Slovenian Weekly Report 19.6.2017-23.6.2017
​Second tier project:
Referendum initiative regarding second railway tier legislatures succeeded collecting the necessary votes. The referendum will likely take place in Autumn 2017.
• Firstly, this means a delay in project.
• Secondly, the government so far claimed this referendum delay would cost EUR 100m, as some EU infrastructure funding would be lost. Likely solution would be to increase proportion of budget financing, however as it’s a hot political topic and as elections are ever closer, we can never know how coalition partners would react.
•Thirdly, if on referendum voters vote against legislature, the project in current form would cease to exist. Its true however that for referendum to succeed not only a majority of attendees would need to vote against the proposed legislature, but also a minimum threshold of roughly 340 thousand voters would need to be against it (1/5 of voters). This will be hard to reach.
The referendum initiative and different opposition movements to the proposed legislature are mostly not against the second railway tier, but believe the government proposed project is inappropriate (funding, cost estimates etc.)
All in all, this project, while somewhat crucial for Luka Koper to keep its growth rate elevated, is still uncertain (in terms of overall effects) and consequently controversial. Note Luka Koper prepared a contingency plan in case railway project is not realized by 2020 – but growth profile would undoubtable lower.
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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