# Baltic Classifieds Group (BCG.LSE)

Canonical: https://gigainvestors.com/s/BCG.LSE

Analysis as of: 2026-10-16T07:43:36.874Z. Financial observations: FY2019–FY2026.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 2.33 per share; close as of 2026-10-15.

Estimated value: low EUR 1.63 per share, central EUR 1.84 per share, high EUR 2.13 per share. Buy at or below the central value EUR 1.84 per share. Valuation as of 2026-10-16T07:43:36.874Z; scenarios are not confidence intervals.

Expected annual return: 8.4% at the stated quote. About 8.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; GB 10-year bond 5.4% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 8 years

- Years with declining revenue: 1

- Years with a net loss: 2

- Operating margin variation: 0.35×

Chart: Operating margin; fiscal year observations.

- FY2019: 0.63×

- FY2020: 0.21×

- FY2021: 0.37×

- FY2022: 0.27×

- FY2023: 0.48×

- FY2024: 0.53×

- FY2025: 0.65×

- FY2026: 0.68×

### moat: pass

- ROIC, median of available years: 87.6%

- ROIC, second-lowest year: 13.5%

- Typical minus recent gross margin: -4.7 pp

- Typical gross margin (annual median): 86.0%

- Recent gross margin (lower of latest and 3-year median): 90.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.5%

- ROIC including acquisitions, ten-year median: 12.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: >100%

- FY2020: 8.6%

- FY2021: 13.5%

- FY2022: 21.7%

- FY2023: 56.5%

- FY2024: >100%

- FY2025: >100%

- FY2026: >100%

### economics: pass

- Owner earnings / net income, 5-yr: 1.44×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 221M

- Net income, five-year total: EUR 154M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -2.7 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 7.83×

- FY2023: 1.71×

- FY2024: 1.51×

- FY2025: 1.23×

- FY2026: 1.14×

### management: pass

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 13.5% vs 225.3%

- Per-share earnings: -0.00 to 0.09 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.4%

- Diluted shares, 5-year annual growth: -0.4%

- Per-share value change: EUR 0.09

- Per-share value, starting three-year median: EUR -0.00

- Per-share value, ending three-year median: EUR 0.09

- Buybacks concentrated in cheaper years (correlation): 0.70

- Average buyback yield: 2.2%

- Buyback history: 5 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: 13.5%

- ROIC, last three-year median: >100%

Chart: Earnings per share; fiscal year observations.

- FY2019: EUR 0.03

- FY2020: EUR -0.01

- FY2021: EUR -0.00

- FY2022: EUR 0.00

- FY2023: EUR 0.05

- FY2024: EUR 0.07

- FY2025: EUR 0.09

- FY2026: EUR 0.11

### accounting: pass

- Sloan accruals: -2.4%

- Receivables to sales index (DSRI): 1.01×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.18×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.19×

Chart: Sloan accruals; fiscal year observations.

- FY2019: 3.7%

- FY2020: -4.8%

- FY2021: -3.8%

- FY2022: -4.3%

- FY2023: -4.7%

- FY2024: -4.8%

- FY2025: -3.2%

- FY2026: -2.4%

## Holders

## Price story

Down 46% since Jun 2025 · sales +7.2%

Story as of 2026-10-16T10:00:12.771Z; price observation 2026-10-15.

Price needs cash profits to grow 4% a year for ten years

### Sales · FY2025–2026

sales +7.2%; source https://filings.xbrl.org/213800I1RPHCFSSQS969/2026-04-30/ESEF/GB/0/213800I1RPHCFSSQS969-2026-04-30/reports/213800I1RPHCFSSQS969-2026-04-30-T01.html; observed 2026-09-02.

- FY2019: EUR 38M 

- FY2020: EUR 34M 

- FY2021: EUR 42M 

- FY2022: EUR 51M 

- FY2023: EUR 61M 

- FY2024: EUR 72M 

- FY2025: EUR 83M 

- FY2026: EUR 89M 

### Gross margin · FY2026

gross margin 90.7%; source https://filings.xbrl.org/213800I1RPHCFSSQS969/2026-04-30/ESEF/GB/0/213800I1RPHCFSSQS969-2026-04-30/reports/213800I1RPHCFSSQS969-2026-04-30-T01.html; observed 2026-09-02.

- FY2021: 81.3% 

- FY2022: 80.2% 

- FY2023: 78.7% 

- FY2024: 79.3% 

- FY2026: 90.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in internet content & information; annual sales are EUR 88.8 million.

