Slovenian Weekly Report 14.8.2017-18.8.2017
SAVA RE:
- Note that in first half of August Zavarovalnica Sava d.d. shareholder assembly was called on which there will be a vote on a proposal for transferring all minority shareholders of Zavarovalnica Sava d.d. into Sava RE shares (majority 99.74% shareholder). This is a logical consolidation step, however investors and public noted that the proposed valuation (made by KPMG) implies Zavarovalnica Sava d.d. is valued at EUR 368m, whereas Mcap of Sava Re is at EUR 248m, which indicates a hefty 33% discount even though Sava RE also has insurance operations in SEE (outside Zavarovalnica Sava d.d.) and profitable reinsurance operations (GWP of EUR 147m in 2016).
- Logically this spirals speculations regarding Sava RE shares upside: is this only a generous offer as the amount is relatively negligible or are investors misinterpreting valuation of the whole group. Time will tell…, however this valuation in excess of 2.0x seem steep.
Zavarovalnica Triglav disclosed its 1H17 report:
- Consolidated gross insurance and co-insurance premiums totaled EUR 547.8m or up 8% YoY. Premium growth recorded in all insurance markets and all three insurance segments.
- Reported GWP was also higher than our expectations.
- However net profit amounted to EUR 35.7m (2016: EUR 33.5m), weaker as expected but on track to achieve 2017 guidance.
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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