Ro­ma­nia's OMV Petrom keeps lead in SEE TOP 100 listed com­pa­nies rank­ing de­spite drop in mar­ket cap­i­tal­i­sa­tion

Top 100 See - - Top 100 Listed Companies - By Djordje Daskalovich

The mar­ket cap­i­tal­i­sa­tion of the SEE TOP 100 listed com­pa­nies in 2014 rose to 46.08 bil­lion euro, as com­pared to 44.7 bil­lion euro of the en­trants in the rank­ing a year ear­lier. Two-thirds of the com­pa­nies that made it into the rank­ing saw their mar­ket cap­i­tal­i­sa­tion in­crease in 2014.

The rank­ing of the big­gest listed com­pa­nies in South­east Europe (SEE), de­spite its in­her­ent open­ness to new en­trants, tra­di­tion­ally sees lit­tle change at the top. In 2014 Ro­ma­nian and Croa­t­ian heavy­weights again dom­i­nated the up­per end of the ta­ble, as the top six spots re­mained un­changed, with oil and gas group OMV Petrom as the leader for a third year in a row de­spite a 13.1% drop in its mar­ket cap­i­tal­i­sa­tion to 5.16 bil­lion euro.

In 2014 the Ro­ma­nian com­pany, ma­jor­i­ty­owned by Aus­tria's OMV, posted a net profit of 409.9 mil­lion euro, down by 62%, on slightly lower rev­enue. For 2015, OMV Petrom has said it will re­duce its in­vest­ments by 20% “in light of the volatile and po­ten­tially pro­longed weaker mar­ket fun­da­men­tals“. In Au­gust 2015, the com­pany said it plans a se­condary list­ing of its shares on the Lon­don Stock Ex­change via global de­pos­i­tory re­ceipts.

Sev­eral other Ro­ma­nian com­pa­nies, in­clud­ing state-con­trolled nat­u­ral gas pro­ducer Romgaz, the third big­gest listed com­pany in the re­gion, in­vest­ment fund Fon­dul Pro­pri­etatea, at no. 4 in the SEE TOP 100 listed com­pa­nies rank­ing, and power dis­trib­u­tor and sup­plier Elec­trica, a new­comer at no. 13, are also listed on the Lon­don Stock Ex­change. Ro­ma­nian com­pa­nies oc­cu­pied five of the top ten places in the rank­ing, fol­lowed by Croa­tia with four en­trants but with the big­gest num­ber of rep­re­sen­ta­tives, 27, in the over­all rank­ing. This is hardly a sur­prise, given that the Bucharest bourse re­mained the big­gest mar­ket in the re­gion de­spite a 2.86% de­cline in its cap­i­tal­i­sa­tion, fol­lowed by the Za­greb Stock Ex­change (ZSE) and the Ljubl­jana Stock Ex­change (LJSE). This sit­u­a­tion, how­ever, seems likely to change if the Croa­t­ian and the Slove­nian bourses keep up their growth pace of 8.34% and 23.98%, re­spec­tively, in 2014. Fur­ther­more, in July 2015 ZSE signed a deal with CEE Stock Ex­change Group to take over 100% of LJSE, with the trans­ac­tion ex­pected to be com­pleted in the last quar­ter of 2015.

Over the past years, as a rule, the lower half of the rank­ing is the scene for more dy­namic de­vel­op­ments as it is where most new­com­ers land.

The 2015 edi­tion of the rank­ing had 16 new­com­ers ver­sus 14 in last year's edi­tion. Most of them, four, came from Slove­nia, led by brewer Pivo­varna Lasko, re­cently ac­quired by Heineken. Bulgaria and Croa­tia were tied for the sec­ond place with three new en­trants each.

