Valamar Riviera 2017: Valamar benefiting from its past investments and strong tourism dynamic. EBITDA in-line but profit lighten than we expected
Valamar reported an excellent 20.0% YoY overnights growth and 20.6% sales growth, but this is also due to acquisitions. However even excluding this effect growth rate remains excellent. Namely Valamar noted 7.6 p.p. growth rate as organic. Reported EBITDA grew by 18.4% YoY while adjusted EBITDA is up by 20.0% according to Valamar. This is in-line with our expectation. However with a decrease of 28.4%, profit somewhat disappointed, mainly due the lower one-off recognition of deferred tax assets related to the achieved tax incentives prescribed by the Act on Investment Promotion. We believe positive trends (industry and in Valamar) should continue in 2018 season. Our price target remains unchanged at HRK 47, while recommendation is upgraded from hold to buy as share price decreased in the period.
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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