Baltic Equities Monthly

Baltic Equities Monthly
(March Update) 15th March, 2011

Price change (%)
Market Cap, Turnover**, Free float EV/ Div. yield
Company Ticker Sector Price* P/E EV/S P/Bv
1- 3- 12- EUR, m EUR, th (%) EBITDA (%)
YTD
mth mth mth
Linas Agro Group LNA1L LH Agriculture 0.530 -11.4 -6.9 -19.3 -0.1 84.2 50.7 29.8 15.5 16.0 0.5 1.1 1.2
Siauliu Bankas SAB1L LH Banking 0.312 -7.7 -1.6 -4.6 -7.4 63.9 19.9 51.6 -7.8 - - 0.9 -
-
Ukio Bankas UKB1L LH Banking 0.283 -23.3 -17.5 -17.3 83.7 138.4 46.9 -8.6 - - 0.7 -
25.5
Invalda IVL1L LH Conglomerates 1.800 -13.4 -15.8 105.2 -9.5 93.0 40.8 29.4 7.9 - 2.4 1.8 -
-
Panevezio Statybos Trestas PTR1L LH Construction 1.620 -22.4 -12.7 28.3 26.5 61.2 50.2 6.0 5.0 0.4 0.8 1.3
16.9
Pieno Zvaigzdes PZV1L LH Food 1.470 -0.9 3.3 58.6 -0.7 74.8 4.3 41.7 13.8 5.7 0.6 1.8 4.5
-
Rokiskio Suris RSU1L LH Food 1.505 -13.4 -15.9 47.3 54.0 12.2 40.2 7.5 4.1 0.4 1.0 1.9
16.0
-
Vilkyskiu Pienine VLP1L LH Food 1.505 -10.4 -7.7 52.8 18.0 5.1 41.1 5.3 5.2 0.4 1.2 1.9
12.5
Lithuania
Zemaitijos Pienas ZMP1L LH Food 0.650 -9.0 -10.1 48.7 -7.0 31.4 14.5 42.2 5.6 2.8 0.3 0.9 -
Grigiskes GRG1L LH Paper&Forest 0.800 -4.4 9.6 119.2 3.2 48.0 22.5 27.3 21.4 8.1 1.0 2.0 0.7
-
Sanitas SAN1L LH Pharmaceuticals 4.810 -13.6 -14.1 25.8 149.6 24.9 24.9 9.7 7.2 2.1 1.4 -
12.5
-
Apranga APG1L LH Retail&Consumer 1.760 -14.9 -13.0 67.5 97.3 40.3 39.8 25.5 9.1 1.1 3.0 -
15.0
TEO LT TEO1L LH Telecoms 0.660 -7.0 -5.6 1.2 -7.9 512.7 88.3 31.9 10.5 4.9 2.0 1.8 9.2
-
Klaipedos Nafta KNF1L LH Transportation 0.436 -15.8 -18.4 27.5 149.1 8.7 29.4 19.4 8.5 3.6 1.1 2.7
18.4
City Service CTS1L LH Utilities 2.590 -12.2 -12.2 0.5 -7.5 81.9 102.3 25.8 13.2 8.9 0.6 1.9 1.0
Lietuvos Dujos LDJ1L LH Utilities 0.708 -6.8 -0.4 9.6 -3.0 332.1 20.0 6.3 7.2 4.2 0.6 0.6 6.2
-
Lietuvos Energija LEN1L LH Utilities 0.485 -14.2 -31.4 -22.8 237.3 2.2 2.5 - - - 0.6 -
19.2
LESTO LES1L LH Utilities 0.860 -17.6 n.a. n.a. n.a. 519.4 24.2 5.6 - - - - -
Latvia
Grindeks GRD1R LR Pharmaceuticals 6.500 -5.8 2.4 27.5 -3.0 87.9 87.8 38.6 8.8 6.4 1.1 1.1 -
Olympic Entertainment
OEG1T ET Entertainment 1.350 -18.8 -4.3 16.4 -9.1 204.3 155.1 32.7 178.7 8.8 1.6 2.5 -
Group
Arco Vara ARC1T ET Real estate 5.200 -15.3 -6.0 20.6 -5.6 24.7 13.1 24.2 -83.9 11.113.6 2.6 0.9 -
Estonia
Baltika BLT1T ET Retail&Consumer 1.249 -9.7 11.5 78.4 9.7 34.3 49.2 74.5 -5.4 -30.9 1.0 2.8 -
Silvano Fashion Group SFGAT ET Retail&Consumer 2.994 -8.7 8.8 139.5 9.7 118.6 134.1 46.3 11.9 5.0 1.0 2.8 0.5
Tallinna Kaubamaja TKM1T ET Retail&Consumer 6.260 -9.9 1.6 24.2 0.8 255.0 93.6 33.0 15.3 11.0 0.8 2.0 0.2
Tallink Grupp TAL1T ET Transportation 0.738 -14.9 0.0 25.1 -6.6 497.3 187.2 59.9 20.6 10.3 1.8 0.7 -
* The official trading currency of the NASDAQ OMX Vilnius is the euro (EUR), of the NASDAQ OMX Riga is the lat (LVL) and of the NASDAQ OMX Tallinn is the euro (EUR). Prices as of 15th March, 2011.
** Average daily 1-mth turnover in euros.
Baltic Equities Monthly (March Update)
Company Ticker Sector Price Recent news
Linas Agro Group posted very weak financial results for the period of Q2 2010/2011. Altghouh revenue increased by 54.7% y/y, EBITDA went down by 87%
to LTL 1.9m and net loss of LTL 2.2m was generated. The main reason why such poor results have appeared was very poor performance of segment of
trading grains and oilseeds.The situation when the harvest in Lithuania and Latvia was much lower in 2010 and the price of grains jumped in the harvest time
Linas Agro Group LNA1L LH Agriculture 0.530 EUR
let the refusal of suppliers to deliver grains to Company by contracts signed in the Spring what made the hedging inefficient and loss making overall.
However, we expect that majority of theses losses was recorded in the last quarter and the financial results in Q3 and Q4 2010/2011 will be better.
(25.02.2011)
Despite the fact that Siauliu Bankas reported net loss of LTL 5.3m in Q4 2010, we treat the achieved results as quite neutral. We see lower y/y and q/q
charge for impairment of credit portfolio as a positive sign and expect that those charges will be much lower in 2011. Net interest income amounted to LTL
Siauliu Bankas SAB1L LH Banking 0.312 EUR 9.8m in Q4 2010 (+52% y/y) and net commissions income was also finally higher y/y. Loan portfolio of Bank's Group was slightly higher y/y in the end of
