For today, we decided to present you with a brief overview of free float and free float market cap of the CROBEX constituents.

In our analysis we considered free float to equal all individual shareholdings lower than 5%, while pension funds and UCITS funds were considered as free float regardless of their shareholding percentage.

Free Float of CROBEX Constituents (%)

Among the 15 CROBEX components 8 have a free float higher than 50%, indicating that the roughly half of CROBEX components are still held by a small group of majority shareholders. Of the constituents, Končar tops the list with a free float of 100%, followed by Adris (preferred) with 93.3%. Podravka comes next with a free float of 83.7%.

On the flip side, ZABA has the lowest free float of 3.8%, as it is almost entirely owned by Unicredit (84.5%) and Allianz SE (11.7%). Market Cap wise, ZABA is the second largest constituent on the ZSE, accounting for roughly 13% of the total equity capitalization. However, if we were to observe their free float market cap, it is the ninth largest CROBEX constituent, as visible in the graph below.

It is worth noting that the Prime Market, which is the Stock Exchange’s most demanding market regarding the requirements set before the issuer, requires the issuer to have a free float of at least 35%. If we were to compare CROBEX to that parameter, only 2 companies (Maistra and ZABA) would not meet the criteria.  

Turning our attention to the free float market cap of the index constituents, HT leads the list with EUR 848.2m. Adris (preferred) follows with a free float market cap of EUR 425.7m. Next come Podravka and Valamar Riviera with 379.8m and 356.9m, respectively.

Free Float Market Cap of CROBEX Constituents (EUR m)