Pitch 2026
Confidential
Investment Opportunity · Baltic Forestry

NW Exit Portfolio
Forest Green Scenario

VFF + VZF2 combined portfolio — 8,546 ha of productive Baltic timberland, professionally managed and audit-ready.

Enterprise Value
€47.3M
Base Case DCF, 51-year horizon
Equity IRR
6.7%
Post-debt, Base Case scenario
Total Area
8,546 ha
VFF + VZF2 · Latvia
Standing Stock
747,866 m³
6,247 compartments
WACC
6.6%
Blended cost of capital
EBITDA Year 1
€5.2M
Projected operating income
Compartments
6,247
Mapped + age-graded
Loan Facility
€16.06M
Swedbank · bilanss YTD 2026

Scenario Analysis

Three Valuation Scenarios

★ Base Case
Standard Harvest Schedule
Full 51-year DCF based on VMD-registered rotation ages, current timber prices, and sustained-yield harvesting across all 4 cohorts. Primary reference scenario.
Enterprise Value €47.3M
Equity IRR 6.7%
EBITDA Year 1 €5.2M
Scenario B
LV Reduced Harvest Ages
Latvian regulatory scenario applying reduced minimum harvest ages per species. Accelerates cash flows in early years, increasing near-term liquidity at the cost of long-term volume.
Harvest Pull-Forward +8–12 yr
Early Cash Flow Elevated
Terminal Value Reduced
Scenario C
VCU Carbon Credits
Upside scenario modelling voluntary carbon credit (VCU) monetisation through avoided deforestation and reforestation protocols. Additive to Base Case timber cash flows.
Carbon Registry VCS / Verra
Revenue Layer Additive
Status Feasibility
Materials

Investment Materials

🌲
Full Investor Pitch
Interactive HTML presentation — Forest Green theme. All slides, charts, and financial tables. Opens in a new tab with full interactivity.
View Pitch
📊
DCF Financial Model
Full 51-year discounted cash flow model with 3 scenarios, cohort breakdown, sensitivity tables, and debt schedule. Excel workbook.
Download Excel
📑
PowerPoint Presentation
Editable PPTX version of the investor pitch for offline use, printing, or board presentation. Forest Green design system.
Download PPTX
Methodology

Model Basis

The valuation is built on a 51-year deterministic DCF model covering the full biological rotation of the VFF and VZF2 portfolios. Timber volumes are sourced from VMD-registered forest inventories (State Forest Register of Latvia, reference date 18.03.2026), covering 6,247 compartments across 8,546 ha of productive Latvian timberland. Cash flows are modelled across 4 species cohorts (pine, spruce, birch, mixed broadleaf), with harvest schedules aligned to minimum rotation ages. Timber prices apply current market references; operating costs are based on historical Directo actuals. The discount rate (WACC 6.6%) reflects blended cost of equity and the Swedbank senior debt facility. Carbon credit revenue (Scenario C) is treated as a feasibility-stage upside layer and is not included in the Base Case EV.

Source VMD State Forest Register
Reference date 18.03.2026
DCF horizon 51 years
Cohorts 4 species groups
Actuals source Directo ERP (VFF + VZF2)
Loan Swedbank · €16.06M (bilanss YTD 2026)
Interested in this opportunity?
Get in touch with Noble Woods
For access to the full data room, site visits, or to discuss transaction structure, contact the owner directly. All enquiries are treated confidentially.
✉ erki.unn@forestsense.ai
Erki Unn · Noble Woods OÜ · CEO