reports
Salus: 1 director
A director at Salus sold 10 shares at 1,990.000EUR and the significance rating of the trade was 51/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Cl...
- 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%...
- Tina Orzan
Slovenian Weekly Regional Overview 17.12.2018 - 21.12.2018
This week was marked by publications of the business plans for 2019 and estimatedbusiness performance for 2018. Among them were Luka Koper, Zavarovalnica, Triglav,Mercator, Unior and Salus. More details on page 2.Luka Koper:Results for 2018 will be mainly in line with our expectations, while 2019 projectionsare below our estimates. EBITDA is therefore 5% below our plans, EBIT 7% and netincome 10% below our plans. Margins in 2019 will therefore fall to 5-year low. Afterattaining all the necessary...
- Sašo Stanovnik
Slovenian Weekly Regional Overview 26.11.2018 - 30.11.2018
MERCATOR 9M18:Mercator Group reported revenues of EUR 1,617m for 9M18, up 1.6% YoY, Revenue from retail is up by 5.4% YoY. EBITDA amounted to EUR 86.8m, up 24.7% YoY to EUR 86.8m. CAPEX for the period amounted to EUR 19.1m. Profit of EUR 8.9m was achieved in 9M18 vs loss of 10.5m in 9M17. Net financial debt lowered by 11% to EUR 738.3m with equity at EUR 492.3m. ECONOMY:Statisti office published GDP numbers for 3Q18 – detailed data on page 4. In 3Q18 Slovenian GDP increased by 4.8% YoY vs last ...
- 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 19.11.2018 - 23.11.2018
PETROL: Please note recommendation and coverage is till temporarily suspended.Group reported 9M18 EBITDA at EUR 124.1m, up by mild 1% YoY, while net profit is at EUR 68.7m for the period, up by 11.5% YoY.Petroleum volume is up by 1% to 2,502 thousand tons while merchandise sales amounted to EUR 445.9m or up by 11% by its 495 retail station network.Net debt (only cash deducted) amounted to EUR 278.3m on 30th September 2018 vs 2017 end year EUR 374.9m.CAPEX amounted to EUR 24.3m for the period.For...
- 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 23.7.2018-27.7.2018
Earnings season started with release schedule as stated below: Telekom 20.07.2018 Krka 26.07.2018 Zavarovalnica Triglav 17.08.2018 Petrol 23.08.2018 Intereuropa 30.08.2018 Luka Koper 31.08.2018 Pozavarovalnica Sava 31.08.2018 Unior 31.08.2018 Cinkarna Celje 12.09.2018 Please note that Cinkarna Celje and Petrol coverage is temporarily suspended while Gorenje (extensive) coverage has ceased with sell rating as Hisense takeover attempt succeeded ...
- 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. ...
- Sašo Stanovnik
Slovenian Weekly Report 21.5.2018-25.5.2018
Generali CEE Holding bought 100% stake in Adriatic Slovenica for EUR 245m. Adriatic Slovenica is the 3rd biggest insurance group in Slovenia, behind Triglav and Sava RE, having 14.0% market share. It also has EUR 531.6m of AuM (mutual funds) or 20% of AuM industry in Slovenia. Detailed comparison on page 2. On one hand this could stir the market and key competitors, Sava RE and Triglav, as Generali will become more important player on insurance and asset management market in Slovenia. Gene...
- 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
Slovenian Weekly Report 19.3.2018-23.3.2018
Petrol will embark on a pilot project with 5 stores in city centres in a month time where there will offer several products and service, but w/o petroleum products. It has to be noted Petrol sees future growth potential especially in merchandise sales (also due to digitalization) and in energy and environmental system projects in Slovenia and the region. Nevertheless these test stores seem an interesting project for an energy company to embark on. They see competitive advantage of their stores i...
- 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...
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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