2010. Regarding the changes in the Management team and better fundamental outlook in 2011 we expect that the Bank will earn net profit in 2011 if it will
manage to increase its loan portfolio. (28.02.2011)
Ukio Bankas plans the increase of its share capital by LTL 50m by issuing 50 million of new shares at the price that will be set by the Board of the Bank. We
expect that the issue price will be set at EUR 0.301 per share or at the minimum price allowed when the share capital is being increased. It is most likely that
the Bank was forced to start thinking about the increase of share capital after the remarks of Lietuvos Bankas that Ukio Bankas has to strengthen the capital
base (the capital adequacy ratio stood at the 12.58% by the Bank in the end of Q4 2010). (04.03.2011)
Ukio Bankas UKB1L LH Banking 0.283 EUR
Consolidated financial results of Ukio Bankas in Q4 2010 were poor enough. As we expected, the impairment charges for credit losses increased sharply in
Q4 2010 and amounted to LTL 40.1m. It was the main factor that influenced the net loss of Bank's Group of LTL 36.4m in the last quarter. Although net
interest income increased y/y to LTL 11.4m, the net interest margin was still low enough. Net commission income was lower by 9.1% y/y and amounted to
LTL 12.4m. The Bank was one of the few Lithuanian banks that managed to increase the loan portfolio in 2010 slightly. We see 2011 as the turning point
when the Bank should be profitable again as all conditions at present indicate it.(28.02.2011)
Q4 2010 financial results of Invalda did not provide us any surprises. The consolidated revenue stood at LTL 78.0m and was by 25.4% higher y/y. Net profit
amounted to LTL 8.4m while the net loss of LTL 36.1m was generated in Q4 2009. The best results as earlier were demonstrated by Vilniaus Baldai and
Invalda IVL1L LH Conglomerates 1.800 EUR
Sanitas. The segment of real estate was also profitable as there were almost no impairments on Invalda investment property in Q4 2010. The outllook in
2011 is slightly positive as all segments should demonstrate small improvement. Certainly (28.02.2011)
Panevezio Statybos Trestas (PST) posted a net consolidated loss of LTL 3.9m in Q4 2010. The posted loss was much lower compared to the loss of LTL
9.1m in Q4 2009. Loss came mostly due to seasonal factors and higher allowances for the value of inventories and receivables. The sales revenue in last
quarter was higher by 34% y/y. Such growth of revenue is really promising and indicates about the relatively higher portfolio of construction projects
Panevezio Statybos Trestas PTR1L LH Construction 1.620 EUR
compared to other Lithuanian construction companies. According to a CFO of PST the growth of revenue in 2011 will be no less than 10% assuming the
already signed construction contracts. The provided figure does not include the possible revenue from the contract with Akmenes Cementas regarding the
construction works of new technological line worth up to LTL 200m. The Company said that the contract should be signed in March, 2011. (28.02.2011)
Pieno Zvaigzdes earned EBITDA of LTL 20.0m (+9.4% y/y) and net profit of LTL 9.0m in Q4 2010 (+93.1% y/y). Such results were really strong as EBITDA
margin amounted to 12% and net margin was 5.4%. The fact that the Company managed to maintain really good profitability margins when the raw milk
Pieno Zvaigzdes PZV1L LH Food 1.470 EUR
purchasing prices were increasing sharply allows us to take a positive glance towards 2011 even when price of raw milk purchasing price slightly climbs up.
The present situation in the dairy export markets remains positive too. (28.02.2011)
This document has been prepared by AB bank Finasta, an affiliate of AB bank Snoras group. AB bank Finasta is regulated by the Bank of Lithuania and the Securities Commission of the Republic of Lithuania. AB bank Finasta
maintains strict internal policies that are designed to manage any actual or potential conflicts of interest from harming the interests of investors. The document is not an offer to buy or sell or the solicitation of an offer to buy or
