Slovenian Weekly Report 21.8.2017-25.8.2017
- Luka Koper released several responses regarding parliament motion and comments made by representative of Slovenian Sovereign Holding (derived from „Port of Koper – Economic Analysis and Economic Opportunity“ Study made by McKinsey and subscribed by SSH) on the last Luka Koper Shareholder Assembly:
- They believe the presented Study confirms that business dynamic in 2002-2016 period is positive, while 2016 a record year, and consequently cannot be a base for potential management change.
- They believe that SSH representative failed to mention several positive revelations mentioned in the benchmark Study (several key metrics are above peer averages, port has high competitive advantages, that current port model is efficient and market oriented, that some outsourcing model is being utilized by many peer ports and is appropriate etc.).
- However Luka Koper also noted several methodological discrepancies made in the Study (problems due to different utilized port models, cargo types etd.) while also questions some sources and calculations.
- Luka Koper also noted that the company under delivered upon planned investments (only 80% materialized), however that usually delivery lacks due to the fact the state is late in issuing permits etc.
- These responses imply that management is worried it will be replaced despite excellent results. We believe this is a risk and the political overhang remains one of the key risk for Luke Koper equity sentiment (and strategy).
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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