Slovenian Weekly Report 20.11.2017-24.11.2017
Earnings season is behind us (at least for key blue chip companies). The take is:
- We have a broad based revenue and profit growth in 2017 with 3Q17 mostly confirming dynamic from past two quarters
- Exceptions are insurances, where there is elevated premium growth in 9M17, but profit is down YoY due to higher claims and low interest rate environment.
- Almost all results are in-line with expectations, only Cinkarna Celje surprised on the upside while Gorenje on the downside.
- We believe positive dynamic will continue in 4Q and in the beginning of 2018 as domestic and European macro environment remains attractive.
- Results have pushed SBI TOP P/E from levels around 11x to levels slightly below 10x.
- At the same time profit levels ensure a very generous dividend yield will continue in 2018 (about 5%).
Please note some takes from 1:1 meetings with blue chip companies are on page 3. Most research reports were out in the past few weeks.
Sava RE also revealed its revamped strategy – page 4:
- http://www.sava-re.si/en/media-centre/news/1594/strategic-plan-of-the-sava-re-group-for-the-period-2017-2019//
- http://www.sava-re.si/media/objave/dokumenti/2017/SavaRe_strateski_nacrt_ENG_Short.pdf
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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