InterCapital

Indices in the US recorded strong single-digit growth after Trump's election victory, leading to US equities outperforming other regions. Bitcoin also recorded a significant increase of over 56% compared to pre-election levels, at one time reaching an all-time value of over USD 106k, before stabilizing close to USD 100k. Take a look at what our clients traded in November 👇

Zagreb Stock Exchange „Member of the year“ for the 13th time in a row! InterCapital securities! After receiving the „Member of the year“ award by Ljubljana Stock Exchange (for the 6th time in a row!), today we were awarded by Zagreb Stock Exchange!! As they say in sports, it is harder to defend the titles than to win the first one. Well, we must be doing something right. Congrats to all the issuers which were awarded in various categories (Hrvatski Telekom, Podravka, Arena Hospitality Group, Atlantic Grupa, KONČAR Group)!

Today, we look at Argentina, a nation once celebrated as the “Breadbasket of the World”, with Buenos Aires, its capital, hailed as the “Paris of South America.” Decades of economic mismanagement, structural weaknesses, and political instability have left the country grappling with soaring inflation, a currency in freefall, and widespread poverty by the end of 2023. Amid this turmoil, an outsider to traditional politics, Javier Millei, rose to the Presidency with bold promises of sweeping reforms. Known for his fiery slogans, such as “¡Que se vayan todos!” (“They all must go”) and “Viva la libertad, carajo!” (“Long live freedom, damn it!”), Milei brings both radical ideas but also deep and structured knowledge of economics, and an unabated love for freedom, in all its forms. In this blog, we review his administration’s progress one year into office, exploring the impact of his unprecedented policies on Argentina’s troubled economy.

The year Anno Domini 2024 marks a pivotal super-election year for Romania, with citizens voting in local, European Parliament, presidential, and parliamentary elections, shaping governance at all levels. However, the numerous elections have triggered a spending surge, expected to push Romania’s 2024 budget deficit to 8% of GDP. Furthermore, in the wake of the political turmoil following the first round of the presidential election, Romanian capital markets reacted with increased risk aversion, driving the BET index down approximately 5% since the election process began in November. Therefore, we ask the question: Should you buy the Romanian dip?

Today, we're bringing you the overview of the 9M 2024 results of all the Slovenian blue chips. In this report, you can find the most important changes and developments that these companies recorded during this period. During 9M 2024, top-line growth continued for most of the Slovenian blue chips. Krka recorded growth across all markets, NLB’s growth was still supported by elevated interest rates, while Petrol recorded a decline, due to lower energy prices. For the insurers, Triglav was affected by the termination of supplemental health insurance, while Sava Re recorded growth on the base of more premiums & higher prices. Telecom and port industry growth remains slow but stable, while Cinkarna recorded an increase due to higher quantities and prices of titanium dioxide. Equinox’s growth was supported by variable rent growth. For profitability, all companies recorded net income growth, with Krka’s results supported by rev. growth, but also from inv. income. NLB’s results were supplemented by stable CoR, partially offset by banking sector tax. Petrol was positively influenced by lower OPEX, Triglav & Sava both recovered from last year’s flood damage claims, while Cinkarna recovered on flat OPEX & higher quantities sold. Luka Koper’s results largely normalized, while Telekom Slovenije recorded improved net income on the back of faster revenue than OPEX growth during 9M. Krka, Petrol Group, NLB d.d., Zavarovalnica Triglav, d.d., Sava Re, Port of Koper (Luka Koper), CINKARNA, Telekom Slovenije, Equinox nepremičninska družba

So far, 2024 turned out to be an amazing year for Slovenia, with several regional and global indices reaching their all-time high values. In this blog, we’ll review development in Slovenian capital markets, as the year is almost finished.

Fraud alert! InterCapital securities DOES NOT offer investment services to RETAIL investors in #Romania and we DO NOT ask for 1k EUR deposit   It came to our attention that scammers are contacting retail investors in Romania, pretending that InterCapital is signing an Investment services agreement with them. Also, scammers are using Whatsapp messages, posing as our employees. This has nothing to do with us and should be ignored completely. We offer investment services to institutional investors from Romania, not retail investors!

After years of waiting, a new and large listing is about to happen on the Zagreb and (Warsaw) Stock Exchanges. Studenac Group is the Company in question, with a maximum transaction amount of EUR 183m, while the market capitalization of the Company upon listing could reach EUR 523m. Up to 44% of the transactions could be offered to Polish and Croatian retailers. But this IPO, compared to all previous ZSE ones, comes with a specificity of dual listing. It means that the Polish central clearing house is the primary depository while SKDD is secondary. If everything goes as planned, the Company is to start trading on 10 December 2024. According to our estimates, the IPO EV/EBITDA multiple ranges between 10.3x and 10.7x. In today’s blog, find out if this valuation is well-rounded and what the dual listing means for retail investors.

While many different events took place in October, it could be argued that none was more important than the (then) still ongoing US Presidential Elections. A lot of uncertainty was seen in the market, as investors anxiously waited for the election results. Investments were made into many different asset classes, from the less risky gold and S&P 500 to the newly available, and more risky Bitcoin ETFs. Take a look at what our clients were trading in October 👇

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