Disclaimers

ALTA Skupina, upravljanje družb, d.d. (company name translation: ALTA Group), which forms the group ALTA together with entities, mentioned on this website (hereinafter: ALTA), is the exclusive author and owner of the website. The content of this webpage is subject to copyright protection and other intellectual property rights.

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The content of this website does not constitute investment recommendations to buy or sell financial instruments, nor does not constitute an offer or solicitation to purchase or sell securities, but it is intended to inform the public about ALTA's services and developments on the capital markets. Past performance is not necessarily an indicator of future profitability of the issuer of the financial instrument. 

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ALTA Invest, investicijske storitve, d.d. (company name translation: ALTA Invest, investment services, Inc.) (hereinafter: ALTA Invest d.d.) and ALTA Skladi, družba za upravljanje, d.d. (company name translation: ALTA Funds, Asset Managment, Inc.) (hereinafter: ALTA Skladi d.d.) are supervised by Slovenian Securities Market Agency (Agencija za trg vrednostnih papirjev), Poljanski nasip 6, 1000 Ljubljana, Slovenia. Those legal entities and their related entities may have an interest in the purchase or sale of financial instruments that are mentioned on this website.

 

Other information about services of ALTA Invest d.d. and financial instruments, including General terms and conditions on financial instrument operations and Price lists and other disclosures are availible here.

Disclosure On Investment Recommendations

ALTA Invest, investicijske storitve, d.d. (eng. ALTA Invest, investment services Inc.) with its registered office at Ljubljana, Železna cesta 18, 1000 Ljubljana (hereinafter referred as ALTA Invest) is responsible for preparation and issuing of this investment recommendations. ALTA Invest is supervised by the Slovenian Security Market Agency, Poljanski nasip 6, Ljubljana.

ALTA Invest may trade with the financial instruments mentioned in this document for its own account and may also engage in securities transactions in a manner inconsistent with the content of this research report as a result of short-term trading recommendations by analysts.

Remuneration of the analyst who provides monitoring of a certain issuer is based, among other factors, also on the profitability of ALTA Invest.

In order to avoid and prevent conflict of interests the research department and TradePort are separate organizational part of ALTA Invest and are independent in their decisions regarding selection, monitoring and updating of its investment recommendations of an individual issuer. According to its information policy, ALTA Invest observes data privacy and strongly defends access to its data bases and other materials connected with the research department against any unauthorized access or persons.

Information in this document is based on data obtained from public sources, published financial statements and general meetings documentations, annual and semi-annual reports and other companies' published sources, data from Bloomberg L.P. and other publicly available sources (Reuters, Capital IQ, The Financial Timer, Business Week, The Economist etc.) and own calculations. Other sources include: for forex: FxStreetDailyfxActionforexForex NewsCommerzbank, Bloomberg Professional, for forex & equity & macroeconomic research: Saxo BankJyske BankRaiffeissen Bank, Bloomberg Professional, for equity: Yahoo FinanceReutersFinanztreff, Bloomberg Professional, for macroeconomic research: BNP PARIBAS BankJyske Bank, Bloomberg Professional, for futures: FxStreet FuturesFutureSource.comTFC Commodity Charts, Bloomberg Professional, for commitments of traders: TFC Commodity Charts, Bloomberg Professional.

No representations or guaranties are made by ALTA Invest or subjects participating in preparation of this document with regard to the completeness, reliability or accuracy of data obtained from several public sources nor are such representations or guaranties made for data processing, calculations or analysis based on such data.

The following basis or methodologies were used for evaluation of financial instrument or the issuer to determine the target price of a financial instrument in this investment recommendation:

  • Net assets valuation method and liquidation (salvage) valuation;
  • Discounted cash flow valuation method;
  • Relative valuation method;
  • Transaction valuation method;
  • Technical analysis.

Investment recommendation means either investment research or market notice under the second paragraph of Article 212. of the Financial Instruments Market Act (Official Gazette of RS , No. 67/2007, hereinafter: ZTFI).

