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 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 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...
- 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
Telekom Slovenije 9M18: Overall results have not changed much, T2 sett...
Telekom Slovenije revenues decreased by 0.7% YoY in 9M18, but this is also due to e-tolling project revenue boost recorded in 9M17. Nevertheless, mobile and wholesale segment revenues are also down, while revenues from fixed broadband segment and new sources are up. Consequently, we have lowered our top line expectations (derived from wholesale segment). EBITDA is also down 0.9%, despite lower labour cost expenditures. All in all, a slight disappointment from quarter to quarter demanded some adj...
- 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
Slovenian Weekly Regional Overview 01.10.2017 - 05.10.2017
TELEKOM SLOVENIJE:Telekom Slovenije has signed a purchase and sale agreement with Telekomunikacije Republike Srpske joint stock company on the sale of 100% share in Blicnet, d.o.o. The transaction is supposed to be completed by 2018 yearend, after all suspensory conditions are filled. No detail data regarding the transaction has been disclosed. However the facts are: that Blicnet d.o.o. was a key Telekom Slovenije company in Bosnia and Herzegovina;that Blicnet generated EUR 18.1m of net revenues...
- Sašo Stanovnik
Slovenian Weekly Regional Overview 24.9.2017 - 28.9.2017
ZAVAROVALNICA TRIGLAV:Triglav Skladi, a Triglav Group member and its asset management arm, bought 100% stake in ALTA Skladi, a Slovene asset management company with almost 10% market share. ALTA Skladi manages 22 mutual funds with over EUR 270m of AuM. Jointly Triglav will now have roughly 36% market share on the Slovene mutual fund market and a billion of AuM. Triglav reported that the purchase price excluding adjustment for net debt is EUR 21.7m, a part of which is contingent on future payment...
- Sašo Stanovnik
Slovenian Weekly Regional Overview 17.9.2017 - 21.9.2017
TELEKOM SLOVENIJE:Further development regarding a rumor supervisory board is discussing a settlement deal with T2 is still pending. The only new variable is that the settlement could include receivables due from T2, which would lower the effective net payment by Telekom to roughly EUR 30m. In the meantime share price did not react much as most are waiting for more speculation or are of opinion shares have already adjusted enough. ZAVAROVALNICA TRIGLAV:NLB finally agreed to sell its 28.13% share...
- 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 Regional Overview 10.9.2017 - 14.9.2017
TELEKOM SLOVENIJE:Newspapers released a rumor on Tuesday, 11th September, that Telekom Slovenije supervisory board will decide whether to settle a dispute with T2 for more than EUR 50m. This translates into at least EUR 7.7 per share. True, Telekom Slovenije had provisions in the amount of EUR 34.3m for lawsuits, albeit not all provisioning is tied to this case (likely majority of it). In addition, nothing is confirmed yet while Telekom Slovenije released a statement that it will not comment any...
- Sašo Stanovnik
Slovenian Weekly Regional Overview 20.8.2017 - 24.8.2017
POLITICS:Ministry team (16 positions) is slowly getting formed with key positions being: it seems SMC will control Ministry of Economic development and Technology as well as Ministry of Foreign Affairs, SAB Ministry of Infrastructure, Desus Defense Ministry, Lista M. Šarca Finance Ministry and Ministry of Health, Social Democrats Ministry of Justice etc.Given this segmentation and names circulating around, it seems a hefty part of the team will be the same as in Cerar coalition (sometimes only w...
- Sašo Stanovnik
Slovenian Weekly Regional Overview 13.8.2017 - 17.8.2017
POLITICS: A key theme remains Slovene politics or more exactly, coalition building. On 17th Šarec became a new Prime Minister based on a minority government scenario of 5 parties (Social Democrats, Pension party Desus, Slovene Modern Centre, Lista M. Šarca and Bratušek Party with 43 seats of 90) with The Left (9) supporting the vote under a partnership agreement for certain projects, as well as having an influence in a coalition. More data on page 2 of this report. Note that Šarec Ministry t...
- 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
Telekom Slovenije 1H18: No big surprises with high dividend payment no...
Sales revenues decreased by 2.0% while margins somewhat contracted. Namely EBITDA margin lowered by 1.1% vs 1H17 as EBITDA amounted to EUR 100.9m. There is no specific culprit, but overall most of the segments experienced a pressure on revenues, while cost of goods surge balanced out a decrease in other cost items. Consequently, Telekom Slovenije is about EUR 4.5m behind our estimates in terms of EBITDA, mostly deriving from lower revenues. Nevertheless, we have not adjusted our estimates, espec...
- 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 ...
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