Slovenian Weekly Report 25.12.2017-5.1.2018
As the 2017 is behind us, we can now outline the winners and losers of 2017 LJSE:
- Intereuropa continued its surge (almost 70% 12M return) during 2017. Low liquidity is one of the culprits in combination with successful development of its turnaround story (which is not finished yet). Also from time to time newspapers and investors are speculating regarding possible restart of the majority sale process – driving speculative demand. It’s true however we don‘t see further upside from here onwards, albeit speculations will persist.
- Cinkarna Celje is also up, driven by extraordinary good conditions in the titanium dioxide industry. Cinkarna is on its way to deliver record profit, with more to come in 2018. Also despite this growth, P/E is still at only 6.9x.
- Zavarovalnica Triglav also proved to be one of the big winners. Nothing new versus 2016 with continuing stable business performance and outlook. However the share price has not corrected itself this time after dividend (EUR 2.5) and seasonally weaker 2H has not repeated itself.
- Mercator shares tanked on extremely low volume as its story /sentiment is also tied to Agrokor. Also valuations remain elevated.
- Gorenje share price dynamic also soured in 2H due to 3Q17 result publication and effectively issued an earnings warning for 2017.
- Note with exception of the later two, all blue chip companies delivered positive 2017 share price growth.
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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