sell any security or to participate in any particular trading strategy. The information in this document is for information purposes only. The document has been prepared for AB bank Finasta clients. Information may not be
reproduced, transmitted or distributed (in whole or in part) by any other person. Information herein has been obtained from, and any opinions herein are based upon, sources believed to be reliable, but AB bank Finasta does not
represent that it is accurate or complete. All opinions, estimates and forecasts herein reflect the judgment on the date of this publication and are subject to change without notice. Past performance is not necessarily indicative for
future results. The price or value of the investments to which the document refers, either directly or indirectly, may fall or rise against the interest of investor. AB bank Finasta does not accept any kind of liability for losses or
damages that may arise from the use of this document. AB bank Finasta neither received nor will receive direct/indirect reward from the issuers mentioned in this document due to information contained here.
Financial results of Rokiskio Suris were excellent as sales revenue increased by 24.2% y/y, EBITDA went up by 55.2% y/y and net profit was higher by
140.8% y/y. EBITDA margin of Company amounted to 15.6% and net margin was 7.4% what is a spectacular results for dairy producers. Certainly, these
margins do not remain in 2011, but the outlook is quite positive as we see that Lithuanian dairy companies are able to match higher raw milk purshasing
prices with higher prices of dairy products. (28.02.2011)
Rokiskio Suris RSU1L LH Food 1.505 EUR
Rokiskio Suris reported consolidated sales revenue of LTL 48.3m in February or by 46.4% higher y/y. Although the y/y growth rate seems to be very strong,
it is mostly a fault of low sales in February last year as the bans on dairy products exports to Russian Federation were removed just in the end of that month
in 2010. The growth of raw milk purchasing price has slowed down in Lithuania, thus Q1 2011 profitability will be better than it was in Q1 2010. (07.03.2011)
Vilkyskiu Pienine reported consolidated sales of LTL 18.9m (+8% y/y) in February. These results also indicate that the volume of dairy products sold fell y/y
in last month as the annual change of dairy prices was positive and higher than 8%. Although the growth rate of sales is slowing down, but we still believe
that the current situation in export markets is favourable enough for the Company to demonstrate better y/y profitability in Q1 2011. (10.03.2011)
Vilkyskiu Pienine VLP1L LH Food 1.505 EUR
Financial results of Vilkyskiu Pienine in Q4 2010 were really strong, but the profitability margins were lower compared to its rivals. In Q4 2010 revenue came
at LTL 65.2m (+46.1% y/y), EBITDA at LTL 5.4m (+40.6% y/y) and net profit at LTL 3.8m (+830% y/y). Although average raw milk purchase price was higher
by around 27% y/y, the negative impact from it was quite low to reduce the absolute gross profit. The positive impact also came from still lower y/y
operating expenses. (28.02.2011)
Released financial results of Zemaitijos Pienas for the period of Q4 2010 were very strong too. The sales revenue grew up by 23.7% y/y, EBITDA went up by
115% and net profit increased by 86%. As it was common among Lithuanian dairy companies, Zematijos Pienas also as increasing its inventories of dairy
Zemaitijos Pienas ZMP1L LH Food 0.650 EUR
products what influenced the increase of working capital and reduction of cash. However, we remain very cautious about the possibilities of maintaining
EBITDA and net margin this year at 2010 year level. (28.02.2011)
We treat the published financial results of Grigiskes in Q4 2010 as neutral, because were slightly disappointed by achieved relatively low EBITDA margin.
Although consolidated revenue increased by 147% y/y, EBITDA was higher by 42% y/y and net profit was up by 70% y/y. The consolidation of Klaipedos
Grigiskes GRG1L LH Paper&Food 0.800 EUR
Kartonas financial results was the main factor of the growth of these results. The forecasts of financial results in 2011 provided by the Company is positive
