reports
Zavarovalnica Triglav D.D: 3 directors
Three Directors at Zavarovalnica Triglav D.D bought 1,017 shares at between 38.900EUR and 39.000EUR. The significance rating of the trade was 56/100. 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 direct...
- Tina Orzan
Slovenian Weekly Regional Overview 14.1.2019 - 18.1.2019
Bank of Slovenia - Developments in the banking sector:Year-on-year growth in the balance sheet total slowed to 1.9% in November 2018 with total assets reaching EUR 38.5bn. Loans to the non-banking sector grew by 6.1% YoY. Growth in deposits by the non-banking sector stood at 5% in November, and is continuing to outpace growth in the balance sheet total. The NPE ratio declined to 4.2% in November, equivalent to NPEs of EUR 1.8 billion, while the NPL ratio declined to 6.0%.The banks generated a pr...
- 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 3.12.2018 - 7.12.2018
NLB 9M18:NLB also reported its 9M18 results with net interest income of EUR 231.9m, up by 1.4% YoY. Net interest margin is at 2.5%, ranging from Serbian branch 5.1% to Slovenian operations of 1.9%. Non-interest income increased to EUR 120m or by 4.1% YoY in the period.Cost-income ratio stands at 57.0%. EBT amounted to EUR 181.7m with profit at EUR 158.3m. This represents a decrease of 8.5% and 13.9% YoY respectively.3Q18 brought net interest income of EUR 125.9m with profit after tax of EUR 53.5...
- 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 12.11.2018 - 16.11.2018
NLB:NLB shares started to quote on LJSE and LSE. While the IPO price was set to EUR 51.5 per share, share price increased in the first day of trading on LJSE by 10% to EUR 56.65 per share. The second day the share price was up to EUR 57 per share at the end of the day. This happened on volume of EUR 3.6m. This is a hefty volume for LJSE.This uptick is somewhat expected. Firstly, its a usual dynamic after IPO. Secondly, IPO pricing at P/B 0.67 was attractive in our belief as is the expected divid...
- Sašo Stanovnik
Zavarovalnica Triglav 9M18: Profitability surged considerably in 3Q18 ...
GWP increased by 5.5% to EUR 820.2m in 9M18 with growth still present in all markets and segments (countries and product wise). GWP is slightly above our estimate, but this was true also in 1H18 report. Even more importantly while expense ratio stagnated in non-life, claims ratios pushed combined non-life ratios lower in almost all countries and with aggregate combined ratio at 92.4%, down from 94.5%. This lower claims in 3Q18 vs 3Q17 recuperated profitability of Triglav Group. Namely now EBT st...
- 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
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 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...
- Sašo Stanovnik
Slovenian Weekly Report 14.8.2018-18.5.2018
1Q18 results season started well with result mostly coming in-line (Gorenje, Telekom) or ahead (Triglav, Cinkarna) of our expectations. Economic environment remains favorable and we can be encouraged for 2Q18 as well. This has, together with Gorenje takeover intention and hefty dividend proposals, lifted SBI TOP sentiment. AJPES issued Slovenian earnings data for 2017. Slovenian companies increased revenues by 13% in 2017 vs 2016 with 19% increase in exports and 10% increase on the d...
- Sašo Stanovnik
Zavarovalnica Triglav 1Q18: Strong start of the year with EUR 23.3m of...
GWP increased by 4.3% YoY in 1Q18 as well as NPE. More importantly strong growth dynamic is still present across all segments and countries, life in Slovenia and Montegnegro being an exception. On the other hand net claims increased by 2.3%, therefore claims ratio significantly improved vs 1Q17, namely by 3.6 p.p. Combined ratio (non-life) is at 88.5%. Net profit surged by 5.3% YoY to EUR 23.3m while solvency ratio remains strong with groups at 222%. For now we are sticking with our valuation of...
- Sašo Stanovnik
Slovenian Weekly Report 7.5.2018-11.5.2018
SAVA RE & ZAVAROVALNICA TRIGLAV: On Page 2 and 3 we are outlining key data from Zavarovalnica Triglav and Pozavarovalnica Sava Solvency and Financial Condition report. Triglav Solvency II ratio is at 222, Sava RE Solvency II ratio is at 283%. Consequently both insurance groups have a very strong Solvency II positions. The news also reaffirms our positive outlook on both companies. LUKA KOPER: There was a repeat of the referendum about second railway tier (DivaÄa-Koper) legislature, ...
- Sašo Stanovnik
Slovenian Weekly Report 23.4.2018-4.5.2018
ZAVAROVALNICA TRIGLAV: Zavarovalnica Triglav also embarked on SouthEast European M&A expansion, as its subsidiary managing international markets, Triglav INT, bought a majority 75% stake (minus one share) in the Croatian pension insurance company Raiffeisen Mirovinsko osiguravajuÄe društvo from Raiffaisen Bank. The later will still own 25% plus one share after the transaction. The deal must now be signed off by regulators. This move is in line with Triglav strategy to increase its SEE pres...
- Sašo Stanovnik
Zavarovalnica Triglav 2017: Strong GWP growth continues, but bottom li...
GWP grew 6.8% YoY with growth broad based from segment and country perspective. Non-life up 7%, Health insurance premiums up 13% and life up 3% YoY in 2017. However claims are also higher especially related to CAT events which amounted to EUR 33.5m and are 22% above 10 year average. Consequently EBT stood at EUR 84.4m while profit at EUR 69.7m, both down 11.3% and 15.3% respectively. While this is slightly below our expectations its entirely due to CAT events while results are also in-line with ...
- Sašo Stanovnik
Slovenian Weekly Report 2.4.2018-6.4.2018
2017 and 4Q17 results season is slowly coming to an end, albeit some companies like Luka Koper and Mercator are scheduled to provide results only at very end of April. Nevertheless we can conclude that 2017 was a good year for Slovene blue chip companies, providing a hefty profit growth and most delivering a profit beat.In addition dividend season has started and first proposals are good. Petrol surprised on the upside, Sava Re‘s in-line, while Telekom surge is not as we could hope for, but stil...
- Sašo Stanovnik
Slovenian Weekly Report 26.3.2018-30.3.2018
Luka Koper announced a statement regarding ISP model. At its last supervisory board meeting the main topic was a company’s business restructuring regarding port services providers (IPS). This was expected and planned ever since this issue was the cause for the replacement of previous management team at 2017 yearend. The strategy involves the adaptation of organization and working processes at the Port of Koper, as well as the establishing of centralized planning of both processes and workers. Co...
- Sašo Stanovnik
Slovenian Weekly Report 5.3.2018-9.3.2018
4Q17 and consequently 2017 earnings season has begun starting with insurance sector, Petrol, Gorenje and Intereuropa. Note more is to come throughout March-April with our detailed research reports and updated valuation after annual reports are published. Given 9M17 results and 2018 plans we doubt any major change in our stance will derive from results itself, however some investment thesis adjustments (positive or negative) can be clarified and lead to recommendation stance change. Petrol man...
- Sašo Stanovnik
Zavarovalnica Triglav 2017: Strong GWP growth continues, but bottom li...
GWP grew 6.8% YoY with growth broad based from segment and country perspective. Non-life up 7%, Health insurance premiums up 13% and life up 3% YoY in 2017. However claims are also higher especially related to CAT events which amounted to EUR 33.5m and are 22% above 10 year average. Consequently EBT stood at EUR 84.4m while profit at EUR 69.7m, both down 11.3% and 15.3% respectively. While this is slightly below our expectations its entirely due to CAT events while results are also in-line with ...
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