Report
Sašo Stanovnik

Valamar Riviera: Significant overnight and ADR growth achieved in 1H17, ahead of crucial 3Q.

​Together with strong numbers achieved by Croatian tourism, Valamar is more than delivering on growth with CAPEX hike and its strategic orientation promising more to come. Strength is seen across the board in 1H17, however comparability is hampered by significant M&A activity in 2016 while 1Q and also 2Q are still not meaningful enough to dictate the overall 2017 picture. However all external and internal indications are that 3Q should also be excellent from top to bottom line perspective. We have raised the target price accordingly, due to increased estimates, from HRK 44 to HRK 47.

Provider
Alta Invest
Alta Invest

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.

Analysts
Sašo Stanovnik

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