Slovenian Weekly Report 25.9.2017-29.9.2017
A month ago there were first articles / rumors regarding possible J&T exit from Petrol, a leading Slovenian oil retailer. At the time the rumor was not confirmed (commented). J&T has a strong 12.8% stake in Petrol, acquired in 2014 and 2015; however it was unable to push for its representative in supervisory board etc. as it was outvoted by state related entities. Likely this soured the investment thesis while on the other hand, share price did increase considerably from mid 2015 to 2017 YTD.
Now it seems rumors proved correct and siol.net ran a news article about J&T that will start a sell process in October.
This could provide some pressure on Petrol shares in the upcoming months:
-Firstly, it’s important to note that NKBM is also selling its 2.0% stake in Petrol while sooner or later BAMC will also try to sell its 1.7% stake. So large stakes are on the sell side with state being and remaining a key shareholder.
-There were constantly rumors floating about that J&T is an entry vehicle for MOL acquisition of Petrol, albeit always denied by J&T. Nevertheless this provided a tailwind for stock sentiment – this will now cease.
It will be interesting to see who will be a buyer of this 12.8% stake. One possibility is a share buyback program by Petrol (up to 10%), recently passed on a shareholder assembly. However there was an annulment filled against the decision, not yet resolved.
This news flow is also the probable reason for more pressure on Petrol.
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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