Slovenian Weekly Report 12.6.2017-16.6.2017
Second tier project:
- So far 26,000 signatures were gathered for referendum about second railway tier legislature. If 44,000 signatures are gathered by 22nd June 2017, then referendum will take place, effectively delaying the project and legislature, which could abrupt also a financial structure (EU funding).
Telekom Slovenije increasing a stake in local bank:
- Telekom Slovenije bought additional shares of Gorenjska Banka, increasing its stake to 1.63%. Please note that an offering is in place for a majority stake in the bank with Telekom being mentioned as one of several potential bidders.
- Gorenjska banka has total assets of EUR 1,513m (31.12.2017) with equity of EUR 200.8m, non-banking deposits at EUR 1,227m, non-banking loans or EUR 855m, 405 employees, capital adequacy of 17.9%, NIM 1.94% and ROE of 3.14% etc. Note banking situation has been improving in the last few years.
- While Telekom Slovenije has implied in the past it wants to expand its service portfolio into financial services to further utilize its vast client base, we believe this step is an overkill in this financial services direction. It will consequently deter some investors which will logically question the real motive and possibly abrupt our investment sentiment (balance sheet).
Gorenje – Kemis fire additional info:
- While Kemis operations (hazardous waste) seem minor for Gorenje (core appliance), it generated EUR 0.65m of profit in 2016, while core generates EUR 0.86m (out of Groups EUR 8.4m) . Therefore this could be more meaningful.
Luka Koper accident.
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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