Slovenian Weekly Report 7.5.2018-11.5.2018
SAVA RE & ZAVAROVALNICA TRIGLAV:
- On Page 2 and 3 we are outlining key data from Zavarovalnica Triglav and Pozavarovalnica Sava Solvency and Financial Condition report.
- Triglav Solvency II ratio is at 222, Sava RE Solvency II ratio is at 283%.
- Consequently both insurance groups have a very strong Solvency II positions.
- The news also reaffirms our positive outlook on both companies.
LUKA KOPER:
- There was a repeat of the referendum about second railway tier (DivaÄa-Koper) legislature, which is important for Luka Koper. The results were in line with our expectations that the attendance will be too low for legislature to be blocked (50.1% voted against; roughly 15% attendance).
- While this seems like another key step for the project to go forward, its also true a new government is likely to somewhat amend the project given the current stances of key political parties. So the latter is more crucial question.
TELEKOM SLOVENIJE:
- Another good news regarding dividends. Slovenian Sovereign Holding as the majority owner voted for a dividend of EUR 14.3 per share (not management proposal of EUR 6.3). While the former is at top of our estimated range the later was close to bottom. All in all this calculates into a very generous dividend yield of 16.9% (record date is on 9th July 2018 while pay date 10th July 2018).
- We can finally expect some positive sentiment for TLSG will ex-date.
- SBI TOP dividend yield is now at hefty 6.0%.
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.
Luka Koper dd is a Slovenia-based company engaged in the provision of port and logistics services in the Port of Koper. The Company provides basic port services, such as sorting, palletising, sampling, protection, labelling, weighing, cleaning and other services; management of the economic zone; supporting services; cargo handling; warehousing, and integrated logistics solutions. Through its terminals, the Company handles general cargo, containers, vehicles, dry bulk cargo, liquid bulk cargo, cereals and fodder, livestock, minerals, timber, fruit, alumina, minerals and energy. The Company also offers terminals for cars, containers and roll on-roll off services. Additionally, the Company is engaged in hotel and catering services, as well as waste collection and recycling. As of December 31, 2011, the Company's subsidiaries included Luka Koper Pristan doo, Luka Koper INPO doo, Adria Terminali doo, TOC doo and Luka Koper Deutschland GmbH, as well as several associated companies.
Mercator dd is a Slovenia-based company primarily involved in the wholesale and retail sale of consumer goods. Its operations are structured into two segments, namely Trade and Non-trade. The Trade segment consists of retail and wholesale of consumer goods such as food and beverages as well as appliances and electronics under the brand M Tehnika, construction materials under the brand M Grandja and furniture under the brand M Pohistvo. The Non-trade segment consists of food processing, such as the production of bread and pastry, fruit, vegetables, coffee and cocoa products, as well as hospitality and other services. Mercator Real Estate business unit provides management of real estate and development of retail network. On September 4, 2014, Agrokor dd raised its interest in the Company to 80.73% from 53.12%.
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.
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%.
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.
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