reports
- 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...
- Tina Orzan
Slovenian Weekly Regional Overview 10.12.2018 - 14.12.2018
Cinkarna Celje published the summary of business plan for 2019 and preliminary business results for 2018. For 2019 the company is expecting to generate EUR 167.7m of sales (+1% vs. 2018), EUR 25.5m of EBITDA and EUR 11.1m of net profit (-63% YoY). CAPEX is expected to reach EUR 11.2m vs. EUR 21.5m in 2018. The decline in net profit is a direct consequence of the significant drop in sales prices of pigment titanium dioxide. TiO2 prices reached their peak in the first quarter 2018 and are under pr...
- 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
Cinkarna Celje 9M18: Industry destocking underway and clearly seen in ...
9M18 sales level is 6.7% lower YoY, and even though it should be noted 3Q and 4Q are seasonally weaker quarters, 3Q18 showed a 28.2% YoY decrease in sales and 21.5% QoQ decrease in sales. Earnings commentary is more or less in line with what peer group has commented. Industry inventory destocking is underway while demand is weakening on one hand, while input costs are rising on the other. Sales in consequently trailing plan and our initial estimates. Nevertheless, EBITDA of EUR 42.5m is up by 4....
- Sašo Stanovnik
Slovenian Weekly Regional Overview 22.10.2018 - 26.10.2018 + NLB IPO
Due to state holidays in a week of 29th October to 2nd November (on 31st October and 1st November to be exact) news flow will likely be very light and consequently next Weekly is scheduled to include news from first full week of November, consequently on 9th or 12th November. NLB (pending IPO):Equity at EUR 1,797m on 30th June 2018, however EUR 271m of dividends were paid out in the meantime so adjusted equity would be at EUR 1,527m or at EUR 76.3 per share. CET 1 ratio (before dividend payment...
- Sašo Stanovnik
Slovenian Weekly Regional Overview 08.10.2018 - 12.10.2018
ECONOMY:IMF has raised Slovenian GDP growth forecast for 2018, namely from previous 4.0% to 4.5%. At the same time they have raised 2019 GDP growth forecast by 0.2 p.p. to 3.4%. Consequently they see slower growth in 2019 vs 2018, same as other forecasting institutions, domestic and foreign. True, while IMF has raised its forecasts, domestic IMAD just recently lowered it to 4.4% for 2018, thereby now IMF is slightly more optimistic than IMAD. Please also note that unemployment rate should decrea...
- Sašo Stanovnik
Cinkarna Celje 1H18: 2018 will be another record year with excellent p...
Cinkarna Celje has provided investors with record results, as it generated EUR 98.2m of revenues, up 4.8%, EUR 33.6m of EBITDA, or up by 45%, and EUR 22.7m of profit, up by 63%. 2Q18 profit amounted to EUR 9.7m vs EUR 13.0m achieved in 1Q18. Therefore 1H18 results are above management expectations, as well as our, and are on very good track for significant beat. Also balance sheet remains strong with net cash position, even though we are deducting environmental provisions and even though Cinkarn...
- 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 28.5.2018-3.6.2018
Rumours came up regarding possible KKR – Ring being interested in titanium dioxide producer Cinkarna Celje. OECD has again raised its economic expectations for Slovenia. Namely instead of 4.3% growth for 2018, they now expect a 5.0% GDP growth. For 2019 GDP growth expectation was also raised from 3.4% to 3.9% respectively. OECD is basing these raised expectations on accelerated private consumption growth (4.2%), to 12.6% growth of gross capital formation and export growth YoY of 8.8%. Tru...
- Sašo Stanovnik
Cinkarna Celje 1Q18: Continuation of favourable industry dynamic contr...
Sales grew by 16.6% YoY on hefty price increase (+41% YoY) and despite 12% lower sales volume. While cost of materials and services also surged, EBITDA increased by 69% YoY in 1Q18 while profit by 86% YoY. In addition it seems 2Q18 will also be strong, albeit management did point out market stabilization on demand and supply side and consequently weaker 2H vs 1H. Nevertheless their EUR 32.6 profit target for 2018 remains intact, while management proposed a dividend of EUR 26.52 per share for Jun...
- Sašo Stanovnik
Slovenian Weekly Report 16.4.2018-20.4.2018
Note that the next Weekly report will be published on 7th May 2018. LUKA KOPER: Repeat of the second railway tier DivaÄa-Koper referendum (important for port of Koper long term growth profile) will take place on 13th Maj 2018. While on the first referendum, held on 24th September 2017, voters voted in favor of the construction and legislature, the decision was overturned by courts. Given the Vox populi survey, it seems supporters of the second railway tier are even stronger than in Sep...
- 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
Cinkarna Celje 2017: Record results, ambitious plans, low multiples.
Cinkarna Celje has provided investors with record results, but this was already known in begging of January 2018 when it published its preliminary assessment. Cinkarnagenerated EUR 188.7m of revenues, up 11.2% while COGS were down 6.3%. This industry sweet spot boosted EBITDA to EUR 48.8m or by 93% with 4Q17 EBITDA up by 72.5% YoY. Net profit also jumped by 195 % to 28.8EUR, with 4Q17 slightly burdened by provisioning. Given the encouraging 2018 guidance sweet spot will persist this year as well...
- Sašo Stanovnik
Slovenian Weekly Report 12.2.2018-16.2.2018
Our last Cinkarna Celje research report had a price tag of EUR 248 per share and consequently a buy recommendation. This was attributed to excellent 9M17 results and more and more also on encouraging 2018 environment outlook. Later on this was confirmed by Cinkarna Celje which issued: Its assessment of EUR 47.6m of EBITDA for 2017. Guidance of EUR 51.2m of EBITDA for 2018. In addition note the company had a net cash position of EUR 42.7m (before environmental provisions are added) on 30th...
- Sašo Stanovnik
Cinkarna Celje 9M17: Based on excellent TiO2 environment of rising pri...
Sales revenues are up 8.9% YoY in 9M17 back on 1% increase in production volume and a significant surge in average prices from September 2016 onwards. Consequently EBITDA margin expanded by 12.7 p.p to 28.4% in 9M17 with EBITDA generated at EUR 40.8m. Profit also up by 172% to EUR 25.5m, possibly last seasonally weaker quarter should still add onto this. Please note that peers and Cinkarna Celje management believe good pricing environment should continue in 4Q17 as well as into 2018. True, input...
- Sašo Stanovnik
Cinkarna Celje 1H17: Excellent result with Cinkarna Celje already surp...
Due to good titanium dioxide conditions, namely higher demand, tighter supply and pricing increases, sales revenues are up by 7.6% YoY in 1H17 while EBITDA amounted to EUR 23.1, or up almost 96% while net profit amounted to EUR 14.0, more than double versus 1H16. In addition all indications point to the fact that second half of the year will also be strong, albeit some commodity cost could adjust. Nevertheless these results and industry estimates, as well as ever better visibility regarding envi...
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...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.