- Source: https://filings.xbrl.org/213800I1RPHCFSSQS969/2026-04-30/ESEF/GB/0/213800I1RPHCFSSQS969-2026-04-30/reports/213800I1RPHCFSSQS969-2026-04-30-T01.html (filed 2026-09-02); FY2026: revenue 88780230; grossProfit 80493674; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BCG.LSE: Baltic Classifieds Group PLC operates online classifieds portals for automotive, real estate, jobs and services, and general merchandise in Estonia, Latvia, and Lithuania. It operates online classifieds portals for automotive, such as Autoplius.lt and Auto24.ee; and real estate portals, including aruodas.lt, KV.ee, City24.ee, and City24.lv; job. The company also offers service portals comprising Paslaugos.lt, CVbankas.lt, GetaPro.lv, GetaPro.ee; and generalist online classifieds portals, such as skelbiu.lt, Kainos.lt, Osta.ee, and Kuldnebörs.ee. Baltic Classifieds Group PLC was founded in 1999 and is headquartered in Vilnius, Lithuania.

### Why customers stay

Margins ranged from 79.3% to 100% during 2024–26; it earns 87.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2024: grossProfit / revenue = 79.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2025: grossProfit / revenue = 100%.

- Source: https://filings.xbrl.org/213800I1RPHCFSSQS969/2026-04-30/ESEF/GB/0/213800I1RPHCFSSQS969-2026-04-30/reports/213800I1RPHCFSSQS969-2026-04-30-T01.html (filed 2026-09-02); FY2026: grossProfit / revenue = 90.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); 8-year return on capital observations [[2019,1.8680664285959245],[2020,0.08639450026441037],[2021,0.13515677736158724],[2022,0.21712003277726574],[2023,0.5646045047105868],[2024,1.1871199024070986],[2025,2.252971145662891],[2026,6.590115615786182]]; median 0.8758622035588427. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 8 of 8 years; bought back EUR 80.3 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2019: growth capex 0; upkeep 450000; owner earnings 20207800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2020: growth capex 0; upkeep 691000; owner earnings 5026400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2021: growth capex 0; upkeep 78000; owner earnings 16674600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2022: growth capex 0; upkeep 433000; owner earnings 18786200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2023: growth capex 0; upkeep 251000; owner earnings 39793600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2024: growth capex 0; upkeep 306000; owner earnings 48443600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2025: growth capex 0; upkeep 353000; owner earnings 55126000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/213800I1RPHCFSSQS969/2026-04-30/ESEF/GB/0/213800I1RPHCFSSQS969-2026-04-30/reports/213800I1RPHCFSSQS969-2026-04-30-T01.html (filed 2026-09-02); FY2026: growth capex 0; upkeep 582932; owner earnings 58490794. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); Dividend observations: [[2019,5267000],[2020,5267000],[2021,10918000],[2022,113792000],[2023,10918000],[2024,13252000],[2025,15880000],[2026,18730285]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/213800I1RPHCFSSQS969/2026-04-30/ESEF/GB/0/213800I1RPHCFSSQS969-2026-04-30/reports/213800I1RPHCFSSQS969-2026-04-30-T01.html (filed 2026-09-02); FY2026: cash repurchases 80287990 EUR.

### Are managers owners

Insiders own 7.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BCG.LSE SharesStats.PercentInsiders = 7.869 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 4% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); Ten-year compound average after fade. Initial solved rate 0.0437185595302757. Price 2.334; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2021-06: EUR 2.09 per share

