The share once again observed a very high turnover of HRK 68.6m (71,997 shares), translating into 4.8% of share capital when looking at volume traded. Of that, 31.2% of the shares were traded at HRK 1,000 per share.

Kraš’ share price reached HRK 1,000 during yesterday’s trading, while it closed at HRK 995 per share (+17.06%). Note that this is the first time in the company’s history that it’s share was trading at a four digit number. At the current share price, the company is traded at EV/EBITDA of 14.5x.

The share once again observed a very high turnover of HRK 68.6m (71,997 shares), translating into 4.8% of share capital when looking at volume traded. Of that, 31.2% of the shares were traded at HRK 1,000 per share.

YTD Kraš Share Price Performance (HRK)

As a reminder, Kraš recently published a document on the Zagreb Stock Exchange stating that Kappa Star Limited has passed the 5% voting right threshold and has therefore confirmed media’s speculation about who is the “third-party” involved in Kraš’ takeover.

Kappa Star Limited has recently appeared in the top 10 shareholders in Kraš, however, under Raiffeisenbank Austria’s custody account, so it was not publicly known who was behind the trades. On Monday (16 September), the company breached the 5% threshold. According to the Zagreb Stock Exchange, Kappa Star Limited is currently the third largest shareholder of Kraš, with 8.75% of the total shares. As the settlement date for shares is T+2, one could expect the share increase even furhter in the near future.

Pošta Slovenije will acquire 9,168,425 ordinary shares and 10,657,965 preference shares at a single price of EUR 1.45 per share. Since the purchase price is significantly lower than the last closing price, it comes as no surprise that the share price of Intereuropa ended the day 5.51% lower at EUR 2.4 per share.

Intereuropa published a document on the Ljubljana Stock Exchange announcing that Pošta Slovenije concluded the agreement for the sale and purchase of shares of Intereuropa. The mentioned agreement was concluded with a consortium of banks which include SID Banka, NLB, Nova KBM, Gorenjska Banka, SKB and Banka Intesa Sanpaolo.

According to the document, Pošta Slovenije will acquire 9,168,425 ordinary shares and 10,657,965 preference shares at a single price of EUR 1.45 per share. The mentioned deal puts it at P/E of 7.74 and EV/EBITDA of 7.35.

Since the purchase price is significantly lower than the last closing price, it comes as no surprise that the share price of Intereuropa ended the day 5.51% lower at EUR 2.4 per share.

As a reminder, 72% of the group’s shares are owned by banks which include SID Banka, NLB, Nova KBM, Gorenjska Banka, SKB and Banka Intesa Sanpaolo. The mentioned banks became the major shareholders as a result of Intereuropa failing to service their debt.

Note that prior to this, Intereuropa has had a couple of sale attempts; first time in the beginning of 2016, but they failed to agree on the key terms of the sale with Czech-Maltese Tuffieh Funds.

This is the first time that the company receives the BBB rating, putting it into investment grade.

Electrica Group published a document on the Bucharest Stock Exchange that they have obtained the issuer corporate rating of BBB, with a stable outlook, from the rating agency Fitch Ratings. The rating puts the company in the investment grade for the first time.

Fitch Ratings states that the rating reflects Electrica’s resilient business profile with 80%-85% of EBITDA coming from regulated and fairly predictable electricity distribution and a strong financial profile. Under our rating case leverage will increase but remain low, which is commensurate with Electrica’s Standalone Credit Profile (SCP) of ‘bbb’.

The rating is above the sovereign rating of Romania (BBB-/Stable), due to Electrica’s weak links with its main shareholder, the Romanian state, assessed under Fitch’s Government-Related Entities (GRE) and Parent and Subsidiary Linkage (PSL) Rating Criteria.

Fitch’s Key Assumptions Within their Rating Case for the Issuer

• Stable EBITDA at RON 0.6bn to RON 0.7 bn per year over 2019-2023
• Distribution accounting for 80% – 85% of EBITDA, supply for around 15% and electricity services for the remainder
• Capex totaling RON 3.2bn over 2019-2023, with around 95% in distribution
• Lower dividends at RON 0.1bn to RON 0.2bn  per year over 2019 – 2023
• New debt interest of 3.5%