Whereas the Bul­gar­ian com­pa­nies that made it to the rank­ing op­er­ate in dif­fer­ent sec­tors of the econ­omy, their Croa­t­ian peers – Croa­tia Air­lines, SN Hold­ing and Are­na­tur­ist – are all in­volved in tourism and travel, or in­dus­tries closely in­ter­linked with them. Tourism and travel are es­ti­mated to have gen­er­ated 12.5% of Croa­tia's gross do­mes­tic prod­uct in 2014.

The com­pany to record the big­gest jump in this year's rank­ing - of 45 spots to land at no. 44 – is also Croa­t­ian and a ho­tel op­er­a­tor Vala­mar Riviera.

The mar­ket cap­i­tal­i­sa­tion of the SEE TOP 100 listed com­pa­nies rose to 46.08 bil­lion euro in 2014 from 44.7 bil­lion euro of the com­pa­nies that made it into the rank­ing a year ear­lier, push­ing up the thresh­old for en­try into the rank­ing to 79.67 mil­lion euro from 65.5 mil­lion euro a year ear­lier.

Stock pick­ing in the Balkans

by Tatyana Puncheva-Vasileva, Se­nior An­a­lyst, Elana Trad­ing

Di­ver­sity. This word de­scribes best the re­gion of South­east Europe (SEE) with its small and illiq­uid cap­i­tal mar­kets - the Bucharest stock ex­change be­ing one no­table ex­cep­tion - but a range of in­vest­ment op­por­tu­ni­ties they of­fer in­vestors.

New list­ings will be the key long-term mar­ket driver as in­vestors are al­ready well fa­mil­iar with the ex­ist­ing en­ti­ties in the re­gional in­vest­ment uni­verse. Stock pick­ing will re­main the best in­vest­ment strat­egy in 2016 and im-

prov­ing eco­nomic environment will add fuel to the en­gine. Un­less of course the global eco­nomic pic­ture changes dras­ti­cally due to slow growth in China or any geopo­lit­i­cal es­ca­la­tion.

The num­bers in the past

Over the last three years the ma­jor cap­i­tal mar­kets in SEE were mov­ing pretty much in a pack. The main in­dexes in Ro­ma­nia, Bulgaria, Slove­nia and Ser­bia аll ad­vanced be­tween 45% and 50% over that pe­riod. Croa­tia was the only lag­gard with slightly over 5% growth.

The over­rid­ing theme over this past three­year hori­zon was the re­cov­ery from the cri­sis. The con­flict in Russia and Ukraine, how­ever, added sig­nif­i­cant pres­sure on the fun­da­men­tals at the end of 2014 and the be­gin­ning of 2015, as the two coun­tries are an im­por­tant ex­port mar­kets for many SEE com­pa­nies. Con­se­quently, this was re­flected in the mar­ket val­u­a­tions. Year-to-date (data as of Au­gust 19, 2015), the blue-chip SOFIX in­dex of the bourse in Sofia was los­ing 10% of its value, fol­lowed by the SBITOP of the Ljubl­jana stock ex­change with 6% de­cline. The BELEX15 of the Bel­grade bourse was slightly be­low zero, while the CROBEX of the Za­greb bourse and the BET of the Bucharest stock ex­change were of­fer­ing gains of 3.1% and 6%, re­spec­tively. All mar­kets were ba­si­cally in a con­sol­i­da­tion mode over the past year, with Russia and Ukraine as one of the rea­sons be­hind the lack of a strong up­ward or down­ward trend.

Ro­ma­nia - the flag­ship of state list­ings

The Ro­ma­nian mar­ket has been the out­per­former and ”the mar­ket of first choice” for most global fron­tier in­vestors over the past few years, largely thanks to the Ro­ma­nian govern­ment's ef­forts to that end. The govern­ment raised mil­lions of euro via the pri­vati­sa­tion of state com­pa­nies through the stock ex­change, in line with its agree­ment with the In­ter­na­tional Mon­e­tary Fund. It also at­tracted a global emerg­ing mar­kets ex­pert, Franklin Tem­ple­ton, to run one of its most un­der­val­ued as­sets - Fon­dul Pro­pri­etatea. Big names at­tract more big names. Thus, Fon­dul Pro­pri­etatea has been on in­vestors' radars dur­ing the last cou­ple of years. Surely, part of the up­side there has al­ready been con­sumed. Nev­er­the­less, it is a door opener for more in­vestors to come in Ro­ma­nia and in the re­gion and for more com­pa­nies to raise fund­ing for growth.

