Slovenian Weekly Report 5.6.2017-9.6.2017
NLB privatization through IPO process has again been stopped as government did not consent to proposed IPO pricing (which stood at EUR 55 to 72 per share; roughly 0.70x to 0.90x of P/B).
Coalition partners agreed that they are against the sale. They cited several items would hamper the pricing and process: risks related to LB depositors Croatian potential claims against NLB, recent revealed scandal that possibly NLB was involved in laundering money (2009 to 2010 period) and doubts regarding NLB 2013 capital injection (by the state) being too high. Consequently, they believed the current sale would not be beneficial to tax payers. They expressed hope that European Commission will understand this and that they will strike a new deal regarding the 2013 state capital injection / privatization story.
Hard to say what European Commission will be and consequently scenarios that can unfold. However, we always believed and still believe the state (politics) will not give up control over NLB and its operations. This is even more true in case of coalition being formed by parties whose voters have more anti-sale anti-privatization preferences. This news consequently should not be a big surprise.
Adverse weather (string winds) contributed to an accident in Luka Koper port (coal terminal lift). Damages are yet unknown, however the company noted that the operations will be relatively unaffected. More to follow…
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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