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Nordecon: Strong cash flow, but profitability still low
Merko: Improving cash flows
Estonian average monthly wages grew 5.9% annually in Q4 2012
Swedbank: Tallinn Equity Weekly
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22nd February 2013, 17:38
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Stock prices moved relatively sideways in Tallinn during the week, as the only company to publish a Q4 report was Premia Foods.
Most of the turnover was related to Tallink and Olympic, with the shares of both companies being among the top performers during the past five trading days. No activity increase was noted in the construction companies Nordecon and Merko Ehitus, which both reported their Q4 figures last week.
Merko’s share price fell by approximately 2.6% w/w but the volume was insignificant. Premia Foods earnings figures showed a y/y increase in net profit of EUR 0.7m in Q4. However, the share price finished the week relatively unchanged. Silvano FG finally showed some strength. The share price moved from EUR 2.64 on Monday to EUR 2.71 on Friday – a 2.7% improvement.
According to the data published by Statistics Estonia, the monthly average wages grew 5.9% annually in the fourth quarter of 2012, reaching EUR 916. Real wages, which have shown a positive growth for six quarters in a row, accelerated somewhat from 1.9% in the third quarter to 2.1% in the fourth. This year nominal wage growth should stay in the same range as it was in 2012, however real wage growth is expected to accelerate as a result of decelerating CPI growth.