Slovenian Weekly Report 4.12.2017-8.12.2017
- Krka continues with share buyback activities. It bought 6,917 in the week from 24th November to 30th November. Now it has 2.034% shares.
- Gorenje experienced a very brief labor strike, which quickly settled after management promised 13th wage (so called Christmas wage). Gorenje will pay EUR 600m gross per worker (same as last year).
- Telekom Slovenije published its 2018 key objectives:
- EUR 755.3m of operating revenues, up 3.5% YoY from TTM level and up 5.2% YoY from 2017 guidance (published by Telekom Slovenije at 2016 yearend).
- EUR 209.8m of EBITDA, up 6.8% YoY from TTM level and up 1.5% from 2017 guidance.
- EUR 40.9m of net profit.
- EUR 158m of Investments, which is a high level versus past years but in-line with our analyst notes that Telekom Slovenije will use a part of the Macedonian exit cash flow for new projects.
- This plan is showing weaker than expected 2018 EBITDA ex CAPEX, but we will need to see how afterwards this CAPEX generates growth of revenues and EBITDA to see end valuation implication.
- As for key strategic polices of the Telekom Slovenije Group 2019-2022 they have not changed much from a year ago. It mentions market share maintenance, market consolidation, simplification of processes and personnel restructuring etc.
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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