Slovenian Weekly Regional Overview 01.10.2017 - 05.10.2017
TELEKOM SLOVENIJE:
Telekom Slovenije has signed a purchase and sale agreement with Telekomunikacije Republike Srpske joint stock company on the sale of 100% share in Blicnet, d.o.o. The transaction is supposed to be completed by 2018 yearend, after all suspensory conditions are filled.
No detail data regarding the transaction has been disclosed. However the facts are:
that Blicnet d.o.o. was a key Telekom Slovenije company in Bosnia and Herzegovina;
that Blicnet generated EUR 18.1m of net revenues in 2017 (roughly 2.5%) with 105 employees (3% of headcount) and EUR 1.3m of profit. Carrying amount of equity stood at EUR 16.1m on 31st December 2017.
On last analyst meeting in spring 2018 management representatives have discussed that they are contemplating an exit from the market of BiH as it has been increasingly obvious that they would not be viable to establish a really strong position in terms of users and market share. This explanation seemed prudent.
Consequently this decision was expected and the transaction does not warrant any change to our investment thesis.
NLB:
Nova Ljubljanska banka d.di has announced the publication of a registration document that has been approved by the Securities Market Agency (Agencija za trg vrednostnih papirjev).
Krka is a public generic pharmaceutical company based in Slovenia. Co. is engaged in the development, production, sale and marketing of human health products (prescription and selfmedication pharmaceuticals and cosmetics), animal health products and health resort and tourist services. Co. focuses on a range of generic prescription pharmaceuticals, which are marketed under Co.'s own brands. Co. offers customers in over 70 countries a broad range of prescription pharmaceuticals, self-medication products and animal health and cosmetic products. Co.'s activities are supplemented by health resort and tourist services of Terme Krka.
Telekom Slovenije dd is a Slovenia-based company engaged in the provision of telecommunication services. The Company provides fixed and mobile communications, system integration and cloud computing, construction and maintenance of telecommunication networks, digital content and services, multimedia, digital advertising. It operates under the brands Mobitel and SiOL. The Company's services and products include business bundles, Centreks, Moneta, M vrata, among others. The Company is active in Slovenia, Kosovo, Macedonia, Bosnia and Herzegovina, Croatia, Montenegro and Gibraltar. On November 6, 2013, the Company concluded the transaction of transferring a 100% stake in the capital of PRIMO Communications SHPK to AD-Trade SHPK, Albania. The Company's major shareholder is Slovenska odskodninska druzba dd with a stake of 72.75%.
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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