and realistic from our point of view as better situation in the export markets will be the main contributor to better results. (28.02.2011)
Sanitas reported revenue of LTL 82.5m (-11.4% y/y), EBITDA of LTL 21.9m (-15.8% y/y) and net profit of LTL 7.2m (-32.7% y/y) in Q4 2010. The revenue in
Q4 2010 mostly fell y/y due to the disposal of HBH Pharma in Q3 and lower sales in Russian Federation as the legislation changed there from 1 August,
Sanitas SAN1L LH Pharmaceuticals 4.810 EUR 2010. The main sales market remained Poland, where sales revenue amounted to LTL 43.2m and was by 1.6% lower y/y, We are slightly dissapointed with
the drop of EBITDA margin to 26.5% in Q4. The drop of EBITDA was mostly influenced by higher y/y selling and distribution expenses. Sanitas keeps on
cleaning its balance sheet and the net debt to EBITDA ratio stood at 1.9 in the end of 2010. (02.02.2011)
Apranga managed to surprise the investors with very strong profitability in Q4 2010. The revenue increased by 6.1% y/y to LTL 86m while EBITDA amounted
to LTL 13.4m (EBITDA was negative in Q4 2009). EBITDA margin of 15.6% has not been seen very long ago, but it will not be maintained. However, we
Apranga APG1L LH Retail&Consumer 1.760 EUR
expect that y/y growth of profits will remain strong in the H1 2011 as the operating expenses will be lower y/y and the sales revenue will be higher by around
10%. (28.02.2011)
TEO LT released strong financial results for the period of Q4 2010. Although revenue came at LTL 192.5m (-2.7% y/y), EBITDA amounted to LTL 72.0m
(+22.4% y/y/) and net profit totalled LTL 37.8m (+8.6% y/y). The continuing obvious tendency of strict control of expenses in the Company allowed
demonstrating better y/y financial results. Regarding the retained earnings of LTL 144m of TEO LT in the end of 2009, the maximum sum the Company can
TEO LT TEO1L LH Telecoms 0.660 EUR
pay out as dividend is LTL 144m or 0.185 LTL per share. Such dividends would be smaller compared to the dividends of LTL 0.21 per share in last year.
Thus, although the financial results are strong enough, the expectations of lower dividends will not create strong positive interest from investors in the near
term. (02.02.2011)
Klaipedos Nafta reported strong February transshipment results. It reloaded 673 thousand tons of oil products to the tankers or by 28% more y/y. As it
became usual due to revised contracts with its clients in the mid of 2010, the growth of revenue (+32% y/y) again exceeded the increase of reloaded
Klaipedos Nafta KNF1L LH Transportation 0.436 EUR volume. Although the bottom line in Q4 2010 was lower due to paper losses (such as impairment of assets), the generated cash flows very really strong.
However, the negative sentiment might enclose the shares of the Company in the next few weeks as the expectations of higher y/y dividend payout
decrease. (03.03.2011)
The results of City Service in Q4 2010 cannot be named as positive despite the fact that revenue increased by 30% y/y, EBITDA was higher by 14.5% y/y
and net profit was unchanged. The operations in Russian Federation were loss making and made investors feel nervious about it again. Beside, the pressure
from local authorities to Company is also strenghtening. Dalia Grybauskaite, the president of Lithuania, proposed the amendments to the bill of heating
City Service CTS1L LH Utilities 2.590 EUR
economy that would not allow the administrator of facilities services taking activities in the services of waste management. There are also other proposals
directed to ICOR, the main shareholder of City Service, that engages in many activities related with the various services in the utilities segments.
(28.02.2011)
Lietuvos Dujos earned record LTL 159.5m net profit in 2010. EBITDA in Q4 2010 rose by 4% and net profit increased more than twice. Net profit was
especially boosted by income tax benefits. The operational activities were stronger too as transported natural gas volume rose by 26% y/y, distribution
volume increased by 12.6% and supplied volume was higher by 11.5% y/y. We expect that the majority of net profit in 2010 will be distributed as the
dividends.(28.02.2011)
Lietuvos Dujos LDJ1L LH Utilities 0.708 EUR
