets are managed in the interest of shareholders, and costs and income depend on rents collected, independent valuations and how acquisitions are financed 1.
Segments
Real estate investments
The portfolio consists of office and commercial premises, and income comes from rents if planned occupancy is maintained 1.
Asset administration
Building administration and management services are provided by Proprietas, UAB, under a property management and administration agreement 1.
Market context
The Baltic real estate market is cyclical, and in the past prices rose quickly, followed by steep declines, according to the document 1. Sector development generally follows the macroeconomic environment, including interest rates, inflation and private consumption 1.
Demand for leased space depends on the economic environment, and a deterioration could put pressure on rents and yields 1.
Trends
- Baltic real estate cyclemixed
The high cyclicality of the Baltic market could lead to a new phase of rising prices followed by overheating, if the previous pattern repeats 1.
- Interest ratesheadwind
A rise in base rates could increase borrowing costs, and the company seeks fixed-rate loans or derivatives to hedge this 1.
- External financingheadwind
Growth requires substantial capital for acquisitions, and failure to secure financing could limit expansion 1.
- Favourable economytailwind
Favourable macroeconomic conditions could increase demand for property and allow rent increases 1.
Competitive position
The company competes with other investors, including other investment companies and real estate funds, which could force transactions on less favourable terms 1. The management company seeks to use a broad network of business contacts to reduce this pressure 1.
The materials provided do not identify competitors listed in the US, so no US ticker is given.
- Other real estate investors in the region
Investment companies and real estate funds competing for the same transactions, according to the document 1.
- Regional real estate funds
Competition for asset acquisitions could reduce favourable transaction conditions 1.
- Other investment companies
Investors that may have larger capital could make the company less competitive 1.
- Real estate developers
Players competing for tenants and land in the same market 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202518 Mar 2026
- Annual report 202418 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / INVL Baltic Real Estate · 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.