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Sectoral analyses
In this report we are looking into performance of the local car dealers in order to display the origins of their profitability, magnitude of the effects of the global supply shocks and how the disconnections in the aggregate supply and demand affected car dealerships’ business results. We also look into how the dispersion in sales of the largest car dealerships in the region reflects consumer sentiment.
02.03.2023.
Regional topics
Headline inflation is slowing down in most of Adria region, with only Serbia being an outlier in the recent months as headline inflation pressures seem to have built up further. On a global view, inflation pressures coming from energy and food categories are easing, especially energy costs with relatively warm winter which in case of Europe meant less usage of gas and electricity.
27.02.2023.
Sectoral analyses
E-commerce value has grown rapidly over the past years, with the industry’s growth in mid-teens leading to changes in patterns of traditional retail and distribution business as well. E-commerce development in the Adria region is in somewhat different stages, which comes from different degree of digitalization, characteristics of the market and different economic development between the countries.
20.02.2023.
Regional topics
With 20+ years of transition and convergence behind, we are taking a detailed look into the competitiveness developments of Adria countries vs. CESEE peers. Aside from highlighting competitiveness rankings made by third party centers in areas such as business environment, we are also going through high level macro results reflecting competitiveness basics.
20.02.2023.
Regional topics
A mix of economic activity slowdown, falling real wage levels, rising interest rates and ever-increasing prices, pushed annual growth rates down significantly in Serbia, Slovenia and Croatia, further deepened the decline in North Macedonia, while still held up in Bosnia and Herzegovina.
13.02.2023.
Regional topics
In Adria region, lending activity is in the positive zone in terms of yoy growth, however in most cases growth is slowing in H2 2022. Even though monetary policies are tightening, the transmission on the interest rates still needs to fully materialize, with interest rates still allowing for demand for certain credit categories to remain strong.
08.02.2023.
Regional topics
ESG is a topic increasingly becoming important for the capital flows. Global stock indexes started the year on a positive tone, with the support largely coming from the idea that most of negative elements in terms of macro fundamentals is already priced in.
06.02.2023.
Regional topics
Construction activity has been slowing down in North Macedonia, Bosnia and Herzegovina and Serbia, growing in Croatia and booming in Slovenia in 2H2022. Downtrend in countries with weaker numbers is already mirroring anticipation of subdued demand due to pandemic savings fading out and rising interest rates reflecting on funding.
01.02.2023.
Company reports
NIS performance in the recent period was highlighted by stronger sales and profitability figures on the back of higher global oil prices. We see the latter somewhat lower on average for 2023, suggesting a drop in NIS’ top and bottom line, however these key P&L elements will still remain strong. In terms of M&A activity, there is a potential for buyouts of smaller market participants in the retail segment, perhaps also in the neighbouring countries.
31.01.2023.
Sectoral analyses
The analysis focuses on the factors driving agrochemical prices up, especially in 2021 and 2022. The price plateau at the beginning of 2023 reflects weak underlying demand as farmers cut back fertilizer use due to affordability and availability issues. In the peer analysis section, we analyse the performance of Adria players as well as some of the largest global agrochemicals producers, in order to offer context in this volatile industry.
26.01.2023.
Sectoral analyses
Beer industry is one of the most globally consolidated industries in terms of market share driven primarily by one simple explanation; beer is a low-priced, bulky product that needs to be produced geographically near the end-consumer in order to benefit from low logistics cost and enjoy favorable unit economics.
23.01.2023.
Regional topics
Commodity prices experienced exceptional volatility in 2022, mostly triggered by the breakout of Russia-Ukraine conflict, post-pandemic demand instability and heavy droughts in many economies. High inflation rates in recent periods shed the light on commodity market due to its prompt and undeniable pass-through to price levels causing domino effect on inflation rates.
23.01.2023.
