ALTA Invest, investicijske storitve, d.d., (ALTA Invest, investment services, Inc.) is a part of ALTA Group, the biggest financial non-banking group in Slovenia. ALTA Invest has around 28% market share on the domestic Ljubljana Stock Exchange and has more than EUR 95m of assets under management.

Our trading advantage is our execution of large trading blocks with low impact on the market. We offer trading on several platforms on numerous markets, with a wide variety of financial instruments. Our advantage is also a research department, which is both sell side and buy side and has the far most extensive and regular coverage of domestic companies. We cover 9 companies on Ljubljana Stock Exchange, which is around 90% of Mcap on LJSE – and here we are practically the only local broker providing this kind of extensive and regular coverage for Slovenian companies.

A part of ALTA Group are ALTA Skladi, a mutual fund asset management company with roughly EUR 260m of asset under management. ALTA Group is also extensively involved in corporate finance projects and raised considerable assets (fixed income and equity) in the last two years for several companies.

Regulatory Information

  • Regulatory Status: ALTA Invest, investicijske storitve, d.d. is supervised by the Slovenian Securities Market Agency (Agencija za trg vrednostnih papirjev), Poljanski Nasip 6, 1000 Ljubljana, Slovenia.
  • Link to regulator: http://www.a-tvp.si/Eng/Default.aspx?id=98

Coverage

  • Research Category: Equity, Market Commentary
  • Asset Class: Equity
  • Geographic Coverage: Croatia, Italy, Slovenia
  • Size Coverage: Mid Cap, Small Cap, Micro Cap, Nano Cap
  • Sector Coverage: Chemicals, Construction & Materials, Equity Investment Instruments, Fixed Line Telecommunications, General Retailers, Household Goods & Home Construction, Industrial Transportation, Nonlife Insurance, Oil & Gas Producers, Pharmaceuticals & Biotechnology, Software & Computer Services, Travel & Leisure
  • Underlying Coverage: 15
  • Report Types: Research report
  • Report Frequency: Quarterly

Analysts

  • Sašo Stanovnik

    Head of Research / Chief Economist of ALTA Group Years of Experience: 11
  • Matej Justin

    Analyst / Asset Manager Years of Experience: 9
  • Tina Orzan

    Analyst Years of Experience: 6
  • Matej Šimnic

    Analyst Years of Experience: 7
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 line with Telekom Slovenije Group’s adopted Strategic business plan for the period 2018-2022. Luka ...

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 Divača 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 collect a toll on freight vehicles on certain motorway sections and from March the funds will be colle...

Sašo Stanovnik

Petrol 9M18: 1H18 in line to deliver 2018 expectations, new 2018-2022 strategy lifting end EBIDTA and CAPEX.

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 on 9M18 Petrol is shy of our estimates in terms of EBITDA, but still better in terms of profit (albei...

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 pre-tax profit of EUR 502 million over the first eleven months of last year. There were several factor...

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 where number fell by 15.9% YoY as there was strong decline in global auto sales in 4Q. Despite that, ...

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 line with Telekom Slovenije Group’s adopted Strategic business plan for the period 2018-2022. Luka ...

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 Divača 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 collect a toll on freight vehicles on certain motorway sections and from March the funds will be colle...

Sašo Stanovnik

Petrol 9M18: 1H18 in line to deliver 2018 expectations, new 2018-2022 strategy lifting end EBIDTA and CAPEX.

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 on 9M18 Petrol is shy of our estimates in terms of EBITDA, but still better in terms of profit (albei...

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 pre-tax profit of EUR 502 million over the first eleven months of last year. There were several factor...

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 where number fell by 15.9% YoY as there was strong decline in global auto sales in 4Q. Despite that, ...

Sašo Stanovnik

Slovenian Weekly Report 26.2.2018-2.3.2018

Petrol has successfully bid for digitalization of Wien, as it gain contract by Wien Energie. This is positive, as it shows Petrol Group is extending its reach in other energy segment.Latest survey vox-populi (February 2018; source: Ninamedia, Dnevnik) continues to prove that mid 2018 parliamentary elections will be unpredictable and that new parties can quickly gain ground (like for example Lista M.Šarca). Note current coalition is formed by SMC (35 seats of 90), Social Democrats (5) and Desus (11). More on page 1.Interestingly for now little impact was seen on Telekom Slovenije shares, despit...

Sašo Stanovnik

Slovenian Weekly Report 19.2.2018-23.2.2018

Luka Koper Group published its 2018 plan and guidance:- Sales EUR 232m, EBITDA 86.0m and net profit at 49.0m.- The numbers are based assuming throughput in the amount of 23m tonnes. 8% YoY growth is envisioned for container throughput and 4% growth for vehicles, however in turn this will be balanced out in full by lower level of throughput for other types of cargo (due to planned one-time extensive maintenance work and overhaul of port infrastructure). - Port plans to further deleverage as its aims for debt in the amount of EUR 101m by the end of the year. Financial debt at 30th September 2017...

Sašo Stanovnik

Slovenian Weekly Report 5.2.2018-9.2.2018

  Massive public sector labor protests are scheduled for mid February, joining several unions and public sector workers. Mostly demands are tied to higher wages. We believe that government will at least partially cave in, firstly as its election year, secondly due to economic situation improving and lastly since it escalated tension itself by caving in in previous years to certain public sector groups. Newspaper Dnevnik reported Mercator started a process of real estate divesting. They plan to divest 17 Mercator centers located in Slovenia, Croatia and Bosnia And Herzegovina, among which t...

Sašo Stanovnik

Slovenian Weekly Report 15.1.2018-19.1.2018

In 11M17 Slovenian banks generated EBT of EUR 424m and net profit EUR 397m, up 10% and 15% YoY respectively. Released (net) provisions were at EUR 36.6m Net interest income at EUR 590.4m or down 3.7% YoY, net non-interest income at EUR 398.2m or down 3.6% YoY. Total Assets now stand at EUR 37.8 bn, up 3.1% YoY as loans to non-banking sector increased by 6.6%. Household loans are up by 7.5% with real estate tied loans up 4.8% while consumer loans have increased by 4.8%. On the other hand household deposits also increased by hefty 5.9% (69% of deposits are still sight deposits). NPLs have...

Sašo Stanovnik

Slovenian Weekly Report 8.1.2018-12.1.2018

Luka Koper reported 4Q17 and consequently 2017 throughput: Total throughput increased by 6.2% YoY in 2017 with 1.0% YoY decrease in 4Q17. Containers throughput increased by 7.9% and 5.6% YoY in 2017 and 4Q17 respectively Vehicles throughput decreased by 1.0% and in increased by 3.5% YoY in 2017 and 4Q17 respectively Numbers remain very strong from 2017 perspective, albeit 4Q17 was a weaker quarter (disappointed) and lowered the overall growth rates (if we have look from 9M17 perspective). Namely in all but vehicles segment consequent 2017 growth rates are lower than 9M17 implied. However...

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