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Swedbank has lowered the fair value estimate on the share of the listed Estonian retailer Tallinna Kaubamaja from 6.5 euros to 6 euros and replaced the Buy recommendation with Neutral.
Swedbank lowers price target for Tallinna Kaubamaja to EUR 6
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Swedbank said that the revenue and EBITDA of the Kaubamaja group in the first quarter were weaker than expected.
Swedbank also lowered the full-year revenue forecast on Kaubamaja from 510 million to 503 million euros.
Tallinna Kaubamaja ended the first quarter of 2013 with a net loss of 2.3 million euros in connection with the income tax on dividends in the sum of 3.8 million euros. The group earned a net profit of 3.2 million euros in the first quarter of 2012. The profit before taxes was 1.5 million euros, half of the sum earned in the same period of the previous year, Tallinna Kaubamaja said in its stock exchange disclosure Wednesday.
As of noon on Friday the share of Tallinna Kaubamaja traded at 5.52 euros, off 0.36 percent from Thursday.