Yesterday Lietuvos Dujos submitted a project of constructing the natural gas pipeline from Jurbarkas to Klaipeda to Natural Control Commission for Prices
and Energy in order to approve the budget of this project and include the CAPEX to the tariff of natural gas transportation. The value of this project will
amount to LTL 170m and the share of Lietuvos Dujos will be around LTL 85m. However, the construction will be finished in three years period, thus we do
not expect that it might heavily depress the dividend payout ratio for the period of 2010. (07.03.2011)
Lietuvos Energija together with Kauno Energija plans to establish new Company that will implement a project of construction of new biofuel cogeneration
plant in Kaunas. According to the press, the value of project will amount to LTL 259m and the construction will be finished up to 2014. According to the
Lietuvos Energija LEN1L LH Utilities 0.485 EUR preliminary decision, all costs of projects will be undertaken by Lietuvos Energija while Kauno Energija will contribute to the project only with its own
infrastructure. We are not satisfied with such structure of investments in project and consider that the conditions should be changed. It is quite interesting
what sources, external or internal, of funds Lietuvos Energija will used. It also raises questions if the net present value of project will be positive (21.02.2011)
The trading of LESTO shares started on 17 January, 2011. As we expected, the price of shares sharply jumped in the first trading days. The entire process of
merging Rytu Skirstomieji Tinklai and VST took place faster than it was planned under the announced schedule, thus it also proved that Energy of Ministry,
LESTO LES1L LH Utilities 0.860 EUR the main shareholder of those companies, was eager to merge faster them. Later the price of shares dropped sharply down as the policy of dividend payout
for the year of 2010 is really unclear and the representatives of the State claimed that it does not plan to sell part of its owned shares in the short term.
(15.03.2011)
We treat Grindeks financial results for the period of Q4 2010 as quite neutral. Although revenue in 4Q 2010 increased by 21.6% y/y, EBITDA was higher just
Grindeks GRD1R LR Pharmaceuticals 6.500 LVL by 9.9% what led to the lowest EBITDA margin (15.6%) in the last five quarters. Besides, the result of full year revenue and net profit missed the Company’s
estimates provided to investors in the beginning of 2010. However, the outlook of financial results in 2011 remains quite positive (28.02.2011)
Olympic Entertainment Group financial results slightly missed our expectations in Q4 2010, but the mismatch was related mostly to negative operating
results in Romania where huge loss has been occurred due to the significant drop of revenue. Total revenue came at EUR 30.7m (+13.4% y/y), EBITDA
Olympic Entertainment Group OEG1T ET Entertainment 1.350 EUR
amounted to EUR 5.5m (it was negative in Q4 2010) and net profit was slightly positive. Baltic countries remained the main sources of operating profit and
Romania with Poland were the laggards. Thus, the consolidated profits of OEG will largely depend on the activities in these countries. (28.02.2011)
Arco Vara was profitable in Q4 2010 and the major part of operating profits came from development segment while losses were generated by construction
segment. Development segment sold 49 apartments in Q4 2010 or by 8 apartments more and the most from 2008. The inventory of apartments decreases,
Arco Vara ARC1T ET Real estate 5.200 EUR thus it is positive that the Company starts new projects with its partners. The construction segmnet promises to demonstrate higher growth of revenue in
2011 as the backlog of order is twice as large as it was in the end of 2010. However, the refinancing of its loans remain the most important issue of
Company. (28.02.2011)
Financial results of Baltika did not managed to convince us truly that the Company is really recovering and horrible results will rapidly turn to net profit soon.
Baltika BLT1T ET Retail&Consumer 1.249 EUR Consolidated revenue increased by 7.3% y/y to EUR 15.1m and EBITDA was finally positive and amounted to poor EUR 0.2m. Gross margin was strong
