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 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 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 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 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
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
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 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 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 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
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. ...
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