Today, we decided to present you with a brief overview of SBITOP 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 SBITOP Constituents (%)
Among the SBITOP constituents, five of them have a free float higher than 50%, while the other five constituents are still mostly held by a small group of majority shareholders. Of the constituents, Salus and Krka have by far the highest free float amounting to 84.1% and 73.1%, respectively. On the other hand, Luka Koper, Telekom Slovenije, Sava Re and Triglav have less than 50% of free float. Unior and Luka Koper have a free float of 42.8% and 37.9%, respectively. They are followed by Telekom Slovenije with a free float of 31.9%, and Triglav being the last on the list with a free float amounting to 30.7%.
Comparing both medians and mean of the free float of CROBEX and SBITOP constituents, as main indices on ZSE and LJSE, a similar situation occurs. Free float of SBITOP constituents median amounts to 50.8%, while CROBEX median for the same parameter amounts to 44.7%. Meanwhile, the mean for SBITOP constituents amounts to 52.5%, while the mean for CROBEX amounts to a slightly lower number of 46.4%. The important thing to stress out is that the data range for CROBEX constituents is wider and has a higher deviation than the data range for SBITOP constituents, which shouldn’t come as a surprise as CROBEX has more constituents within the index itself.
We should emphasize that the Prime market is the most demanding market on the Ljubljana Stock Exchange regarding the requirements set before the issuer. It is worth noting that it requires the issuer to fulfill additional liquidity criteria, which will result in greater volume, a higher number of trades and therefore reducing “hidden” costs (like high bid-ask spread resulting from illiquidity).