olivLaw · European equity research
Akcinė bendrovė "ROKIŠKIO SŪRIS" RSU1L.VS
Lithuania · Nasdaq Vilnius · ISIN LT0000100372 · Vertical: Listed companies from Lithuania
Rokiškio Sūris is a Lithuanian producer of fermented cheeses, skimmed milk powder and other dairy products, listed on Nasdaq Vilnius. In fiscal 2025 the group reported sales of 402.67 million EUR, in a context where raw material costs and market volatility affect margins. The company remains important for the Rokiškis region and for Lithuanian dairy exports.
At the close of 05 Nov 2026, Akcinė bendrovė "ROKIŠKIO SŪRIS" (RSU1L.VS) stock was 4.10 EUR (−8.48% on the day), with market capitalisation 130.5 m EUR, P/E 7.6 on diluted EPS of 0.54 EUR over the last 12 months, dividend yield 4.88%, beta 0.21, 52-week range 4.10–4.72 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)
- 34.0
- weak (30–45)
- Bollinger (20, 2)
- 4.19 – 4.62
- below the lower band · %B -0.20 · band width 9.9%
- SMA 50 / 200
- 4.46 / 4.49
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.06 / -0.04
- 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 | −8.5% | −0.6% | −7.8 pp | — |
| 3 months | −8.1% | −4.2% | −3.9 pp | — |
| 6 months | −9.3% | +4.3% | −13.6 pp | — |
| Year to date | −10.1% | +7.5% | −17.6 pp | — |
| 1 year | −9.3% | +9.9% | −19.2 pp | +13.5% |
| 3 years | +40.4% | +49.8% | −9.4 pp | +55.7% |
| 5 years | +47.5% | +42.8% | +4.7 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 67 percentile of its own 3-quarter history (min 4.9, median 6.3, max 8.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 304.3 m | 370.3 m | 402.7 m |
| Revenue YoY | unavailable | +21.7% | +8.7% |
| Net income | 16.2 m | 22.8 m | 17.2 m |
| Net income YoY | unavailable | +40.6% | −24.7% |
| Diluted EPS | 0.46 | 0.73 | 0.54 |
| Diluted EPS YoY | unavailable | +58.7% | −26.0% |
| net % | 5.3% | 6.2% | 4.3% |
| Free cash flow | -9.3 m | 20.8 m | 13.2 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 6.0 m EUR
- Financial debt
- 0 EUR
- Net debt
- -6.0 m EUR
- Equity
- 160.1 m EUR
- Total assets
- 222.3 m EUR
- Debt / equity
- 0.00x
- Current ratio
- 2.51x
- ROE
- 11.1%
- ROA
- 7.8%
- FCF margin
- 3.3%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 304.3 m | 370.3 m | 402.7 m | esef· 09 Apr 2026verified |
| Cost of revenue | 261.3 m | 319.5 m | 356.9 m | esef· 09 Apr 2026verified |
| Gross profit | 42.9 m | 50.9 m | 45.8 m | esef· 09 Apr 2026verified |
| Operating income | 20.7 m | 27.4 m | 20.1 m | esef· 09 Apr 2026verified |
| Interest expense | 1.5 m | 1.8 m | 869.0 k | esef· 09 Apr 2026verified |
| Pre-tax income | 19.2 m | 25.6 m | 19.2 m | esef· 09 Apr 2026verified |
| Income tax | 3.0 m | 2.8 m | 2.0 m | esef· 09 Apr 2026verified |
| Net income | 16.2 m | 22.8 m | 17.2 m | esef· 09 Apr 2026verified |
| Diluted EPS | 0.46 | 0.73 | 0.54 | esef· 09 Apr 2026verified |
| Dividend per share | 0.15 | 0.15 | 0.20 | esef· 09 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 3.9 m | 4.2 m | 6.0 m | esef· 09 Apr 2026verified |
| Receivables | 54.5 m | 58.5 m | 49.1 m | esef· 09 Apr 2026verified |
| Inventories | 94.4 m | 82.8 m | 88.3 m | esef· 09 Apr 2026verified |
| Current assets | 155.2 m | 147.6 m | 146.3 m | esef· 09 Apr 2026verified |
| Property, plant & equipment, net | 57.5 m | 55.1 m | 58.1 m | esef· 09 Apr 2026verified |
| Intangibles (excl. goodwill) | 93.0 k | 22.0 k | 78.0 k | esef· 09 Apr 2026verified |
| Total assets | 216.5 m | 217.4 m | 222.3 m | esef· 09 Apr 2026verified |
| Accounts payable | 25.6 m | 28.3 m | 26.7 m | esef· 09 Apr 2026verified |
| Long-term debt | 3.9 m | 1.8 m | 0 | esef· 09 Apr 2026verified |
| Current liabilities | 67.7 m | 62.6 m | 58.2 m | esef· 09 Apr 2026verified |
| Total liabilities | 77.0 m | 68.2 m | 62.3 m | esef· 09 Apr 2026verified |
| Equity | 139.5 m | 149.2 m | 160.1 m | esef· 09 Apr 2026verified |
| Shares outstanding at year end | 35.3 m | 31.3 m | 31.8 m | esef· 09 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 1.2 m | 28.5 m | 26.6 m | esef· 09 Apr 2026verified |
| Capex | 10.5 m | 7.7 m | 13.4 m | esef· 09 Apr 2026verified |
| Free cash flow | -9.3 m ≈ | 20.8 m ≈ | 13.2 m ≈ | esef· 09 Apr 2026derived |
| Investing cash flow | -8.1 m | -6.1 m | -11.9 m | esef· 09 Apr 2026verified |
| Financing cash flow | 7.3 m | -22.0 m | -12.9 m | esef· 09 Apr 2026verified |
| Dividends paid | 5.3 m | 5.3 m | 6.3 m | esef· 09 Apr 2026verified |
