Slovenian Weekly Report 28.8.2017-1.9.2017
- We note the following changes to our recommendations, given the latest research reports based on 1H17 results:
- Sava RE and Zavarovalnica Triglav recommendations were upgraded to BUY from HOLD, mostly due to valuation change as we have (due to better visibility in connection to Solvency II disclosures) upgraded future dividend potential. Results were good, albeit in general in-line with expectations regarding the bottom line.
- Petrol was downgraded from BUY to HOLD, albeit not due to 1H17 results, which are following the expected solid growth dynamic, but as market price lowered the gap sufficiently toward our target price (less than 10% upside).
- Krka shares were also upgraded to BUY following a target price increase. Here it seems 2017 results will not be as weak as we faired it, albeit on the other hand its also true some risks regarding the business model exist and several sought answers will only be disclosed after new strategy is revealed in November 2017.
- Cinkarna Celje results will be announced on 13th September, thereafter we will perform also a revaluation of CICG shares.
- In general, 1H17 results were in-line with our expectations and followed the expected growth dynamic. This is also result of macro development in Europe and on the domestic front.
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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