- 2021-07: EUR 2.58 per share

- 2021-08: EUR 2.84 per share

- 2021-09: EUR 2.29 per share

- 2021-10: EUR 2.57 per share

- 2021-11: EUR 2.41 per share

- 2021-12: EUR 3.01 per share

- 2022-01: EUR 1.98 per share

- 2022-02: EUR 1.85 per share

- 2022-03: EUR 1.64 per share

- 2022-04: EUR 1.57 per share

- 2022-05: EUR 1.82 per share

- 2022-06: EUR 1.51 per share

- 2022-07: EUR 1.96 per share

- 2022-08: EUR 1.68 per share

- 2022-09: EUR 1.56 per share

- 2022-10: EUR 1.62 per share

- 2022-11: EUR 1.67 per share

- 2022-12: EUR 1.59 per share

- 2023-01: EUR 1.72 per share

- 2023-02: EUR 1.88 per share

- 2023-03: EUR 1.76 per share

- 2023-04: EUR 1.85 per share

- 2023-05: EUR 1.87 per share

- 2023-06: EUR 2.14 per share

- 2023-07: EUR 2.31 per share

- 2023-08: EUR 2.46 per share

- 2023-09: EUR 2.25 per share

- 2023-10: EUR 2.27 per share

- 2023-11: EUR 2.50 per share

- 2023-12: EUR 2.73 per share

- 2024-01: EUR 2.85 per share

- 2024-02: EUR 2.76 per share

- 2024-03: EUR 2.64 per share

- 2024-04: EUR 2.72 per share

- 2024-05: EUR 3.01 per share

- 2024-06: EUR 2.83 per share

- 2024-07: EUR 3.22 per share

- 2024-08: EUR 3.38 per share

- 2024-09: EUR 3.64 per share

- 2024-10: EUR 3.74 per share

- 2024-11: EUR 4.17 per share

- 2024-12: EUR 3.81 per share

- 2025-01: EUR 4.11 per share

- 2025-02: EUR 4.16 per share

- 2025-03: EUR 3.59 per share

- 2025-04: EUR 4.00 per share

- 2025-05: EUR 4.28 per share

- 2025-06: EUR 4.35 per share

- 2025-07: EUR 4.14 per share

- 2025-08: EUR 3.81 per share

- 2025-09: EUR 3.55 per share

- 2025-10: EUR 3.36 per share

- 2025-11: EUR 2.70 per share

- 2025-12: EUR 2.32 per share

- 2026-01: EUR 2.35 per share

- 2026-02: EUR 2.11 per share

- 2026-03: EUR 2.09 per share

- 2026-04: EUR 2.25 per share

- 2026-05: EUR 2.07 per share

- 2026-06: EUR 2.18 per share

- 2026-07: EUR 2.33 per share

- 2026-08: EUR 2.50 per share

- 2026-09: EUR 2.03 per share

- 2026-10: EUR 2.33 per share

## Annual estimated value (EUR per share)

- FY2023: low EUR 0.59 per share, central EUR 0.66 per share, high EUR 0.76 per share

- FY2024: low EUR 0.69 per share, central EUR 0.78 per share, high EUR 0.90 per share

- FY2025: low EUR 1.28 per share, central EUR 1.45 per share, high EUR 1.67 per share

- FY2026: low EUR 1.43 per share, central EUR 1.62 per share, high EUR 1.87 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original ESEF filing](https://filings.xbrl.org/213800I1RPHCFSSQS969/2026-04-30/ESEF/GB/0/213800I1RPHCFSSQS969-2026-04-30/reports/213800I1RPHCFSSQS969-2026-04-30-T01.html); period 2026-04-30, filed 2026-09-02.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

Baltic Classifieds Group

BCG · LSE

FTSE 250

A wonderful business at too high a price

Passes the quality tests.

Share price: EUR 2.33
Buy up to: EUR 1.84
Expected / yr: 8.4% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 34.9% around their average (limit 35%), and 2 loss years were recorded (limit 2).

Operating margin

8y median: 50.5%
Worst year: 21.1%
Latest · 2026: 68.2%

Capital return excluding acquisitions: median 87.6% (minimum 15%), and the second-worst year 13.5% (minimum 10%).

ROIC excluding acquisitions

8y median: 87.6%
Worst year: 8.6%
Latest · 2026: >100%

Each $1 of profit left $1.44 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.44×
Annual median: 1.51×
Latest · 2026: 1.14×

Per-share value rose from 0 to 0.09, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

8y median: EUR 0.04
Worst year: EUR -0.01
Latest · 2026: EUR 0.11

Profits were backed by cash: accruals were -2.4% of assets (limit 10%).

Sloan accruals

8y median: -4.1%
Worst year: 3.7%
Latest · 2026: -2.4%

Profit record · pass 2 loss years in 8 (at most 2), mean operating margin 47.7%, three-year average owner earnings per share 0.11 EUR.