| Share repurchases | 0 | 7.9 m | 0 | esef· 09 Apr 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: 77 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 130.5 m EUR
Key indicators
Coverage and freshness
Score by group
- Quality61
- Balance sheet100
- Valuation83
- Returns81
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: 2.72 – 10.48 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)6.82 – 10.48 (Mid 8.23)WACC 8.5% · starting FCFF 14.0 m EUR · terminal value share of EV 74%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): -20.6%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E3.83 – 6.65 (Mid 4.55)11 companies used · median multiple 8.4x · quartiles 7.1x – 12.3xAKO1L.VS, APG1L.VS, GRG1L.VS, INR1L.VS, IVL1L.VS, KNE1L.VS, KNR1L.VS, LGD1L.VS, VBL1L.VS, VLP1L.VS, ZMP1L.VS
- Dividend discount (DDM)2.72 – 3.71 (Mid 3.14)
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 77/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 12.0% | 70 (vs peers) | 17% |
| Net margin · Quality | 4.3% | 40 (vs peers) | 10% |
| FCF conversion · Quality | 77.0% | 67 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 23.1x | 100 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 2.5x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 7.6x | 69 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 10.1% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 4.8% | 69 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 47.5% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality61/100 · 3/3 factors with a value
- Returns81/100 · 2/2 factors with a value
- Valuation83/100 · 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 "ROKIŠKIO SŪRIS" (RSU1L.VS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 402.7 m EUR in 2025; YoY growth 8.7%; net margin 4.3%; ROE 11.1%.
The estimated value range is 3.83–6.65 EUR per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 4.55 EUR, the price of 4.10 EUR leaves a potential of 10.9% (value / price − 1) and a margin of safety of 9.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 77/100, 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
- ROIC: 12.0%
- Interest coverage: 23.1x
- Current ratio: 2.5x
- FCF yield: 10.1%
- Payout ratio (FCF): 47.5%
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
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 RSU1L.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 | 2.53 Total return -34% · Per year -34% | 4.46 Total return 14% · Per year 14% | 6.70 Total return 70% · Per year 70% |
| 3 years | 2.66 Total return -23% · Per year -8% | 5.27 Total return 46% · Per year 13% | 8.67 Total return 133% · Per year 33% |
| 5 years | 2.81 Total return -10% · Per year -2% | 6.23 Total return 84% · Per year 13% | 11.21 Total return 215% · Per year 26% |
- Exit P/E± 1.32
- Net margin± 0.92
- Annual revenue growth± 0.73
- Annual dilution± 0.08
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
Rokiškio Sūris is a Lithuanian producer of fermented cheeses, skimmed milk powder and other dairy products, listed on Nasdaq Vilnius. In fiscal 2025 the group reported sales of 402.67 million EUR 1, in a context where raw material costs and market volatility affect margins. The company remains important for the Rokiškis region and for Lithuanian dairy exports.
SWOT
Strengths
- The company holds international food safety and quality certifications, including IFS at the highest evaluation level, which supports relations with demanding customers 1.
- Long experience in producing fermented cheeses and an accredited laboratory give the company a recognised technical advantage 1.
- The group has stable relations with milk suppliers in the region and neighbouring countries, which has avoided supply interruptions 1.
Weaknesses
- The long maturation cycle of hard cheese limits the ability to respond quickly to shifts in market demand 1.
- Profit for the year declined in 2025 compared with the prior year, showing margin sensitivity to costs 1.
- Short-term bank borrowings remain significant, and the credit line was reduced during the year 1.
Opportunities
Threats
Risks
- Dependence on raw materialhigh
Raw milk, the main input, comes largely from domestic and neighbouring sources; an interruption in supply could affect production 1.
- Market and consumption volatilitymedium
Changes in consumer preferences and retail price pressure could reduce volumes and margins 1.
- Short-term indebtednessmedium
Current borrowings remain a significant part of liabilities, and their refinancing depends on credit market conditions 1.