Fon­dul Pro­pri­etatea, along­side other big Ro­ma­nian com­pa­nies, has de­buted on the Lon­don Stock Ex­change to get ad­di­tional vis­i­bil­ity. A few more big list­ings in Bucharest and some fur­ther work on the stock mar­ket in­fra­struc­ture, and Ro­ma­nia may end up be­ing up­graded from an MSCI Fron­tier to an MSCI Emerg­ing mar­ket rank­ing, which would in­crease sig­nif­i­cantly its vis­i­bil­ity. This up­grade, pro­jected to hap­pen in 2016, has been on the lo­cal in­sti­tu­tions' agenda for a year now and in­vestors have started pric­ing it in. Nev­er­the­less, if it be­comes a fact, it will be a huge step forth not only for Ro­ma­nia, but for the whole re­gion.

Bulgaria - the pri­vate list­ings flag­ship

Ex­pected new state list­ings in Bucharest will keep the mar­ket hot for both global and re­gional in­vestors. How­ever, once state sup­port for the Ro­ma­nian stock mar­ket di­min­ishes, which is bound to hap­pen at some point, it will have to start gen­er­at­ing in­ter­est on its own - some­thing the Bul­gar­ian cap­i­tal mar­ket has been strug­gling to do for years now.

The end of 2015 and the be­gin­ning of 2016, how­ever, may bring in a game changer as one of the big­gest soft­ware de­vel­op­ing groups in the coun­try - Sirma group hold­ing - will be de­but­ing on the Bul­gar­ian stock ex­change in the au­tumn of 2015. Sirma's IPO has been one of the most an­tic­i­pated events on the mar­ket in 2015 both as an in­vest­ment op­por­tu­nity in one of the fastest grow­ing in­dus­tries and as an in­cen­tive for other IT, fast grow­ing and good cor­po­rate gov­er­nance com­pa­nies to list. It is also a fairly large IPO, with an ex­pected 26.4 mil­lion levs to be raised, tap­ping the mar­kets' abil­ity to fund well-run and grow­ing busi­nesses – in­di­ca­tions of which have been vis­i­ble in other smaller list­ings on the Sofia bourse over the last two years.

In 2013, a start-up leas­ing com­pany - Elana Agro­cre­dit - de­buted on the mar­ket. Ini­tially, it raised some 5 mil­lion levs from lo­cal pen­sion funds and so­phis­ti­cated in­vestors and in the spring of 2015 it tripled its cap­i­tal by rais­ing a fur­ther 14 mil­lion levs. In 2014, the big­gest courier com­pany in Bulgaria – Speedy - raised fresh 20 mil­lion levs via both the mar­ket and a strate­gic in­vestor, prov­ing that in­vestors' ap­petite is strong for com­pa­nies with good cor­po­rate gov­er­nance, lean ex­pan­sion strat­egy and trans­par­ent and well sea­soned man­age­ment.

The ex­am­ples men­tioned above are the first seeds of re­turn­ing in­vestor con­fi­dence in the re­gional mar­kets. Bring­ing big names in to help de­velop the Sofia bourse like the Bucharest one, or get­ting well-run pri­vate com­pa­nies to list is bound to boost con­fi­dence sooner or later, hope­fully at the end of 2015 and the be­gin­ning of 2016. Such in­vest­ment op­por­tu­ni­ties will at­tract ad­di­tional in­vestor at­ten­tion as ev­ery­one is on the look­out for re­turns as in­ter­est rates are to re­main on the zero to neg­a­tive side for some time yet. Eco­nomic un­cer­tainty is also press­ing in­vestors to be picky.

