{"id":1382,"date":"2025-02-05T00:00:00","date_gmt":"2025-02-05T00:00:00","guid":{"rendered":"https:\/\/plyanalytics.com\/?post_type=news&#038;p=1382"},"modified":"2026-05-11T08:31:24","modified_gmt":"2026-05-11T08:31:24","slug":"publication-10","status":"publish","type":"news","link":"https:\/\/plyanalytics.com\/en\/news\/publication-10\/","title":{"rendered":"Publication"},"content":{"rendered":"\n<p>PLY Analytics co-founder Vitalij \u0160ostak commented for Verslo \u017einios on the valuation guidelines implied by Lufthansa Group\u2019s investment in the Latvian airline Air Baltic ahead of its IPO.<\/p>\n\n\n\n<p>\u201cAfter adding Air Baltic\u2019s net debt, which together with lease liabilities amounted to \u20ac1.23 billion at the end of the third quarter, the enterprise value (EV) would reach up to \u20ac1.36 billion,\u201d calculates V. \u0160ostak. \u201cThe company\u2019s forecast 2024 EBITDAR amounts to \u20ac190\u2013200 million. Accordingly, the implied maximum EV\/EBITDAR valuation stands at around 6.8\u20137.2x.\u201d<\/p>\n\n\n\n<p>Lufthansa\u2019s EV\/EBITDAR valuation range is around 2.8\u20133.1x, while Finnair\u2019s EV\/EBITDAR stands at 2.95x. Compared with these valuations, Air Baltic\u2019s \u201cEV\/EBITDAR range of 6.8\u20137.2x appears very ambitious,\u201d notes V. \u0160ostak. \u201cIt appears that reaching this range \u2013 convincing investors \u2013 may be quite difficult, and after the planned IPO Lufthansa could end up with a larger than 5% equity stake.\u201d<\/p>\n\n\n\n<p>Read more in the Verslo \u017einios article: <a href=\"https:\/\/www.vz.lt\/rinkos\/2025\/02\/05\/air-baltic-ipo-lufthansa-atejimas-brezia-auksto-ivercio-ambicijas-563253\"><span style=\"text-decoration: underline;\">\u201eAir Baltic\u201c IPO: \u201eLufthansa\u201c at\u0117jimas br\u0117\u017eia auk\u0161to \u012fver\u010dio ambicijas<\/span><\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Air Baltic IPO: Lufthansa&#8217;s entry signals ambitions for a high valuation<\/p>\n","protected":false},"featured_media":1396,"template":"","meta":{"_acf_changed":false,"inline_featured_image":false},"news-category":[37],"class_list":["post-1382","news","type-news","status-publish","has-post-thumbnail","hentry","news-category-press-media"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.3.1 - 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