Petrol: Continuation of stable growth in 2017 with more to come in 2018.
Petroleum products volume growth of 6% in 2017 vs 2016, LPG volume and electricity sold growth and 7% growth of merchandise sales provided a good setting for profit growth in 2017. EBITDA consequently grew by 11% YoY to EUR 160.8 while profit grew by 12% YoY to EUR 81.6m. Both numbers are above their initial guidance and above our expectations. Also 2018 guidance is encouraging, with Petrol expecting EUR 170m of EBITDA and profit of EUR 86.9m. All in all with macro backdrop favourable, Petrol once again proving its stability and reliability as well as its drive for adjustment … with digitalization and other energy businesses … we see no reason to change positive investment thesis and our buy recommendation. Our valuation however adjusted slightly as estimates were raised in line with above mention beat, which also pushed target price to EUR 409 per share. Petrol remains one of our favourite picks on the Slovene market.
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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