Slovenian Weekly Regional Overview 3.12.2018 - 7.12.2018
NLB 9M18:
NLB also reported its 9M18 results with net interest income of EUR 231.9m, up by 1.4% YoY. Net interest margin is at 2.5%, ranging from Serbian branch 5.1% to Slovenian operations of 1.9%. Non-interest income increased to EUR 120m or by 4.1% YoY in the period.
Cost-income ratio stands at 57.0%. EBT amounted to EUR 181.7m with profit at EUR 158.3m. This represents a decrease of 8.5% and 13.9% YoY respectively.
3Q18 brought net interest income of EUR 125.9m with profit after tax of EUR 53.5m vs EUR 47.2m in 2Q18 and EUR 66.1m in 3Q17.
Dividend policy is 70% of the profit, so a hefty dividend yield is for now expected also for 2019.
Equity of EUR 1845m brings valuation of NLB Group at P/B 0.61x, P/E 5.7x with ROE at 10.8%.
Loan growth is at 2.1% vs beggining of the year, to EUR 7,059m while deposits stand now at EUR 10,247m. Loan to deposit ratio now stands at 69.1%.
NPE ratio now stands at 5.3%. NPL ratio stands at 7.6%, again ranging from 2.5% in Kosovo to 6.3% in Slovenia.
We do not have a research report for NLB (with target price or recommendation), however we plan to initiate coverage as its second biggest on LJSE in terms of Mcap.
Rating agency Moody’s upgraded NLB's Long-term local and foreign-currency deposit ratings to "Baa2" from "Ba1". The Outlook remains Positive.
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.
Pozavarovalnica Sava dd (or Sava Reinsurance Plc), also known as Sava Re dd, is a Slovenia-based reinsurance undertaking. It operates as a parent company of Sava Re Group, which comprises direct insurance and pension undertakings. The Company's activities are divided into four segments: Reinsurance operations, Non-life insurance operations, Life insurance operations and Other business segment. The Reinsurance operations segment comprises treaty and facultative arrangements for intra-group clients and insurance and reinsurance partners worldwide. The Non-life insurance operations segment supports local markets with non-life insurance products and customer oriented services. The Life insurance operations segment is focused on life protection and saving products, including pension schemes. The Other business segment comprises operations of the Company's non-insurance subsidiaries. Sava Re Group operates through subsidiaries in Slovenia, Croatia, Serbia, Macedonia, Montenegro and Kosovo.
Zavarovalnica Triglav DD. Zavarovalnica Triglav dd is Slovenian-based company principally engaged in the insurance and financial services. Zavarovalnica Triglav dd is the controlling company of the Triglav Group which offers insurance, asset management and banking services. Zavarovalnica Triglav dd, Zdrastvena zavarovalnica dd and Pozavarovalnica Triglav Re dd provide wealth, life, voluntary additional pension and health insurances. The insurance sector of the Company also operates in the Czech Republic, Croatia, Bosnia and Hercegovina, Montenegro, Serbia and Macedonia. Through Triglav DZU ddo, Triglav Nalozbe financna druzba dd and Triglav nepremicnine dd the Company provides investment fund management, real estate and banking services. As of June 22, 2012, the Company acquired a 100% stake in Investicijsko podjetje, Trgovanje z lastnimi nepremicninami doo from Sava dd.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.