The document can also consist of historical data about the profitability of financial instruments, however past performance is not necessarily indicative of future results. Historical data on yields of a financial instrument does not guarantee future returns.

In the event that investment recommendation contains forward-looking strategies or the relationship between risk and reward (hereinafter forecasts), ALTA Invest or subjects participating in preparation of this document employed by ALTA Invest under a contract of employment or otherwise, hereby declare that they always endeavor to gathered complete, useful and true forecasts in accordance with professional prudence.

Forecasts are represented on the basis of information, knowledge and experience formed expectations borne out by events in the past. Their materialization is not guaranteed by ALTA Invest and subjects employed by ALTA Invest under a contract of employment or otherwise, and who participated in making recommendations.

ALTA Invest or subjects employed by ALTA Invest under a contract of employment or otherwise, do not assume responsibility for the results or any other consequences of the acts or omissions performed pursuant to the said investment recommendations. ALTA Invest or subjects employed by ALTA Invest under a contract of employment or otherwise, therefore does not guarantee the profitability of financial instruments.

Persons who participated in the individual investment recommendation are listed on investment recommendation.

The shares are equity related financial instrument. Ordinary shares are shares that grant their holders the right to participate in the management of the company, the right to participate in the profits (dividend) and the right to the corresponding part of assets remaining after the winding-up or bankruptcy of the company. Preference shares are shares which, in addition to the rights set out in the preceding statement, also confer upon their holders certain pre-emption rights such as priority in payment of predetermined sums or percentages of the nominal amount of shares or profit, priority payment on winding-up of the company and other rights set out in the company’s articles of association. Preference shares may be issued without voting rights. Equity related financial instrument’s yield is composed of dividends to be decided by the general meeting of company’s owners and the difference in share price resulting from the moment of purchase and sale. The difference can be positive or negative and it is impossible to predict with certainty.

Risks associated with investing in shares, are for example: loss associated with a fall in share prices, taking into consideration the fact that past performance does not guarantee future; risk of failure to achieve anticipated future operating results of the issuer; risk of bankruptcy or default of the issuer; risk of other changes in the economy on which the issuer cannot influence and which may cause the change in value of investments (market risk), like changes in interest rates (interest rate risk) and changes in the law (especially in the regulation of money and capital markets, taxes, and international capital flows), natural and environmental disasters, war and other conflict situations or other cases of force majeure; lack of demand for share, due to which the holder thereof at the desired time will not be able to sell or will only be able to sell at a lower price; illiquidity increases the difference between the offered and demanded market price, which varies significantly from the average market price (liquidity risk); in the event that the shares are denominated in a foreign currency, the investor accepts the currency risk; in this case the yield of a financial instrument also depends on the movement of foreign currencies in relation to the home currency, which could affect the reduction in yield due to unfavorable currency fluctuations. Investing in shares does not contain any leverage. With the purchase of shares the investor risks losing the entire investment. Any transaction costs shall be deducted from the realized return.

A bond is a fixed or variable interest-bearing debt securities in which the issuer undertakes holder, in accordance with pre-agreed plan, at maturity or at the time of duration of the bonds to pay principal and interest. The bond yield consists of interest on the capital invested and the difference between the purchase price and the selling price of the bond. The yield can be fixed in advance only if the bond is held to maturity and a fixed interest rate. Yield bonds with variable interest rates cannot be determined in advance. Bond yields that are significantly above normal returns must be assessed with caution and investors should check the credit risk of the issuer. The selling price is also not known in advance and may differ from the price which was used in calculating the expected return, i.e. expected and realized returns can differ. Any transaction costs shall be deducted from the realized return.

Risks associated with the purchase of bonds are for example: the risk that the issuer will default on its obligations (credit risk), interest rate risk, the risk of changes in the economy, in which the issuer has no effect, liquidity risk, market risk, foreign exchange risk. By purchasing a bond investor may risk losing the entire investment, particularly by buying bonds issued by issuers with a low credit rating ("Junk bonds"), otherwise the probability that this happens is very small.

