Optimisticna priporocila ene borznoposredniske hise glede delnic:
KRKA - BUY (82,00 EUR)
PETROL - BUY (418,00 EUR)
ZVTG - HOLD/BUY (37,00 EUR)
NLB - BUY (79,00 EUR)
POSR - BUY (23,00 EUR)
TELEKOM - BUY (72,20 EUR)
LUKA KOPER - HOLD/BUY (26,00 EUR)
CINKARNA CELJE - BUY (250,00 EUR)

Krka Group – Low market valuation. Business results better than planned for 2019. Despite the solid YoY stock price growth, Krka's shares remain undervalued relative to comparable companies abroad. The median market to book ratio (P/B) of the comparable group of companies is 2.4, while Krka's P/B is at 1.4.

• Petrol Group – Low market valuation, dominant market position and a high dividend yield.

• NLB Group – P/B is 0.75 which is on the low end of pricing for this kind of bank in our view. We estimate that there is a high likelihood that the price should start moving to the P/B of 0.9. The bank has the dominant position in Slovenia.

• Triglav Group and Sava Insurance Group– Both insurers enjoy GDP growth rates that are above Eurozone average which should support the revenue stream in the 2020 – 2022. For Triglav Group dividend payout next year should be EUR 2.5 per share (7.6% dividend yield).

Zavarovalna skupina Sava
has curretly a P/B ratio of 0.74 which shlould, according to our expectations, start moving closer to 0.9 in H1/20.

• Telekoma Slovenije – Low valuation, high dividend yield, monopoly position in the market, high penetration, management crisis, local policy influence.

• Cinkarna Celje – Low valuation, high dividend yield, business results better than plan for 2019, good position in markets, new management team in the
future.