Luka Koper 1H18: Great quarter, even adjusted for positive one-off. On track to deliver our estimates.
Luka Koper maritime throughput results show stagnation on the surface, but in reality results are mixed between segments. General cargoes are up 1.5%, container 16.9% YoY, vehicles 13.8%. On the other hand liquid cargoes are down 8.5% YoY while bulk cargoes are down 1.3%. All in all revenues are up by 4.9% YoY to EUR 113.3m. Cost have gone up, but margins still improved. Reported EBITDA is at EUR 57.2m or up by 26.9% YoY, however when adjusted for one-off, EBITDA still increased by 6.7% YoY to EUR 48.1m. In line with this management slightly altered its 2018 guidance, now expecting a 17% YoY increase in operating profit and 14% higher profit. Please note CAPEX is significantly down YoY and behind plans, but this is more negative than positive. True, FCF generation is higher which lowered net debt, but its more to do with delays in investments which could also lower its growth profile while mounting on more CAPEX in future years. Nevertheless time value of money does the trick of increasing target price to EUR 40 while our buy recommendation remains intact. Please note we are expecting margins to lower in the future also due to taxation issues … included in our FCF.
Luka Koper dd is a Slovenia-based company engaged in the provision of port and logistics services in the Port of Koper. The Company provides basic port services, such as sorting, palletising, sampling, protection, labelling, weighing, cleaning and other services; management of the economic zone; supporting services; cargo handling; warehousing, and integrated logistics solutions. Through its terminals, the Company handles general cargo, containers, vehicles, dry bulk cargo, liquid bulk cargo, cereals and fodder, livestock, minerals, timber, fruit, alumina, minerals and energy. The Company also offers terminals for cars, containers and roll on-roll off services. Additionally, the Company is engaged in hotel and catering services, as well as waste collection and recycling. As of December 31, 2011, the Company's subsidiaries included Luka Koper Pristan doo, Luka Koper INPO doo, Adria Terminali doo, TOC doo and Luka Koper Deutschland GmbH, as well as several associated companies.
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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