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 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 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 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
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 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 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 18.6.2018-22.6.2018
SAVA RE:Sava Re Group issued a Solvency and financial condition report for 2017. Please note that in May 2018 Sava RE issued a solvency report for mother company Sava d.d., which stood at 283%.As at 31st December 2017, Sava RE Group had a high solvency rating of 220% with consolidated solvency capital requirement (SCR) at EUR 199.7m while eligible own funds stood at EUR 451.4m. On 31st December 2016 the solvency rating was at 204% with SCR EUR 202.2m with eligible own funds at EUR 423.4m.Conseqe...
- 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
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
Telekom Slovenije Group 1Q18: First quarter brought no surprise; inves...
Total group revenues were up by 1.2% YoY which is a slight positive surprise as the increase derived from mobile segment. On the other hand revenues from wholesale segment decreased. EBITDA is also up by 3.4% YoY however with a margin of 28.8%, which is slightly less than we hoped for. This two effect cancelled each other out. Net profit of EUR 11.1m is consequently roughly in-line with our estimates. EBITDA multiple seems low and dividend yield is attractive, however a bottom line multiple is a...
- 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
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
Telekom Slovenije Group 2017: Guidance delivery spoiled not only by pr...
Sales revenues continued its positive momentum, as revenues grew by 2.1% in 2017 to EUR 716.2m. Growth derives mostly from strong wholesale market and a boost in new (other) segments. On the other hand mobile market revenues continued its downward trajectory. Total revenues of EUR 726.0m surpassed our expectations of EUR 713.6m, but mostly due to consolidation of Antenna TV SL. Reported EBITDA was only at EUR 168.7m, down 15.3% YoY and significantly below EUR 206m mark. However Telekom Slovenije...
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