The macro drive

Eco­nomic data as of the sec­ond quar­ter of 2015 has been a nice sur­prise for coun­tries like Slove­nia and Bulgaria, neu­tral for Ro­ma­nia and dis­ap­point­ing for Croa­tia. This will drive macro-fo­cused in­vestors to the mar­kets that show pos­i­tive per­for­mance if good news per­sists for some time. Though val­u­a­tions have gone up con­sid­er­ably over the past few years, they still lag be­hind re­cov­er­ing fun­da­men­tals in the re­gion. More­over, they re­main be­low fron­tier mar­ket av­er­ages, with the Bul­gar­ian mar­ket cur­rently be­ing the cheap­est from a price-to-earn­ings per­spec­tive and the Croa­t­ian be­ing the most ex­pen­sive.

Con­trar­ian in­vestors are also of­fered a good choice in the SEE as stock pick­ing in such con­sol­i­dat­ing mar­kets will add value in the mid- to long term. Long awaited list­ings will be one op­tion. Over­sold in­dus­tries will be an­other. The pharma sec­tor is one ex­am­ple. At the end of 2014 and early 2015 Ukraine-Russia woes were ma­jor sell driv­ers for the stock of SEE phar­ma­ceu­ti­cal com­pa­nies, bring­ing val­u­a­tions well be­low the de­cline in fun­da­men­tals. With Russia show­ing signs of sta­bi­liza­tion and Ukraine al­ready shrink­ing sub­stan­tially to a very low base, good buy­ing op­por­tu­ni­ties in the pharma sec­tor may have al­ready ar­rived. Any pos­i­tive signs in both coun­tries shall be a buy­ing sig­nal for the over­sold sec­tor's stocks in Slove­nia and Bulgaria, for ex­am­ple. Banks, on the other hand, will still have to un­dergo as­sets and ef­fi­ciency im­prove­ment be­fore the sec­tor is lu­cra­tive again. Thus, bank stocks are un­likely to at­tract much at­ten­tion, the more so that the fate of Greek banks is still un­clear. Im­prov­ing eco­nomic con­di­tions will surely whet pri­vate com­pa­nies' ap­petite for ex­pan­sion, new in­vest­ments and list­ings. This adds di­ver­sity. The rest is a mat­ter of val­u­a­tion. Dis­claimer: Ms Vasileva’s com­ments, opin­ions and analy­ses are per­sonal views and are in­tended to be for in­for­ma­tional pur­poses only. They should not be con­strued as an in­di­vid­ual in­vest­ment ad­vice or rec­om­men­da­tion, nor should they be a so­lic­i­ta­tion for any in­vest­ment de­ci­sions or for the adop­tion of any in­vest­ment strate­gies.

Big in­sti­tu­tional in­vestors still look­ing for liq­uid­ity, large cap­i­tal­i­sa­tions on Bel­grade Stock Ex­change

by Mladen Dodig

Head of Re­search, Erste Bank Ser­bia

The Bel­grade Stock Ex­change in­dices look like smoothed av­er­ages of the global emerg­ing (or fron­tier, if you wish) mar­kets, in­di­cat­ing that Ser­bian eq­ui­ties did not have the huge swings caused by de­vel­op­ments in Greece, the China eco­nomic slow­down, the col­lapse in com­mod­ity prices, the an­tic­i­pa­tion of Fed­eral Re­serve lift-off cy­cle, etc. Over the last twelve months, the BELEX15 and BELEX­line recorded gains of 2% and 5%, re­spec­tively. How­ever, the prob­lem re­mains the same – liq­uid­ity. Turnover on the Bel­grade Stock Ex­change in the Jan­uary-Au­gust 2015 pe­riod to­talled 124.3 mil­lion euro, down 7% year-on-year, while trad­ing vol­ume in reg­u­lar trad­ing (ex­clud­ing block trades, one-off trades and bonds) plunged 17% year-on-year in the re­view pe­riod. Liq­uid­ity is scarce on a vast ma­jor­ity of mar­kets, but the Bel­grade bourse is fur­ther dis­ad­van­taged by the lack of blue chips, as big in­sti­tu­tional in­vestors have ac­cess to only two or three com­pa­nies with big­ger cap­i­tal­i­sa­tion.

