Slovenian Weekly Report 19.2.2018-23.2.2018
Luka Koper Group published its 2018 plan and guidance:
- Sales EUR 232m, EBITDA 86.0m and net profit at 49.0m.
- The numbers are based assuming throughput in the amount of 23m tonnes. 8% YoY growth is envisioned for container throughput and 4% growth for vehicles, however in turn this will be balanced out in full by lower level of throughput for other types of cargo (due to planned one-time extensive maintenance work and overhaul of port infrastructure).
- Port plans to further deleverage as its aims for debt in the amount of EUR 101m by the end of the year. Financial debt at 30th September 2017 stood at 109m.
- Management also stated its goal are dependent of two factors: the states second railway tier project (plan entails additional taxation due to the project from July onwards). The second factor is possible changes regarding to its port service providers model (level of outsourcing). Namely this factor will be discussed on the next supervisory board session and consequently Luka Koper already warned its plan (likely higher costs) could alter due to it.
- As seen above the are discrepancies regarding 2018 estimates, albeit some are leveling each other out. For now, major changes to our stance is not warranted.
Telekom Slovenije announced a negative development regarding lawsuits … The Administrative Court of the Republic of Slovenia partly ruled in favour of the plaintiff, i.e. in the part where Telekom Slovenije is accused of abusing its dominant position in the carrier market of broadband bitstream access in the Republic of Slovenia between 1 July 2005 and 22 September 2008, allegedly imposing additional obligation on alternative operators using its wholesale service of broadband bitstream access, i.e. the end user or operator’s obligation to lease the phone connection, which was unnecessary considering the business practice and the operator’s usual practice. CPA’s decision no. 06-23/2013-151 of 2 February 2015 is therefore revoked in this part, and the matter returned to CPA. The Administrative Court of the Republic of Slovenia rejected the plaintiff in other parts… more on page 2 of the report.
Telekom Slovenije dd is a Slovenia-based company engaged in the provision of telecommunication services. The Company provides fixed and mobile communications, system integration and cloud computing, construction and maintenance of telecommunication networks, digital content and services, multimedia, digital advertising. It operates under the brands Mobitel and SiOL. The Company's services and products include business bundles, Centreks, Moneta, M vrata, among others. The Company is active in Slovenia, Kosovo, Macedonia, Bosnia and Herzegovina, Croatia, Montenegro and Gibraltar. On November 6, 2013, the Company concluded the transaction of transferring a 100% stake in the capital of PRIMO Communications SHPK to AD-Trade SHPK, Albania. The Company's major shareholder is Slovenska odskodninska druzba dd with a stake of 72.75%.
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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