Free float of CROBEX Constituents

Today, we decided to present you with a brief overview of CROBEX constituents’ free float.

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 (%)

8 CROBEX constituents have a free float higher than 50%, indicating that almost 50% of CROBEX constituents are still held by a small group of majority shareholders. Of the constituents, there are two companies that have a free float over 90% – Ingra with a free float of 93.6% and Adris (preferred) with a 91.6% of free float.

On the other hand, only ZABA has less than 10% of free float. ZABA has a free float of 3.8% and is almost completely owned by Unicredit 84.48% and Allianz 11.72%. ZABA is followed by Tankerska Next Generation, FTB Turizam and Plava Laguna with a free float of 8.6%, 13.6% and 15.8%, respectively. We note the biggest recent change in the CROBEX constituents’ free float occurred in Tankerska Next Generations. The company’s free float fell sharply as Tankerska Plovidba, the majority shareholder at the moment, acquired an additional stake in TPNG through a series of trades and blocks. Following the acquisition of the mentioned stake, Tankerska Plovidba currently holds 91.41% of TPNG’s share capital.

The prime market is the most demanding market on the Zagreb Stock Exchange regarding the requirements set before the issuer. It is worth noting that it requires the issuer to have a free float of at least 35%. If we were to compare CROBEX to that parameter, a few of the constituents would not meet the criteria (ZABA, TPNG, FTB Turizam, Plava Laguna, Brodogradilište Viktor Lenac, HPB and Jadroplov).

If we were to calculate the free float of CROBEX constituents while excluding pension funds, the results would be slightly different for some, but significantly different for the majority of companies. Namely, Croatian pension funds held HRK 15.6bn of the total market capitalization of ZSE at 10M2022. This amounts to 12.6% of market cap of ZSE equity that at the end of October 2022 came to EUR 17.8bn.

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