Intereuropa 9M18: Awaiting information about binding bids.
Intereuropa continues to perform well, with 9M18 revenues now up 8.2% YoY with strength almost across the board. However, growth rates are decelerating QoQ while costs pressures are starting to take their toll on margins, with EBITDA only stagnating and EBITDA margin lower by 0.8 p.p. in the period to 9.1%. This dynamic is present throughout the year. True, lower interest costs helped boost net profit to EUR 4.2m. All in all, they were on track to achieve their guidance, but Serbian problems slightly spoiled the broth. They are however further deleveraging, which is positive. But the main thesis with Intereuropa is whether this sell process will succeed and what price will investors willing to make especially since the share price surged in recent years. Binding bids are rumoured to be known in January 2019. Our recommendation is hold.
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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