The macroe­co­nomic environment is favourable, as of­fi­cial data points largely to a suc­cess­ful fis­cal pol­icy. The cen­tral bank has cut the key ref­er­ence rate by 250bp in 2015 to 5.5%. The yields on trea­sury se­cu­ri­ties have also shrunk sig­nif­i­cantly over the last 12 months. The lo­cal cur­rency – the di­nar - has en­tered a rather sta­ble pe­riod, ap­pre­ci­at­ing 0.6% ver­sus the euro so far in 2015. The coun­try's eco­nomic growth out­look has been re­cently re­versed from neg­a­tive to a range from 0.2% to 1.2%, de­pend­ing on the source. As far as Ser­bia's EU prospects are con­cerned, a ma­jor break­through has been achieved this sum­mer and the path is now clearly open for mem­ber­ship ne­go­ti­a­tions.

In terms of cor­po­rate gov­er­nance, much could be de­sired but the listed com­pa­nies' trans­parency and gen­eral re­port­ing re­quire­ments have sub­stan­tially im­proved with the adop­tion of new reg­u­la­tions.

What might be­come a jump­start for the Ser­bian eq­uity mar­ket is the up­com­ing pri­vati­sa­tion of Telekom Sr­bija, the state owned tele­com provider. The sale is back on the ta­ble af­ter an un­suc­cess­ful ten­der in May 2011. The govern­ment is yet to come up with a de­ci­sion about the ex­act pri­vati­sa­tion model but a po­ten­tial list­ing would se­ri­ously im­prove the vis­i­bil­ity of the Ser­bian mar­ket on the radar of big Euro­pean and global play­ers in the as­set man­age­ment industry. Fur­ther­more, list­ings of other state-owned com­pa­nies, such as the elec­tric util­ity com­pany, or many of the so­cially-owned en­ter­prises that could emerge as a re­sult of re­struc­tur­ing pro­cesses, would give an ad­di­tional boost to the Ser­bian mar­ket. One way or an­other, the mar­ket weighted val­u­a­tion of 5.2 times 2014 earn­ings and 0.6 book value for the BELEX15 com­po­nents looks very at­trac­tive.

Above-av­er­age div­i­dend yield, on­go­ing pri­vati­sa­tion main sto­ry­lines on Ljubl­jana bourse

by Saso Stanovnik,

Head of Re­search and Chief Econ­o­mist, ALTA In­vest

Af­ter a gen­er­ous 2013 from in­di­vid­ual stock re­turn per­spec­tive, 2014 fol­lowed up with a hefty 19.6% re­turn of the main in­dex SBI TOP. It came against the back­drop of an

The pri­vati­sa­tion of Telekom Sr­bija could be a jump­start for the Ser­bian bourse