- Export and geopolitical risksmedium
Trade restrictions or sanctions could limit exports to certain regions, and import approvals are still pending in several countries 1.
- Climate and regulatory riskslow
Extreme weather events and emissions regulation changes could generate additional costs, although the company has so far identified no significant effects 1.
Investment thesis
What would need to be true (bull case)
- If sales growth from 2025 holds and production investments deliver the expected results, profitability could return to earlier levels.
- Expanding exports to new regions and international certifications could diversify revenues and reduce dependence on the domestic market.
- The financial structure remains solid, with equity high relative to total assets, which could provide flexibility in difficult periods.
What would break the thesis
- If production and raw material costs keep rising faster than sales, margins could remain under pressure.
- The decline in profit for the year despite higher sales may point to weaker operating efficiency than the revenue figure suggests.
- Dependence on export markets with pending approvals and on geopolitical conditions could limit medium-term growth.
What to watch
- Trend in gross margin and profit for the year relative to the 2024 levelQ1 2027
- Results of investments in the production workshop and storage capacity2027
- Export approvals in countries where the procedure is still pending2027
- Level of current borrowings and refinancing terms for credit facilitiesnext 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 core business of Rokiškio Sūris AB, based in Rokiškis, Lithuania, is the production and trade of fermented cheeses, skimmed milk powder and a wide range of dairy products 1. The group includes five subsidiaries, among them Rokiškio Pienas UAB (distribution), Rokiškio Pieno Gamyba UAB (production), DairyHub.LT UAB (production) and two raw milk collection companies in Latvia 1. In 2025 the group had on average 1,125 employees 1.
The company notes that milk, its main raw material, is bought domestically and in adjacent regions, and that hard mature cheese takes from several months to several years to produce, which limits a quick response to cheese market changes 1. ISO 9001, ISO 14001 and IFS certifications, as well as HALAL and KOSHER certificates for some products, support access to demanding markets 1.
In 2025 the company invested 13.4 million EUR in modernising production, expanding the production workshop, storage capacity and digitising processes 1. Exports were extended to North Africa, Southeast Asia, the Middle East, the Caribbean and Central Asia, and the company works with retail chains and brands such as LIDL 1.
Segments
Dairy production and trade
The main segment, covering fermented cheeses, skimmed milk powder and other dairy products, is the core activity of the group 1. The source does not give a separate revenue split by segment in the extract reviewed, so detailed figures should be checked in the segment reporting note 1.
Market context
The reference market is that of dairy products in Lithuania and the exports of cheese and milk powder. Group sales grew from 370.35 million EUR in 2024 to 402.67 million EUR in 2025 1, but profit for the year fell from 22.84 million EUR to 17.19 million EUR 1. The company names market volatility and changing consumption patterns as key risks and monitors the market constantly 1.
The source notes that export market development depends on the geopolitical situation and import approvals: authorities in Turkey, Costa Rica and Chile have already issued export permits, and approvals for other countries are pending 1. The company states that it sees no material direct or indirect impact of the war in Ukraine on its operations 1.
Trends
- Sales growth in 2025tailwind
Group sales rose in 2025, indicating steady demand for the company's products and an extension of export markets 1. If this trend holds, it could support funding for new capacity investments.
- Pressure on profitabilityheadwind
Profit for the year declined in 2025 compared with the prior year despite higher sales, suggesting pressure on margins 1. If production and administrative costs keep rising, returns could remain below the 2024 level.
- Investment in modernisation and digitisationmixed
Investments in production expansion, storage and a new accounting system may raise efficiency and long-term capacity 1. The effect on costs will depend on when these investments become operational.
- Sustainability reporting rulesmixed
The European Union's Omnibus I initiative could reduce sustainability reporting obligations for the company, and the group decided not to publish sustainability information for 2025 1. This simplifies reporting but reduces public transparency on environmental and social indicators.
Competitive position
The dairy market in Lithuania and the region is competitive, and the company competes for raw milk purchases and for sales of finished products 1. The source does not explicitly name competitors, and no US-listed tickers are mentioned in the document reviewed 1.
The competitive advantages cited by the company are long experience, food safety certifications and continuous technology investment, which allow it to stay competitive in both milk purchasing and product sales 1. Access to export approvals and religious certifications is also a differentiating factor 1.
- Other dairy producers in Lithuania and the Baltic region
The source does not name specific competitors; they are left out of the analysis because they are not identified in the official document.
- Cheese producers in the European Union
Competition in export markets and in the fermented cheese segment is not detailed in the source.
- Skimmed milk powder suppliers for export
The source does not identify competing firms, so a comparison cannot be made from the document reviewed.
- Retail chains and private-label brands
Retailers the company works with, such as LIDL, are also customers but may exert pressure on prices.
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 202407 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Akcinė bendrovė "ROKIŠKIO SŪRIS" · 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.