Telekom Slovenije 1H17: In-line with expectations
​Results in-line with expectation with top-line growth strongly back. Revenues increased by 5.3% YoY in 1H17 as expected mobile segment revenue weakness was more than compensated by wholesale segment and new revenues sources tied to IT and e-tolling. While opex increased by 5.1% YoY EBITDA margin fell from 30.2% to 29.1% with EBITDA at EUR 106.8m. This is still in-line with our expectations and Telekom end year guidance. Net profit up by 42% YoY as net financial results boosted bottom line. This is even slightly more than we have foreseen. While we are carefully monitoring possible Gorenjska Banka bid, we for now see no reason to change our estimates, valuation or stance. Buy at EUR 98 target price.
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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