Derivatives are financial instruments, which are derived from the underlying instrument, like from stocks, bonds, currencies, interest rates, commodities, etc. Examples of derivatives are options, certificates, contracts for difference (CFD), futures, warrants.

Trading in derivatives, for example in the currency market, CFDs, futures, options, certificates and other complex financial instruments is not suitable for every investor. Customers are generally recommended diversification of investments in various financial instruments of different issuers in order to reduce exposure to the individual financial instrument.

Derivatives may contain a leverage, which means that the change in the value of the underlying instrument reflects to a greater extent in the value of the client's investments. This can be client’s advantage or disadvantage. In the case of the client unfavorable market shifts, the client can lose the entire value of its investment or for certain types of derivatives even more than that. A leverage ratio differs for each instrument, so the customer is obliged to learn about this before entering into any such transaction.

No requirements to provide the entire value of the transaction are related to certain derivative instruments before buying, but it's enough to cover margin account to maintain a predetermined percentage of the transaction. In the event of changes to the margin requirements by the issuer or the client unfavorable exchange rate move it may happen that the requirements to cover open positions exceed the amount of the client's coverage. If a party fails to close some positions or transfer additional funds on the trading account, all client’s positions may be forcibly closed. Any trading losses actually incurred shall be borne by the customer.

Some derivatives allow automatic closing positions at predetermined values, also for the purposes of determining the maximum permissible loss. The implementation of these measures is subject to liquidity risk, so it is possible that the transaction will be completed at lower levels than predicted by the launch of closing the positions.

Options trading may involve a high degree of risk. Before carrying out option transactions the customer must check how much needs to change the value of the underlying instrument from which the option is derived, before it acquires an intrinsic value to cover the premium and transaction costs paid by the client. Before entering into option transaction each customer should learn about the properties of these instruments and in particular the nature of the contractual relationship into which enters through the sale of the option, because in this case the loss can be unlimited.

The selling price of a financial instrument is generally not known in advance and may differ from the price, which was used in the calculation of the expected gross yield. Therefore, there can be a difference between expected and realized gross yield. The difference can be positive or negative and it is impossible to predict with certainty. In any case, it is also necessary to note that the net yield on a financial instrument is affected by the costs and fees associated with buying and selling a financial instrument, and taxes, if any.

Investing in financial instruments is also associated with risk. It is necessary to be aware of all risk before taking an investment decision. Investment recommendation aimed at a wider circle of people does not take into account the experience, financial possibilities and intentions of each person in respect of investments in financial instruments, which could significantly impact the content of the recommendations. Before investing in financial instruments that are subject to investment recommendations, consult with ALTA Invest specialized personnel.

ALTA Invest is a brokerage company whose business scope includes reception and transmission of orders in relation to one or more financial instruments, execution of orders to buy or sell financial instruments on behalf of clients and dealing on own account. ALTA Invest is an authorized member of the Ljubljana Stock Exchange, d. d., Ljubljana, Slovenian 56, 1000 Ljubljana.

Subjects participating in preparation of this document employed by ALTA Invest under a contract of employment or otherwise and who participated in making the recommendation, hereby state that their remuneration is not directly linked to the specific recommendations or views expressed in the recommendation, either directly to transactions in respect of financial instruments conducted by ALTA Invest and ALTA Invest associated legal entities. However, payment of the analyst responsible for monitoring the relevant issuer as mentioned in this document can, among other factors, also be linked to the return of ALTA Invest, part of which may also represent a profit from the investment services.

Individuals participating in preparation of this document employed by ALTA Invest under a contract of employment or otherwise and who participated in making the recommendation, hereby state that they did not acquire shares of the issuer prior to a public distribution of this document.

ALTA Invest declares that this document was not disclose to the issuer, whose financial instrument is the subject of a recommendation, prior to its distribution.

