Today marks exactly one year since Span was listed on ZSE. During the year, Span managed to increase its revenue by 4%, EBITDA after one-off by 113%, and bottom line by 230%. On the market, SPAN’s share price held above its IPO price of HRK 175. If an investor bought SPAN on the IPO, he would currently have a 36.6% YoY return (excluding a DY offered). We note Span’s share price amounted to HRK 218 on the open of the first trading day, which is above the IPO’s price.
Span key financials (H1 2022 vs. H1 2021, HRKm)
Today marks exactly one year since Span was listed on ZSE. It has been a solid year in terms of Span’s share price performance. During this period, at all time price held above its IPO price of HR 175. If one bought Span’s shares on the IPO, currently his position increased 36.6% YoY with yesterday’s closing price amounting to HRK 239. We note Span’s share price amounted to HRK 218 on the open of the first trading day, which is above the IPO’s price. If one missed an IPO opportunity and bought it on the opening of the trading session, he would still make a favor for his wallet, achieving a 9.6% increase in price.
Further, in June, Span approved the proposed dividend of HRK 5 per share, which implied a 2.3% DY compared to the price before the proposal. According to the decision, Span paid out HRK 9.55m to its shareholders, which translated to a 40% payout ratio. According to the Company’s dividend policy published in February, 20% to 50% of the consolidated profit will be paid in the form of dividends.
Market-wise, Span also adopted Share Buyback Programme and signed a Market Making mandate
At the start of 2022, Span adopted Share Buyback Programme with a maximum of 30,000 own shares, which will last for another 4 months. The Company will be acquiring its own shares for the purpose of employee remuneration. In the programme, the price at which the shares can be purchased cannot be 5% higher than the average market price of the share achieved on the regulated market during the previous trading day. We are pleased with the fact that Span chose InterCapital for the purpose of executing the mentioned program.
Besides Share Buyback Programme, InterCapital also executes a market making mandate for Span with the idea is to enable investors to buy or sell the shares (up to a certain size) at any time within a reasonable volatility range.
Span and CROBEX10 price performance since Span IPO (22 September 2022 – present, %)