reports
- Tina Orzan
Slovenian Weekly Regional Overview 28.1.2019 - 1.2.2019
Telekom Slovenije: On 31 January 2019 Telekom Slovenije concluded the sale of its 100% stake in Blicnet, Banja Luka. Telekom will announce the total value of the purchase fee after determining the adjustment figures, while it is known that the purchase fee significantly exceeds the book value of the investment. Remember, Telekom Slovenije and Telekomunikacije Republike Srpske, Banja Luka, signed the agreement on the sale of the 100% stake in Blicnet on 2 October 2018. The sale of Blicnet is in ...
- Tina Orzan
Slovenian Weekly Regional Overview 21.1.2019 - 25.1.2019
Luka Koper: According to the President of the Management Board of Luka Koper, Dimitrij Zadel, the company needs a second tier between DivaÄa and Koper, and in addition, a lot of investments have already begun so that they can follow the growth of cargo. This week the government confirmed the investment program for the second tier, the construction of which is estimated at EUR 1.2bn. The project is supposed to be paid by user charges. Namely, since January, the state has already started to c...
- Tina Orzan
Slovenian Weekly Regional Overview 7.1.2019 - 11.1.2019
Luka Koper:Luka Koper published the information about the maritime throughput and revenues in 2018. In 4Q18 Luka Koper handled 6.4 MT of cargo, a 12.7% YoY increase. Bulk and break bulk cargos increased by 22.3%, liquid cargos by 17.2%, container freight by 8.1% and general cargos by 6.9%. Number of TEUs increased by 9.7% YoY in 4Q and reached 988.5k for the entire year. So far, trade wars and slowing global economy had no impact on TEU handling. The only weak spot in 4Q was vehicles handlings w...
- 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
Luka Koper 9M18: Strong results, even adjusted for positive one-off. O...
Luka Koper reported stagnation of maritime growth for 9M18 with 3Q18 maritime data showing a 1.4% YoY decrease and mixed data between different segments. Nevertheless, and more importantly, revenue growth was higher, namely 6% YoY for 9M18 and amounted to EUR 168.2m. EBITDA of EUR 78.8m showed 22% YoY growth, however EBITDA is higher also due to some one-offs in the amount of EUR 9.3m. But this still leads to 7% YoY growth in EBITDA for 9M18 vs 9M17, a solid growth indeed. Same goes for net prof...
- 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 29.10.2018 - 2.11.2018
NLB IPOA reminder, key documents can be fount at: /public-offering-of-sharesNo key news or rumor leaked out from our last Weekly Report. DATALAB:Datalab Group (IT; software) reported sales revenues of EUR 9.6m in 2018 (business year does not match calendar year and ended on 30th June 2018), up by hefty 20.1% YoY. Total revenues amounted to EUR 11.3m. Number of users is now at 54,892 (+10%).EBITDA is consequently up by 22.3% YoY to EUR 3.7m while EBIT was effectively doubled to EUR 1.7m. Net pro...
- 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
Luka Koper 1H18: Great quarter, even adjusted for positive one-off. On...
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 E...
- Sašo Stanovnik
Slovenian Weekly Report 9.7.2018-13.7.2018
LUKA KOPER: 2Q18 and 1H18 throughput data was released. Total throughput in tonnage grew by 0.3% YoY in 2Q18 with 6.0% TEU growth and 17.3% vehicle unit growth. Consequently sales revenues of parent company stood at EUR 111.6m or by 5.8% YoY. While throughput data is under the influence of some infrastructure overhaul affecting it, the good news is that vehicles and container growth is strong, as well as pricing. Also this top-line growth is above our initial expectations. POLITICS: President ...
- Sašo Stanovnik
Slovenian Weekly Report 25.6.2018-6.7.2018
GORENJE:The Securities Market Agency declared Hisenses‘s takeover bid as successful.Hisense Luxembourg Home Appliance Holding informed that 5,165 shareholders accepted the takeover bid between May 29 and June 26, 2018. They conseqeuntly acquired combined total of 15,254,871 GRVG shares, which represents 62.46% of all Gorenje shares. Complete with the shares acquired before the announcement of the takeover bid (32.96% of GRVG shares), the company Hisense Luxembourg Home Appliance Holding now owns...
- 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
Luka Koper 1Q18: Another strong start with 1Q18, albeit also due to on...
Throughput grew by only 0.4% YoY to 6.1m tons, however sales revenues grew by 5.6% YoY to EUR 56.3. EBITDA generated stood at EUR 24.7m, with margin of 42.0% vs last years 39.8% and 1Q17 41.8%. Net profit consequently amounted to EUR 14.3m, up by mild 2.8% YoY. All in all results look stronger that expected from top to bottom line. However this is also due to gain on sale of property and reversal of provisions, consequently a beat is lower than the headline suggest. Relatively speaking low valua...
- 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
Luka Koper 2017: Disappointing 4Q17, but overall adjusted 2017 data is...
Throughput grew by 6.2% YoY in 2017 which boosted Group revenues by 5.2% YoY. Adjusted EBITDA margin stood at 39.8%, providing a slight contraction and our estimate miss, albeit EBITDA grew by 10.9% YoY in 2017 vs 2016. However reported data was severely impacted by provisioning and impairments in the amount of EUR 19m. Consequently consolidated profit stood at EUR 34.4m, down 22% YoY. Second Railway Tier Koper-DivaÄa project is progressing slowly, but several milestones were achieved in the la...
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