2. Is the price low enough?

PriceEstimated rangeBuy price

2021-06 · Price EUR 2.09; 2021-07 · Price EUR 2.58; 2021-08 · Price EUR 2.84; 2021-09 · Price EUR 2.29; 2021-10 · Price EUR 2.57; 2021-11 · Price EUR 2.41; 2021-12 · Price EUR 3.01; 2022-01 · Price EUR 1.98; 2022-02 · Price EUR 1.85; 2022-03 · Price EUR 1.64; 2022-04 · Price EUR 1.57; 2022-05 · Price EUR 1.82; 2022-06 · Price EUR 1.51; 2022-07 · Price EUR 1.96; 2022-08 · Price EUR 1.68; 2022-09 · Price EUR 1.56; 2022-10 · Price EUR 1.62; 2022-11 · Price EUR 1.67; 2022-12 · Price EUR 1.59; 2023-01 · Price EUR 1.72 · Value 0.66 · Buy at or below 0.66; 2023-02 · Price EUR 1.88 · Value 0.66 · Buy at or below 0.66; 2023-03 · Price EUR 1.76 · Value 0.66 · Buy at or below 0.66; 2023-04 · Price EUR 1.85 · Value 0.66 · Buy at or below 0.66; 2023-05 · Price EUR 1.87 · Value 0.66 · Buy at or below 0.66; 2023-06 · Price EUR 2.14 · Value 0.66 · Buy at or below 0.66; 2023-07 · Price EUR 2.31 · Value 0.66 · Buy at or below 0.66; 2023-08 · Price EUR 2.46 · Value 0.66 · Buy at or below 0.66; 2023-09 · Price EUR 2.25 · Value 0.66 · Buy at or below 0.66; 2023-10 · Price EUR 2.27 · Value 0.66 · Buy at or below 0.66; 2023-11 · Price EUR 2.50 · Value 0.66 · Buy at or below 0.66; 2023-12 · Price EUR 2.73 · Value 0.66 · Buy at or below 0.66; 2024-01 · Price EUR 2.85 · Value 0.66 · Buy at or below 0.66; 2024-02 · Price EUR 2.76 · Value 0.78 · Buy at or below 0.78; 2024-03 · Price EUR 2.64 · Value 0.78 · Buy at or below 0.78; 2024-04 · Price EUR 2.72 · Value 0.78 · Buy at or below 0.78; 2024-05 · Price EUR 3.01 · Value 0.78 · Buy at or below 0.78; 2024-06 · Price EUR 2.83 · Value 0.78 · Buy at or below 0.78; 2024-07 · Price EUR 3.22 · Value 0.78 · Buy at or below 0.78; 2024-08 · Price EUR 3.38 · Value 0.78 · Buy at or below 0.78; 2024-09 · Price EUR 3.64 · Value 0.78 · Buy at or below 0.78; 2024-10 · Price EUR 3.74 · Value 0.78 · Buy at or below 0.78; 2024-11 · Price EUR 4.17 · Value 0.78 · Buy at or below 0.78; 2024-12 · Price EUR 3.81 · Value 0.78 · Buy at or below 0.78; 2025-01 · Price EUR 4.11 · Value 0.78 · Buy at or below 0.78; 2025-02 · Price EUR 4.16 · Value 1.45 · Buy at or below 1.45; 2025-03 · Price EUR 3.59 · Value 1.45 · Buy at or below 1.45; 2025-04 · Price EUR 4.00 · Value 1.45 · Buy at or below 1.45; 2025-05 · Price EUR 4.28 · Value 1.45 · Buy at or below 1.45; 2025-06 · Price EUR 4.35 · Value 1.45 · Buy at or below 1.45; 2025-07 · Price EUR 4.14 · Value 1.45 · Buy at or below 1.45; 2025-08 · Price EUR 3.81 · Value 1.45 · Buy at or below 1.45; 2025-09 · Price EUR 3.55 · Value 1.45 · Buy at or below 1.45; 2025-10 · Price EUR 3.36 · Value 1.45 · Buy at or below 1.45; 2025-11 · Price EUR 2.70 · Value 1.45 · Buy at or below 1.45; 2025-12 · Price EUR 2.32 · Value 1.45 · Buy at or below 1.45; 2026-01 · Price EUR 2.35 · Value 1.45 · Buy at or below 1.45; 2026-02 · Price EUR 2.11 · Value 1.62 · Buy at or below 1.62; 2026-03 · Price EUR 2.09 · Value 1.62 · Buy at or below 1.62; 2026-04 · Price EUR 2.25 · Value 1.62 · Buy at or below 1.62; 2026-05 · Price EUR 2.07 · Value 1.62 · Buy at or below 1.62; 2026-06 · Price EUR 2.18 · Value 1.62 · Buy at or below 1.62; 2026-07 · Price EUR 2.33 · Value 1.62 · Buy at or below 1.62; 2026-08 · Price EUR 2.50 · Value 1.62 · Buy at or below 1.62; 2026-09 · Price EUR 2.03 · Value 1.62 · Buy at or below 1.62; 2026-10 · Price EUR 2.33 · Value 1.62 · Buy at or below 1.62; 2026-10 · Price EUR 2.33 · Value 1.62 · Buy at or below 1.62

EUR per share · annual estimates

Price & return math
Value range	EUR 1.63 – EUR 2.13
Buy at or below	Central value EUR 1.84
Discount to value	1 − 2.33 / 1.84 = -26.7%
Return / year	About 8.4% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash EUR 0.14/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash EUR 0.07/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueEUR 89M

Revenue

Owner earningsEUR 58M

Owner earnings

Operating margin68.2%

Operating margin

Net cash / debtEUR -42M

Net cash / debt

Diluted shares467M

Diluted shares

Prices 15 Oct 2026 · FY2026Original filing ↗ ·