Luka Koper 9M17: Consistent over delivery regarding bottom line continues.
Cargo handling increased by 8.7% YoY from 9M17 perspective and 15.4% YoY from 3Q perspective. While container, liquid and bulk cargo are the main drivers of growth this year, general cargoes and vehicle throughput is lower. Sales revenues increased by 6.1% YoY while margins further expanded – EBITDA margin now being at 40.8%, up 2.0 p.p. EBITDA margin also increased from 3Q17 YoY perspective. 9M17 profit is now just shy of EUR 40m. Every quarter Luka Koper increased the gap between delivery and our expectations (bottom line; top line is in-line with expectations). We have consequently, after several quarters of results surpassing our estimates, decided to lift our estimates. On the other hand our investment thesis remains unchanged with corporate governance issues again being raised (watch out for end-December) despite superb performance. Target price is lifted to EUR 43 while buy recommendation remains intact.
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.
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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