Slovenian Weekly Regional Overview 15.10.2018 - 19.10.2018
EARNINGS:
3Q18 (9M18) results season will start in late October with incumbent Telekom
Slovenije. However most results will come in in second half of November.
Broadly speaking we don‘t expect much change versus 1Q18 and 2Q18 dynamic, but
a continuation of a positive trend and slightly less than 10% growth of earnings (exfinancials).
For the insurance sector however we will need to see stronger quarter
than seasonally expected, as they need to catch up given the 1H18 results.
Please note that 2019 guidance's will mostly be posted not in time for 9M18 results,
but in December 2018 and January 2019 period. Again we believe the general
positive macro backdrop should help, albeit activity should decelerate vs 2018 and
2017 periods.
KRKA:
While in February 2016 the Maritime and Commercial Court in Copenhagen found
that Krka Sverige had infringed the patent (regarding esomeprazole) and awarded
damages to AstraZeneca, Krka has appealed and now Eastern High Court in
Copenhagen, Denmark, reversed the first instance decision. The decision is final.
AstraZeneca can now appeal to Danish Supreme Court.
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.
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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