enough in Q4 2010, but decrease of distribution expenses was too low to achieve better profitability. (28.02.2011)
We treated Silvano Fashion Group (SFG) released Q4 2010 financial results as slightly positive. Revenue came at EUR 20.9m (+25.3 y/y), EBITDA rose by 11
times y/y to EUR 3.6m and net profit increased by 8 times y/y to EUR 2.6m. However, we are anxious about the again lower gross margin that amounted to
38.7% in Q4 2010. Operating expenses were lower y/y, but we see growth tendencies on q/q basis, especially in distribution costs. Despite that, the
economic recovery in CIS and Baltic countries allowed the Company to increase its sales and low CAPEX helped generating strong positive cash flows in
Silvano Fashion Group SFGAT ET Retail&Consumer 2.994 EUR 2010. Cash pile stood at around EUR 21.5m in the end of 2010. (15.02.2011)
The Extraordinary Meeting of SFG shareholders will attempt to approve the reduction of Company's share capital what would allow paying out the
shareholders EUR 0.14 per share within three months after the reduction of the share capital. We consider this move as an alternative to the payment of
dividends and it is a positive fact to the minor shareholders as it proves that the Company is really willing to distribute surplus cash.(23.02.2011)
Positive news came from Tallinna Kaubamaja that reported y/y revenue growth of 5.2% to EUR 109.8m and an increase of operating profit to EUR 7.8m
(operating loss in Q4 2009 amounted to EUR 10.3m). The revenue growth in Q4 2010 was seen almost among all segments what means that the Company
Tallinna Kaubamaja TKM1T ET Retail&Consumer 6.260 EUR
is benefiting from recovering retail markets in Baltic States. We forecast that the same tendencies will remain in the first quarters of 2011 what allows
increasing profitability as the growth of operating expenses will be still limited.(28.02.2011)
Tallink Group transportation figures for Q2 2010/2011 were very strong. The number of passengers the Company transported increased by 23% y/y, the
number of cargo units rose by 20% and the number of passenger vehicles was 19% y/y higher. Such number might indicate better y/y financial results, but
we are anxious that the effect of higher fuel prices put a pressure on profitability margin again. (03.03.2011)
Tallink Grupp TAL1T ET Transportation 0.738 EUR Q1 2010/2011 financial results of Company have slightly disappointed us as we expected higher y/y profitability, but the truth is that higher expenses swept
the opportunity of achieving better EBITDA and net profit. Revenue of the Group came at EUR 203.0m in Q1 2010/2011 and was by 12% higher y/y due to
higher passengers and cargo transportation volumes. However, revenue increased less than the cost of sales y/y. According to the Company, the expenses
for fuel were by EUR 5m higher y/y. Operating expenses such as marketing and administrative expenses have also increased by 10.8% and 9.5% y/y. The
tendencies of rising expenses are not positive and force us to be anxious about the outlook of financial results if the costs will not be controlled.(18.01.2011)
Financial ratios calculation methodology
P/E = Current share price / Earnings per share

EV/EBITDA = Enterprise Value / EBITDA, where
Enterprise Value = Capitalization + Net Debt
Net Debt = Long-term financial liabilities + Short-term financial liabilities – Cash and cash equivalents
EBITDA = Earnings before Interest, Tax, Depreciation and Amortization
P/BV = Current share price / Book value per share
EV/S = Enterprise Value / Sales
DPS – annual dividends per share
Contacts
Tadas Povilauskas
Analyst
Capital Markets Department
Maironio g. 11
01124 Vilnius, Lithuania
Phone: +370 5 2059358
E-mail: tadas.povilauskas@finasta.com

Baltic Equities Monthly - March

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Baltic Equities Monthly - March

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(March Update) 15th March, 2011

Company Ticker Sector Price Recent news

Company Ticker Sector Price Recent news

Company Ticker Sector Price Recent news

Company Ticker Sector Price Recent news

Financial ratios calculation methodology

P/E = Current share price / Earnings per share

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