Intereuropa 9M17: Positive 3Q dynamic continues from past quarters.
Sales revenues increased by 7.9% YoY in 9M17, with Intercontinental Transport (+14%) and in Logistics Solutions (+13%) being the main growth driver. Growth is seen in all segments and most countries – some exceptions are like Ukraine. 3Q17 sales growth is even higher, namely 13.4% YoY. EBITDA also increased by 4.6% YoY to EUR 10.9m, which translates into EBITDA margin of 9.9% in 9M17 vs 10.2% a year ago. Again EBITDA growth in 3017 is at 8.5% YoY, albeit margin is slightly down. With interest expenses further down, net profit totalled EUR 3.4m, up 6.6% YoY. Note that net debt now amounts to EUR 69.1m with deleveraging process still in progress. Peer group is relatively unchanged in terms of valuation, while Intereuropa continued with strong results. Consequently our target price (derived only from peer valuation) has again been raised slightly, however hold recommendation is still intact.
Intereuropa dd is a Slovenia-based company engaged in the provision of logistic services. The Company provides its services in three divisions: Land Transport, covering groupage, express transport, road transport, railway transport, customs services and distribution of spare parts; Intercontinental transport, including air transport, sea freight, shipping agency and automobile logistics; and Logistics solutions division, involved in the storage, distribution and logistics projects. As of December 31, 2011, the Company operated through 16 subsidiaries and one joint venture in such countries as Slovenia, Croatia, Bosnia and Herzegovina, Macedonia, Serbia, Kosovo, the Russian Federation, Ukraine, Montenegro, Albania, Germany and France.
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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