reports
- Matej Šimnic
Slovenian Weekly Regional Overview 11.2.2019 - 15.2.2019
Telekom Slovenija: S&P Upholds BB+ Credit Rating for Telekom Slovenije, d. d. but place the company on the negative watch. The Standard & Poor’s Global Ratings agency upheld the existing BB+ rating for Telekom Slovenije, d.d., on 7 February 2019, placing it on credit watch negative. The agency based the negative outlook on the planned increase in investments, coupled with the fact that the company operates in a highly competitive market. Triglav Group: Triglav entering on Macedonian pension i...
- 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...
- Sašo Stanovnik
Petrol 9M18: 1H18 in line to deliver 2018 expectations, new 2018-2022 ...
Petrol delivered solid growth in terms of volume of petroleum products and excellent 11% YoY growth in terms of merchandise sales. Note that growth of petroleum products was excellent at 1H18 but slightly disappointed in crucial 3Q18. Income statement is additionally affected by Geoplin consolidation, and therefore 2018 estimates are hard to gauge and evaluate. EBITDA is up by 1% YoY while profit is up by 11,5% to EUR 68.7m. Again while 1H18 showed Petrol is on good track to overdeliver, based o...
- 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 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...
- 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
Unior 9M18: Economic conditions for now still good for top line, howev...
Net sales are up by 1.7% YoY in 9M18, as auto industry conditions are still good albeit volatile. In addition, the segment of speciality machines was weak in 3Q18 as well, not only in 1H18, but should be stronger in 4Q18 according to management, catching up. EBITDA is down 12.1% YoY while profit is down by 24.8%. Firstly, this is due to divestment of ski operator RTC Krvavec, which was divested in the beginning of 2018 and did not contribute to 2018. Secondly, input prices and wage growth are p...
- 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
Intereuropa 9M18: Awaiting information about binding bids.
Intereuropa continues to perform well, with 9M18 revenues now up 8.2% YoY with strength almost across the board. However, growth rates are decelerating QoQ while costs pressures are starting to take their toll on margins, with EBITDA only stagnating and EBITDA margin lower by 0.8 p.p. in the period to 9.1%. This dynamic is present throughout the year. True, lower interest costs helped boost net profit to EUR 4.2m. All in all, they were on track to achieve their guidance, but Serbian problems sli...
- 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
Krka 9M18: Another good quarter for Krka, which is on good road to del...
In 9M18 Krka sales revenues were up by 5% to EUR 971.9m. Growth remains pretty much broad based in terms of geographic and production segments. SEE market sales are up by 14%, sales in East Europe and CEE is up by 6% YoY, Overseas markets 9% and Slovenia 3% YoY. Only in West Europe sales level is down 3% YoY, predominantly due to Germany. Please note 3Q18 dynamic is similar, just the directions intensified (up or down). In key market Russia, sales are up by 2% YoY in EUR terms, however 16% in R...
- Sašo Stanovnik
Sava RE Group 9M18: Excellent 3Q18 profitability enabled Sava RE to ca...
GWP grew by 5.2% YoY in 9M18, with growth rate accelerating from 1H18. In addition, strength was broad based, with weakness seen only in reinsurance and life in Slovenia (maturing). But even more importantly claims improved as there were less CAT events, and this recuperated weaker 1H18 from this side as well. EBT is now at EUR 37.3m, up 37%, while profit is at EUR 29.0m in 9M18, up 39% YoY. True, there are some one-offs in there. This means management target of EUR 37m to EUR 39m of profit for ...
- 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 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...
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