on­go­ing pri­vati­sa­tion process, namely the di­vest­ment of sev­eral blue-chip com­pa­nies by state en­ti­ties. The high­est in­di­vid­ual re­turns were recorded by com­pa­nies act­ing as tar­gets in merger and ac­qui­si­tion (M&A) pro­cesses, such as Pivo­varna Lasko, whose share price surged by 486%, air­port op­er­a­tor Aero­drom Ljubl­jana, which jumped 114% and ti­ta­nium diox­ide pro­ducer Cinkarna Celje, which ap­pre­ci­ated 97%. Telekom Slovenije shares, spear­head­ing the pri­vati­sa­tion process, also in­creased by 19%. These de­vel­op­ments lifted other shares, as well, by im­prov­ing over­all in­vestor sen­ti­ment, do­mes­tic and for­eign. Hefty div­i­dends and div­i­dend yields of sev­eral com­pa­nies also helped raise in­vestors' de­mand for Slove­nian com­pa­nies. The shares of port op­er­a­tor Luka Koper, whose price rose by 139% in 2014, were an­other pos­i­tive sur­prise which came on the back of eco­nomic im­prove­ment, through­put growth and val­u­a­tion ad­just­ment. The share price of Sava RE Group also surged as con­di­tions in the in­sur­ance industry were ben­e­fi­cial from in­vest­ments point of view. The con­sol­i­da­tion and syn­ergy ef­fects from Zavaroval­nica Mari­bor's ac­qui­si­tion did not go un­no­ticed by them, ei­ther.

The big­gest dis­ap­point­ment in terms of stock price re­turn came from Krka, which has the high­est weight in the SBI TOP in­dex. The generic phar­ma­ceu­ti­cal com­pany de­liv­ered a neg­a­tive re­turn of 0.7%, pos­si­bly due to its ex­po­sure to Russia and the Rus­sian ru­ble and East Europe and in­vestors' close fo­cus on pri­vati­sa­tion-bound com­pa­nies, which clearly do not in­clude Krka. Fur­ther­more, in­vestors were get­ting ner­vous by the long pri­vati­sa­tion pro­cesses and oc­ca­sional po­lit­i­cal bumps. We should note that even though the early elec­tions had lit­tle ef­fect on re­turns, the SBI TOP's full-year re­turn was gen­er­ated in first six months of 2014, be­fore the po­lit­i­cal tur­moil. There­fore, we could say the sec­ond half of 2014 was a dis­ap­point­ment re­gard­ing re­turns and news flow.

2015 should again be viewed in light of the main sto­ry­lines: above-av­er­age div­i­dend yield and con­tin­u­ing pri­vati­sa­tion process. Div­i­dend yields were ex­pected to be gen­er­ous and above- av­er­age in 2015 as well, but as most ex-dates are ex­pected in the sec­ond quar­ter of the year, this story can drive pos­i­tive re­turn only in the first half of the year. As for pri­vati­sa­tion, the ex­pec­ta­tions about the fi­nal­i­sa­tion of sev­eral deals, the most prom­i­nent one be­ing Telekom Slovenije, were high at the end of 2014. There­fore, a pos­si­ble dis­ap­point­ment, which seems in­creas­ingly likely, will in­evitably lead to stock price corrections. The shal­low mar­ket is of lit­tle help in this re­spect, but it does pose in­ter­est­ing in­vest­ment op­por­tu­ni­ties. The mid-year un­suc­cess­ful pri­vati­sa­tion of Telekom Slovenije put a sig­nif­i­cant dent in the sec­ond story and while the rest of the mar­ket sur­pris­ingly avoided a se­vere cor­rec­tion, it does limit po­ten­tial re­turn.

From a val­u­a­tion and growth po­ten­tial per­spec­tive the top picks re­main Luka Koper and Sava RE, while Petrol, Krka and Zavaroval­nica Triglav re­main in­ter­est­ing in terms of val­u­a­tion and div­i­dend po­ten­tial. Dis­claimer: The au­thor of this ar­ti­cle is owner of Krka, Gorenje and Petrol shares.

ALTA In­vest d.d. and re­lated en­ti­ties can be own­ers of men­tioned shares.

