Slovenian Weekly Regional Overview 12.11.2018 - 16.11.2018
NLB:
NLB shares started to quote on LJSE and LSE. While the IPO price was set to EUR 51.5 per share, share price increased in the first day of trading on LJSE by 10% to EUR 56.65 per share. The second day the share price was up to EUR 57 per share at the end of the day. This happened on volume of EUR 3.6m. This is a hefty volume for LJSE.
This uptick is somewhat expected. Firstly, its a usual dynamic after IPO. Secondly, IPO pricing at P/B 0.67 was attractive in our belief as is the expected dividend yield. Thirdly, retail investors were reserved regarding subscription possibly also due to the fact they did not know what price they are subscribing to (vs institutional investors that could post a bid price). Likely after realizing IPO was set at the bottom of the price range, they decided to buy on the market.
ZAVAROVALNICA TRIGLAV:
Zavarovalnica Triglav is scheduling publication of preliminary 2018 figures for 4th March 2019, with annual report following suit on 29th March 2019.
The Supervisory Board of Zavarovalnica Triglav appointed Andrej Slapar, current President of the Management Board of Zavarovalnica Triglav, for a new five-year term of office commencing on 12th November 2019. In addition, Supervisory Board also approved the proposal submitted by the President of the Management Board and reappointed Uroš Ivanc and Tadej ÄŒoroli as Members of the Management Board.
Zavarovalnica Triglav DD. Zavarovalnica Triglav dd is Slovenian-based company principally engaged in the insurance and financial services. Zavarovalnica Triglav dd is the controlling company of the Triglav Group which offers insurance, asset management and banking services. Zavarovalnica Triglav dd, Zdrastvena zavarovalnica dd and Pozavarovalnica Triglav Re dd provide wealth, life, voluntary additional pension and health insurances. The insurance sector of the Company also operates in the Czech Republic, Croatia, Bosnia and Hercegovina, Montenegro, Serbia and Macedonia. Through Triglav DZU ddo, Triglav Nalozbe financna druzba dd and Triglav nepremicnine dd the Company provides investment fund management, real estate and banking services. As of June 22, 2012, the Company acquired a 100% stake in Investicijsko podjetje, Trgovanje z lastnimi nepremicninami doo from Sava dd.
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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