Slovenian Weekly Report 16.4.2018-20.4.2018
Note that the next Weekly report will be published on 7th May 2018.
LUKA KOPER:
- Repeat of the second railway tier DivaÄa-Koper referendum (important for port of Koper long term growth profile) will take place on 13th Maj 2018.
- While on the first referendum, held on 24th September 2017, voters voted in favor of the construction and legislature, the decision was overturned by courts.
- Given the Vox populi survey, it seems supporters of the second railway tier are even stronger than in September 2017. Namely 58% of surveyed population are in favor of it, 20% against, while the rest undecided. Even more importantly, the survey for now shows attendance will be very small, namely only 25%.
- All in all for the legislature to be turned down, referendum supporters need to win and significantly improve attendance. We deem this as unlikely, so the second tier project will likely go forward with a half year delay.
PETROL:
- Petrol is being increasingly mentioned in the local media that its interested in acquiring a saving house Lon, which also recently gained banking license. Dnevnik speculated that with Petrol participation in the latest equity gathering (regulatory demand to improve capital adequacy), Petrol could gain 17% of the stake in the mentioned bank.
- Possibly this move is due to Petrol wish to embark onto payment services, note the acquisition of mBills in late 2017 and its vast loyalty card network, however it’s a question if acquiring Lon is an overstretch (albeit it has only 0.7% market share). Lon had assets of EUR 256m at 2016 yearend, with EUR 13.3m of equity.
+ WEEKLY also includes:
- a special slide on Cinkarna Celje 2019-2023 Strategy, promising a hefty dividend level.
- a special slide on June parliamentary elections, namely results of latest surveys.
Cinkarna Celje dd is a Slovenia-based company, engaged in the production and marketing of titanium dioxide pigment. The Company's product range includes titanium dioxide and sulfuric acid; titanium and zinc sheets; zinc wire, alloys and anodes; printing plates, links and graphic preparations, as well as powder, rubber and anticorrosion coatings. Additionally, it offers construction and joint sealants; facade plasters; mortars and screeds; decorative plasters; protection, waterproofing and quick bonding agents; cement additives; copper and sulfur fungicides, as well as other chemical products. The Company operates through one wholly owned subsidiary, Cinkarna-Kvarc doo Tuzla, incorporated in Bosnia and Herzegovina.
Luka Koper dd is a Slovenia-based company engaged in the provision of port and logistics services in the Port of Koper. The Company provides basic port services, such as sorting, palletising, sampling, protection, labelling, weighing, cleaning and other services; management of the economic zone; supporting services; cargo handling; warehousing, and integrated logistics solutions. Through its terminals, the Company handles general cargo, containers, vehicles, dry bulk cargo, liquid bulk cargo, cereals and fodder, livestock, minerals, timber, fruit, alumina, minerals and energy. The Company also offers terminals for cars, containers and roll on-roll off services. Additionally, the Company is engaged in hotel and catering services, as well as waste collection and recycling. As of December 31, 2011, the Company's subsidiaries included Luka Koper Pristan doo, Luka Koper INPO doo, Adria Terminali doo, TOC doo and Luka Koper Deutschland GmbH, as well as several associated companies.
Petrol Ljubljana. Petrol dd Ljubljana is a Slovenia-based company engaged in the provision of oil and other energy products. The Company operates through two segments, Oil and Merchandise sales and Energy activities. The Oil and Merchandise sales segment consists of sale of oil and petroleum products, and sale of supplementary merchandise comprised of automotive products, foodstuffs, accessories, tobacco, lottery products, coupons and cards. The Energy activities segment consists of sale and distribution of gas; generation, sale and distribution of electricity and heat; energy consumption projects and comprehensive energy supply projects, and environment activities. As of December 31, 2011, it operated a number of subsidiaries based in Slovenia, Austria, Bosnia and Herzegovina, Croatia, Serbia, Montenegro and Macedonia, among others. On February 11, 2013, the Company acquired a 51% stake in Instalacija doo. On May 10, 2013, the Company acquired a 100% stake in Nafta Geoterm doo.
ALTA Invest, investicijske storitve, d.d., (ALTA Invest, investment services, Inc.) is a part of ALTA Group, the biggest financial non-banking group in Slovenia. ALTA Invest has around 28% market share on the domestic Ljubljana Stock Exchange and has more than EUR 95m of assets under management.
Our trading advantage is our execution of large trading blocks with low impact on the market. We offer trading on several platforms on numerous markets, with a wide variety of financial instruments. Our advantage is also a research department, which is both sell side and buy side and has the far most extensive and regular coverage of domestic companies. We cover 9 companies on Ljubljana Stock Exchange, which is around 90% of Mcap on LJSE – and here we are practically the only local broker providing this kind of extensive and regular coverage for Slovenian companies.
A part of ALTA Group are ALTA Skladi, a mutual fund asset management company with roughly EUR 260m of asset under management. ALTA Group is also extensively involved in corporate finance projects and raised considerable assets (fixed income and equity) in the last two years for several companies.
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