Valamar Riviera 9M17: Another strong 3Q, with Valamar benefiting from its past investments and strong tourism dynamic.
True, Valamar excellent 20.3% YoY overnights growth and 20.5% sales growth is also result of past acquisitions (Imperial), however even excluding this effect growth rate remains excellent. Namely Valamar noted Imperial acquisition contributed 9.6 p.p. to the above mentioned growth rate. Reported EBITDA grew by 17.6% YoY while adjusted EBITDA is up by 18.9% according to Valamar. On the other hand higher D&A and weakened net financial result contributed to stagnation of bottom line (HRK 500m). All in all results are roughly in-line with our expectations while we believe positive trends should continue in 2018 season. More visibility for 2018 will be given by yearend. Our stance and view remains unchanged, price target HRK 47 and recommendation hold.
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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