We assessed the fair value of a leading Baltic media group and its shares
Grant Thornton Baltic assessed the fair value of AS Ekspress Grupp in connection with the squeeze-out process initiated by its majority shareholder, HHL Rühm OÜ.
Contents
KJK BLTK Holding OÜ, the majority shareholder of Baltika, wished to carry out a valuation for the purpose of deciding whether to make a takeover offer to minority shareholders.
Grant Thornton Baltic’s financial advisers carried out a valuation of the fair value of the share capital by using discounted cash flow (DCF) method as the main method. Additionally, we considered using other valuation methods (incl stock exchange price method, net asset method and comparable publicly traded companies’ method). Taking into account various reasons, we considered DCF method as the most appropriate method in the fair value valuation.
Grant Thornton Baltic’s advisory team included Partner and Head of Advisory Artur Suits, Managing Partner Mati Nõmmiste, Head of Financial Advisory Erik Suits, Financial Advisers Eve Lille and Arnold Vahtra.
Aktsiaselts Baltika is an apparel trading company listed on Nasdaq Baltic Main list since 1997. Baltika is actively operating across Baltics and the company’s main activity is international trade in clothing. Baltika’s business model combines apparel collection creation, supply chain management, wholesale and retail.
Contact us!
If you have similar challenges and questions, please contact our specialists.
Related Insights
Valuation
Transaction advisory
Family business of the year: Pro Optika, which captured a third of the market, is chasing new growth
Last year, the optical retail chain Pro Optika took a bold step by acquiring its competitor Pere Optika — a move that doubled both its store network and its team. With 50 stores now across Estonia, the company is entering a new growth phase and redefining what it means to be a modern family-run business.
|
5 min read
|
19 Nov 2025
Client story
Kodupaber AS expands its reach with Grant Thornton Baltic’s support
In December 2024, AS Kodupaber signed a purchase agreement to acquire the long-established wholesale company Ristart AS. The transaction marked an important milestone in Kodupaber’s growth strategy, supported throughout by Grant Thornton Baltic – from the first negotiations to the successful merger of the two companies in June 2025.