Today, we decided to present you with a brief overview of SBITOP constituents’ free float before the Q3 reporting season.
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 using the latest available shareholder structure information.
Free Float of SBITOP Constituents (%)
Source: LJSE, InterCapital Research
Among the SBITOP constituents, three of them have a free float higher than 50%, while the other six constituents can be considered as to be mostly held by a small group of majority shareholders. Of the constituents, Krka has by far the highest free float amounting to 73.1%. On the other hand, Equinox, Zavarovalnica Triglav, Telekom Slovenije and Luka Koper are at the bottom of this list regarding the part of shares “available” on the stock exchange. Equinox has a free float of 20.5%. Equinox is followed by Zavarovalnica Triglav and Telekom Slovenije with a free float of 30.7% and 31.9%, respectively. Finally, Luka Koper currently stands at 37.9% free float.
Comparing both medians and the mean of the free float of CROBEX and SBITOP constituents, as main indices on ZSE and LJSE, a pretty similar picture is seen. Free float of SBITOP constituents median amounts to 45.9%, while the CROBEX median for the same parameter amounts to 50.9%. Meanwhile, the mean for SBITOP constituents amounts to 46.1%, while the mean for CROBEX amounts to a slightly higher number of 50%. 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.
Source: LJSE, InterCapital Research
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 reduce “hidden” costs (like high bid-ask spread resulting from illiquidity).
