Slovenian Weekly Report 27.11.2017-1.12.2017
SALUS (Pharma wholesaler; Mcap EUR 50m):
- Sales revenues increased by 5.0% YoY in 9M17 to EUR 171.3m. Value growth is higher than volume growth (0.36% increase in boxes sold) as product mix improved.
- EBITDA margin expanded and EBITDA grew by 11.6% YoY to EUR 4.9m. Its true however that net cash flow from operations amounted to EUR -2.3m in 9M17 vs EUR 0.6m recorded in 9M16. The negative difference is due to NWC change.
- Net profit amounted to EUR 3.6m, up by 22% YoY, boosted by higher financial income. TTM P/E at 12.5x.
- Note the net cash position of EUR 5.5m on its balance sheet with EUR 49.4m of equity and additional EUR 4.5m of investment property assets and LT investments.
- Salus is discussing a takeover of Sanolabor, which in 2016 recorded EUR 56.2m of sales, EUR 1.5m of profit, EUR 22.9m of assets and EUR 7.7m of equity.
GDP growth continues to be strong, with hefty 4.5% YoY growth in 3Q17 following a 5.1% and 4.6% YoY growth recorded in 1Q17 and 2Q17. Also the growth is broad based, with household spending up 2.7% YoY, gross investments 6.1% YoY (decelerating from high growth levels) and exports 12.0% YoY (accelerating). Note import growth was 10.1% in 3Q while government provided state consumption growth of 1.8% YoY. Table on page 5.
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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