LHV Pank updated equity research on EfTEN Real Estate Fund AS

LHV Pank updated the equity research and price target of EfTEN Real Estate Fund
AS (EfTEN; EFT1T) shares. According to the analysis, the price target for the
share remained unchanged at 20 euros, which is almost 5% above the last closing
price at Tallinn Stock Exchange. The share has a "neutral" rating. The previous
price target for the EfTEN Real Estate Fund AS shares was set in February 2025.

LHV  research points out the following aspects  about the EfTEN Real Estate Fund
AS: (i) interest costs continue to decrease and balance the negative effect from
increasing  income tax rate; (ii) continuous portfolio expansion in elderly care
segment;  (iii) sustainable dividend  policy supported by  strong operating cash
flow;  (iv)  low  overall  vacancy  but  vacancy  rate  decreases more slowly as
compared to previous expectations.

The analysis can be found on the LHV Pank Financial Portal.

Kristjan Tamla
EfTEN Capital AS
Managing Director
Tel: +372 655 9515
E-post: [email protected] (mailto:[email protected])