Slovenian Weekly Report 5.2.2018-9.2.2018
- Massive public sector labor protests are scheduled for mid February, joining several unions and public sector workers. Mostly demands are tied to higher wages. We believe that government will at least partially cave in, firstly as its election year, secondly due to economic situation improving and lastly since it escalated tension itself by caving in in previous years to certain public sector groups.
- Newspaper Dnevnik reported Mercator started a process of real estate divesting. They plan to divest 17 Mercator centers located in Slovenia, Croatia and Bosnia And Herzegovina, among which the biggest 3 centers in all three countries. The process is underwent to lower its overall debt burden.
- SURS reported January 2018 inflation stood at 1.5% at annual level, mostly due to an increase food prices. However at a monthly level there is a deflation of 0.8%.
- Cinkarna Celje is contemplating a EUR 250-300m investment in new capacity in Serbia in 2-3 years time. This is a key turning point for the company that will alter investment thesis.
- European Commission raised its economic expectations for Slovenia. Their respective GDP growth number for 2017 is 4.9% YoY while for 2018 and 2019 4.2% and 3.5% YoY respectively:
- All growth rates are higher by 0.2 p.p. versus Autumn guidance.
- Growth rates are higher than IMAD Autumn expectations (on page 5), which could be also revised during 2018.
- Forecasts are positive and above our expectations.
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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