To the knowledge of ALTA Invest:

  • there is no significant participations in terms of the proportion for ALTA Invest, individuals who work for ALTA Invest, under a contract of employment or otherwise, and has participated in making, transmission, or distribution of the recommendation, or with any of these subjects related legal persons in the issuer, that exceed 5% of the share capital of the issuer or shares of an issuer that exceed 5% of the share capital of ALTA Invest;
  • both ALTA Invest, as well as ALTA Invest associated legal persons or other legal persons or individuals who work for ALTA Invest on the basis of a contract of employment or otherwise, and who participated in making recommendations could have already in the past or will in the future conclude transactions in financial instruments or with issuers that are the subject of investment recommendations. On the day of publication of investment recommendations therefore authors of investment recommendations, ALTA Invest, ALTA Invest associated legal persons or other legal persons or individuals who work for ALTA Invest, under a contract of employment or otherwise, and who participated in making recommendations, could own financial instrument referred to in this document;
  • neither ALTA Invest nor individual who works for ALTA Invest on the basis of a contract of employment or otherwise, and has participated in making, transmission or distribution of recommendations, nor by any of these subjects related legal person, are market makers in financial instruments of the issuer; neither ALTA Invest nor individual who works for ALTA Invest on the basis of a contract of employment or otherwise, and has participated in making, transmission or distribution of recommendations, nor by any of these parties related legal person, led in the past 12 months public offer of financial instruments referred to issuer or participated in its implementation;
  • neither ALTA Invest nor individual who works for ALTA Invest on the basis of a contract of employment or otherwise, and has participated in making, transmission or distribution of recommendations, nor by any of these parties related legal person, has concluded an agreement or contract for making investment recommendations with the issuer;
  • neither ALTA Invest nor individual who works for ALTA Invest on the basis of a contract of employment or otherwise, and has participated in making, transmission or distribution of recommendations, nor by any of these parties related legal person in respect of financial instruments which are the subject of this recommendation, or to an issuer to which the recommendation relates, have conflicts of interest, except for any disclosures in the remainder of this document.

In the period between 30.06.2015 and 30.06.2016 the structure of all investment research was:

  NUMBER SHARE SHARE OF ISSUERS, FOR WHICH ALTA INVEST, INVESTICIJSKE STORITVE, D.D., HAS PROVIDED INVESTMENT SERVICES REGARDING FINANCIAL INSTRUMENTS IN LAST 12 MONTHS
Buy 29 71% 7%
Hold 8 20% 5%
Sell 4 10% 5%

BUY: Based on estimation of the overall expected return ALTA Invest in a given time proposes purchase of shares.Explanation of individual investment recommendations:

HOLD: Based on estimation of the overall expected return ALTA Invest in a given time does not propose buying or selling the shares.

SELL: Based on estimation of the overall expected return ALTA Invest in a given time proposes sale of shares.

ALTA Invest is not obliged in any way to periodically renewing or updating the recommendations of the issuer, nor is it obliged to inform the recipients of recommendations on amendments to the estimates, opinions and projections resulting from events after the publication of the recommendations. ALTA Invest in dealing with a customer or on its behalf shall not be obliged to act in accordance with the opinions and estimates expressed in investment recommendations that are published by it.

In the case of investment recommendations through TradePort, the provided duration of the recommendations is less than three days. In the case of other investment recommendations, a valid time of investment recommendations is set out in the investment recommendation. The validity of the investment recommendation may vary from those in the investment recommendation. The time of holding a position is so dependent on the current market conditions, so there may be recommended closing prior to the one, given in investment recommendation.

The recipient of this document can use received information and data for personal purposes only, in the case of individual, or business needs if he is a legal person (but not for profit purposes). However, it may not be forwarded, transmitted or otherwise provide any other individual or legal person, or distribute or reproduce without prior permission of ALTA Invest.

The contents of the document may be subject to copyright law and thus the court submission.

Other information on services of ALTA Invest and financial instruments, including general terms and conditions of financial instruments, price list and other disclosures are available on