Enlight Research, a company that analyzes publicly listed companies in the Baltic states, has published its research on the Eleving Group IPO.

Based on the Discounted Cash Flow (DCF) method, Enlight estimates the fair value of Eleving Group shares to be EUR 2.39 per share in the base case scenario. The IPO price range stated in the prospectus is EUR 1.60 to EUR 1.85.

According to Eleving Group’s dividend policy, the target dividend payout rate is over 50% of net profit. Enlight Research projects that with a 50% dividend payout rate, the dividend yield will be 7.6% this year, 10% in 2025, and 11.8% in 2026.

The report highlights Eleving Group’s unique growth exposure to frontier markets and its valuation compared to Baltic and sector peers. It aims to better inform investors about the investment case.

Enlight Research’s full-length analysis is available for free at https://www.enlightresearch.net or https://ipo.eleving.com.

Enlight Research helps issuers communicate their investment story and provides investors with insights to support their investment decisions. Enlight’s vision is to create a fair investment environment where high-quality research is available to all. Enlight’s success is evident on the Baltic Stock Exchange, where most well-known listed companies have joined its platform, and readership has grown from hundreds to thousands.

Eleving Group, one of the most successful Baltic fintech companies operating globally and profitably in vehicle and consumer financing in 16 countries, continues an initial public offering of its shares, the subscription period of which lasts until 8 October. This is the largest private equity public offering on the Baltic stock exchange this year, and retail and institutional investors from Latvia, Estonia, Lithuania, and Germany can participate.

Eleving Group commissioned Enlight Research’s independent analysis.

Additional information:

Arturs Cakars
Group Chief Corporate Affairs Officer, Eleving Group
E-post: arturs.cakars@eleving.com