Tallink Group and Infotar IPO; few thoughts.

https://void.cat/d/Qg1wm3FMFgs6aSda924kdn.webp

Tallink insider buy announcements in 23':

-4 in March

-Aug 17-Nov20 - 11

And volumes are not marginal for #OMXB. This had been puzzling for me. And recent IPO announcement puts some puzzle pieces together...

Infotar ownership of Tallink Group changes:

22': 40%

23'H1: 40.9%

23'9M: 41.7%

Major shareholder + insider buys were sufficient to move price in Baltic market.

https://void.cat/d/DF7EXyW18naG2xcfMZPnnL.webp

Recent results are mixed. Obvious improvement from 2022 energy prices environment of course, but YoY: less cargo, ~same number of passengers, ~1.4 mln more interest paid on less debt.

https://void.cat/d/2KAC3gQm8ADpf6it5y89pY.webp

For comparison, 2019 (pre covid, UA-RU) Q3 revenue was 287.8M. 23Q3 still down -16.4%.

Infotar boosts Tallink price - so it boosts Infotar's book value (valuation) ahead of IPO. What else they do?

RE - SPAs, hotels, but mostly recent shit show of CRE.

Energy - 100% of Eesti Gaas (LNG trader), in mid 23' bought Latvian gas operator Gaso.

They don't provide docs in EN, so limited knowledge on IPO details. New issue or existing shareholders' sale? Big difference

In IPO FAQ section they claim proceeds will be used for international expansion, but at the same time saying will plug reserves hole after Gaso acq.

That all not even digging into valuation..