Petrol 9M17: Still on solid path to its objectives and our estimates.
Volume of petroleum products increased by 8,3%, with 7% YoY growth in Slovenia, 2 % YoY growth in SEE (improving dynamic) and 16% YoY growth in EU (just wholesale, no retail operations). Merchandise growth is benefiting from ever better economic environment and sentiment and recorded 6% growth, 4% YoY coming from domestic / mature Slovenian market. EBITDA amounted to EUR 123.4m in 9M17 up 11.2% YoY. 3Q17 EBITDA is up 13% YoY. Net profit achieved for 9M17 and 3Q17 amounted to EUR 61.6m and EUR 27.7m, up by 8.0% and 10.3% YoY respectively. Please note we have expected slightly lower EBITDA number, however this was entirely compensated by higher net financial expenses. Consequently net profit is exactly at our estimate, so we have no reason to change our stance and target price. However note that last downgrade, from hold to buy, was entirely due to market price catching up our target price. Now vice versa applies, as stock price corrected, upside increased, so we have upgraded our recommendation from hold to buy.
Petrol Ljubljana. Petrol dd Ljubljana is a Slovenia-based company engaged in the provision of oil and other energy products. The Company operates through two segments, Oil and Merchandise sales and Energy activities. The Oil and Merchandise sales segment consists of sale of oil and petroleum products, and sale of supplementary merchandise comprised of automotive products, foodstuffs, accessories, tobacco, lottery products, coupons and cards. The Energy activities segment consists of sale and distribution of gas; generation, sale and distribution of electricity and heat; energy consumption projects and comprehensive energy supply projects, and environment activities. As of December 31, 2011, it operated a number of subsidiaries based in Slovenia, Austria, Bosnia and Herzegovina, Croatia, Serbia, Montenegro and Macedonia, among others. On February 11, 2013, the Company acquired a 51% stake in Instalacija doo. On May 10, 2013, the Company acquired a 100% stake in Nafta Geoterm doo.
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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