ALTA In­vest, in­ves­ti­ci­jske storitve, d.d. is su­per­vised by the Slove­nian se­cu­rity and ex­change com­mis­sion (Agen­cija za trg vred­nos­t­nih pa­pir­jev), Pol­jan­ski Nasip 6, 1000 Ljubl­jana, Slove­nia. Fur­ther in­for­ma­tion is avail­able at: www.alta.si/ razkritja

Tourism sec­tor, com­pa­nies' suc­cess­ful re­struc­tur­ing to con­tinue to drive Za­greb bourse

by Nada Haram­ba­sic Nereau, Raif­feisen Croa­tia an­a­lyst

The Za­greb stock ex­change put up a mixed per­for­mance in 2014 – the CROBEX fell 2.7% while CROBEX10 went up by 1.2%. How­ever, the ma­jor­ity of the liq­uid shares saw a dra­matic move dur­ing the year, which was closely re­lated - in a pos­i­tive way - to the per­for­mance of com­pa­nies op­er­at­ing in the tourism sec­tor. The CROBEX­tur­ist in­dex surged as much as 79% in 2014 while the shares of con­struc­tion com­pa­nies fell by 37%. The driver be­hind the pos­i­tive fig­ures was in many cases an op­er­a­tional or fi­nan­cial re­struc­tur­ing that led to im­proved re­sults, as well as spec­u­la­tion on the mar­ket. How­ever, as the tourism sea­son is likely to be an all-time best, shares of tourism com­pa­nies con­tin­ued to rise in 2015. Con­struc­tion and in­dus­trial shares in 2014 were on the down­side due to shrink­ing vol­ume of or­ders and bal­ance sheet re­struc­tur­ing via ad­min­is­tra­tive set­tle­ment pro­ce­dure (a pre-bank­ruptcy set­tle­ment). Since most of these pro­cesses are com­pleted, we ex­pect the com­pa­nies to con­tinue to op­er­ate in a more sta­ble fash­ion.

In the last few months of 2015 we ex­pect a more pos­i­tive devel­op­ment than what we saw in the past cou­ple of weeks as com­pa­nies are ex­pected to im­prove their per­for­mance and the econ­omy is show­ing signs of re­cov­ery. In the sec­ond quar­ter of 2015 the coun­try's GDP climbed by 1.2% year-on-year sup­ported by ex­port and house­hold con­sump­tion; in­dus­trial pro­duc­tion recorded 3.9% year-on-year growth in July, and re­tail in­creased by an an­nual 4.5% in July. In our view, com­pa­nies that have com­pleted their re­struc­tur­ing, as well as ones which are fo­cused on ex­pan­sion out­side the re­gion and re­port­ing on new con­tracts could be in the spot­light of in­vestors. Also, takeover ac­tiv­i­ties in tourism could con­tinue to stir up the sec­tor. Re­gard­ing the IPO po­ten­tial, there are no pend­ing is­sues cur­rently and the an­nounced list­ing of some state com­pa­nies will prob­a­bly be post­poned as 2015 is an elec­tion year.

From a val­u­a­tion and growth po­ten­tial per­spec­tive the top picks re­main Luka Koper and Sava RE

Dis­claimer: This per­sonal opin­ion of afore­men­tioned an­a­lyst is for in­for­ma­tion pur­poses only. Anal­y­sis is based on gen­er­ally avail­able in­for­ma­tion and does not con­sti­tute any kind of rec­om­men­da­tion to buy, hold or sell fi­nan­cial in­stru­ments. Raif­feisen­bank Aus­tria d.d. is reg­is­tered in Za­greb, Croa­tia, su­per­vised by Croa­t­ian Fi­nan­cial Ser­vices Su­per­vi­sory Agency Mi­ra­marska 24b, 10 000 Za­greb and Croa­t­ian na­tional bank, Trg hrvatskih ve­likana 3, 10 002 Za­greb, Re­pub­lic of Croa­tia. Raif­feisen­bank Aus­tria d.d. can have in­ter­est or busi­ness re­la­tion­ship with an­a­lyzed com­pa­nies or in­dus­tries. Fur­ther in­for­ma­tion is avail­able at www.rba.hr. An­a­lyst in­vest­ment port­fo­lio is dis­closed at www.limun.hr.

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