reports
- Tina Orzan
Slovenian Weekly Regional Overview 31.12.2018 - 4.1.2019
Trading in 2018:The value of the LJSE index increased for the third year in a row and exceeded 900 points for the first time in 8 years. The SBITOP index ended the year valued at 805.06 points. The month with the most trades was May due to the acquisition of Gorenje. A fall increase in interest for Slovenian shares was due to the first listing of a new share after more than 10 years. Those were shares of Nova Ljubljanska banka. In 2018 the most traded shares were shares of Krka, with which 25.6%...
- Sašo Stanovnik
Intereuropa 9M18: Awaiting information about binding bids.
Intereuropa continues to perform well, with 9M18 revenues now up 8.2% YoY with strength almost across the board. However, growth rates are decelerating QoQ while costs pressures are starting to take their toll on margins, with EBITDA only stagnating and EBITDA margin lower by 0.8 p.p. in the period to 9.1%. This dynamic is present throughout the year. True, lower interest costs helped boost net profit to EUR 4.2m. All in all, they were on track to achieve their guidance, but Serbian problems sli...
- Sašo Stanovnik
Slovenian Weekly Regional Overview 3.9.2017 - 7.9.2017
INTEREUROPA:Newspaper Finance reported that 11 companies/funds are interested for Intereuropa, among others Pošta Slovenije (domestic postal company), SHS Aviation, Netlog Logistics etc. Non-binding bids are being gathered by the end of September which would imply the SPA could close at end year on in the beginning of 2019. True, since there is a government change, which leans to the left, risk for the transaction to succeed linger. On the other hand environment remains favorable, while results ...
- Sašo Stanovnik
Slovenian Weekly Report 4.6.2018-8.6.2018
Takeover attempt by Anatol of Cinkarna Celje came as surprise to LJSE participants, given prior unsuccessful processes of several existing shareholders to unload their position in the past sale processes. Please note Anatol is connected with Ring, which successfully acquired and afterwards sold paint producer Helios in Slovenia. KKR is also mentioned as provider of financing. However for now most public expressions implied dissatisfaction with the proposed price, namely EUR 220 per share. ...
- Matej Justin
Intereuropa 1Q18: Strong results, but investors are likely more awaiti...
Sales grew 9.5% YoY to EUR 38.8m while EBITDA grew by 6.4% to EUR 3.6m. This is above companies plan while company reported strongest 1Q in years. This translated into profit of EUR 1.2m, 55% more YoY and more than double of management plan. Net debt was further reduced by 4.9% to EUR 55m (pure net debt ex investments EUR 66.1m). Multiples are lowering while economic environment remains favourable (adjusted EV/EBITDA 9.2x, P/E 14.7x). In addition recent intent to buy Gorenje at hefty multiples a...
- Sašo Stanovnik
Slovenian Weekly Report 9.4.2018-13.4.2018
Intereuropa sale process:Intereuropa d.d. published that SID banka d.d., acting as Coordinator for collecting offers of financial counselling under the Intercreditors' Agreement, that the banks SID banka d.d., Nova Ljubljanska banka d.d., Gorenjska banka d.d., SKB Banka d.d. and Banka Intesa Sanpaolo d.d., signed the engagement letter regarding the sale of Intereuropa d.d. shares with PwC Svetovanje d.o.o.. The sale will entail 9.168.425 ordinary shares and 10.657.965 preferred shares, or in tot...
- Sašo Stanovnik
Intereuropa 2017: Sales revenues up, but loss recorder due to impairme...
Intereuropa Group reported EUR 149.9m of sales revenues, up by 11% vs 2016. This is positive, especially since growth spirals from most segments and countries, likely a consequence of strong or improving macro picture. On the other hand, COGS also increased by 14% to EUR 107.3m which negatively weighted on margins. EBITDA consequently at EUR 13.2m and down 4% with especially weak 4Q. In addition, significant impairments pushed bottom line into a loss of EUR 1.6m. Reported net debt is at EUR 67.1...
- Matej Justin
Intereuropa 9M17: Positive 3Q dynamic continues from past quarters.
Sales revenues increased by 7.9% YoY in 9M17, with Intercontinental Transport (+14%) and in Logistics Solutions (+13%) being the main growth driver. Growth is seen in all segments and most countries – some exceptions are like Ukraine. 3Q17 sales growth is even higher, namely 13.4% YoY. EBITDA also increased by 4.6% YoY to EUR 10.9m, which translates into EBITDA margin of 9.9% in 9M17 vs 10.2% a year ago. Again EBITDA growth in 3017 is at 8.5% YoY, albeit margin is slightly down. With interest ex...
- Matej Justin
Intereuropa 1H17: Still deleveraging while share price surged YoY.
Beneficial environment continues to provide tailwind with sales revenues up by 5.2% YoY in 1H17 while EBITDA grew by 2.7%. On the other hand profit fell by 2.8% YoY to EUR 1.7m. Net financial debt is now at EUR 71.9m while net debt to EBITDA now stands at 4.6x (including LT investments) or 5.5x (pure) with further deleveraging to follow. Our target price lifted to EUR 1.9, partially due to good results, partially as peer multiples expanded – note we only use peer valuation method. However with m...
- Matej Justin
Intereuropa: Still on the right road.
​Revenues increased by 5.2% YoY with EBITDA up by 2.2% to EUR 3.4m and net profit of EUR 86 thousand. Net financial debt is now at EUR 73.1m with further non-core asset at bat. Again, there is a news flow that a new (majority stake) sell process will begin. It’s true however, while results confirm Intereuropa is on the right path, this is also due to cyclicality (good macro data). Also share prices already surged significantly in the last year and possibly share price went ahead of its funda...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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