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
  • 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, Travel & Leisure
  • Underlying Coverage: 14
  • 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 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 pressure due to lowering demand and increased supply (also due to Chinese competition). Due to lowerin...

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 53.5m vs EUR 47.2m in 2Q18 and EUR 66.1m in 3Q17.Dividend policy is 70% of the profit, so a hefty divide...

Sašo Stanovnik

Unior 9M18: Economic conditions for now still good for top line, however weighing on margins.

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 pressuring margins. From valuation perspective additional negative influence was lower peer multiples...

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 year period. This translates into 4.5% YoY GDP growth in 9M18 vs 9M17. Statisti office also noted th...

Sašo Stanovnik

Luka Koper 9M18: Strong results, even adjusted for positive one-off. On track to deliver or even overdeliver our estimates.

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 profit, which unadjusted grew by 22% to EUR 48.6m. Net debt to EBITDA is now at 0.2x since CAPEX is lagg...

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 pressure due to lowering demand and increased supply (also due to Chinese competition). Due to lowerin...

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 53.5m vs EUR 47.2m in 2Q18 and EUR 66.1m in 3Q17.Dividend policy is 70% of the profit, so a hefty divide...

Sašo Stanovnik

Unior 9M18: Economic conditions for now still good for top line, however weighing on margins.

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 pressuring margins. From valuation perspective additional negative influence was lower peer multiples...

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 year period. This translates into 4.5% YoY GDP growth in 9M18 vs 9M17. Statisti office also noted th...

Sašo Stanovnik

Luka Koper 9M18: Strong results, even adjusted for positive one-off. On track to deliver or even overdeliver our estimates.

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 profit, which unadjusted grew by 22% to EUR 48.6m. Net debt to EBITDA is now at 0.2x since CAPEX is lagg...

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 management proposed a dividend of EUR 16.0 per share, above our expectations. This dividend implies a 4.7...

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 12.2.2018-16.2.2018

Our last Cinkarna Celje research report had a price tag of EUR 248 per share and consequently a buy recommendation. This was attributed to excellent 9M17 results and more and more also on encouraging 2018 environment outlook. Later on this was confirmed by Cinkarna Celje which issued: Its assessment of EUR 47.6m of EBITDA for 2017. Guidance of EUR 51.2m of EBITDA for 2018. In addition note the company had a net cash position of EUR 42.7m (before environmental provisions are added) on 30th September 2017. We believed (based on past track record) Cinkarna Celje could pay out as much as E...

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...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch