Slovenian Weekly Report 4.9.2017-8.9.2017
- NKBM released a public tender regarding the sale of 2.06% stake in Petrol (oil retailer), 3.19% stake in Cinkarna Celje (titanium dioxide producer) and 20.87% in Terme Olimia (spa and hotel operator):
- Valuation multiples for Petrol (PETG SV) and Cinkarna Celje (CICG SV) are seen on page 2 of this report while for both ALTA Invest is producing independent research reports.
- Note Cinkarna Celje 1H17 results will be released on 13th September.
- Terme Olimie had 430,660 overnights and 627,630 pool and spa arrivals in 2016 which generated EUR 25.9m of sales revenues, EUR 6.0m of EBITDA and EUR 1.5m of net profit. Net debt to EBITDA is at 4.66x while equity stood at EUR 30.2m.
- KF Finance d.o.o. is authorized to organize and conduct the sale of mentioned shares.
- Offers can be submitted by no later than by 13th October 2017 by 12:00 (midday), with offer validity till at least 31st December 2017. The opening of the offers in the tender will not be public.
- On page 4 we have updated GDP data based on latest 2Q17 SURS results (including past revisions). Dynamic remains very strong with hefty 4.4% GDP growth, albeit growth eased a bit versus 1Q17 dynamic. 1.7 p.p. growth derives from end consumption, net export activity contributed 1.1 p.p. while gross investments 1.4 p.p. All in all most data is similar to excellent 1Q17, albeit pace slowed.
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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