With regional index components publishing their dividend proposals we decided to compare them in order to see which country offers the most attractive dividend yields. Furthermore, we provide you with a list of ex-date so that you do not miss out on any potential opportunities from the upcoming dividend payments.

Croatia

CROBEX Components Dividend Per Share (HRK)

Source: InterCapital Research

Croatian investors witnessed a hike in dividend proposals this year as record breaking results pushed management boards to raise company’s dividends.

Among Croatian companies, the highest dividend was proposed by Ericsson NT which amounts to HRK 70,6 per share. The proposed amount is doubled when compared to last year, however this is due to the fact that FY 2017 saw Ericsson NT’s net profit sliced in half and, as a result, so did their dividend. Therefore, one could say that the dividend rise was expected. Meanwhile both Croatian food companies, Atlantic Grupa and Podravka proposed higher dividends this year after posting record result in 2018. However, with dividend yields amounting to 3% and 2% respectively, both shares remain less of a dividend and more of a value play (especially since their share prices rose roughly 40% last year). It is also worth noting that after paying out a dividend of HRK 6 per share for three years straight, HT raised their dividend to HRK 10 per share.

Turning our attention to the tourists, Arena Hospitality’s shareholders approved the company’s first ever dividend in the amount of HRK 5 per share. Meanwhile Valamar continued to raise their dividend on a yearly basis by adopting a dividend of HRK 1 per share.

Note that AD Plastik’s dividend presented on the chart represents only the advanced payment, while the full dividend will be announced on the General meeting of shareholders.

CROBEX Components Dividend Yields (%)

Source: InterCapital Research

When looking at yields associated with the CROBEX component’s dividends, ZABA firmly stands in the first place with a dividend yield of 10%. In the second place come Ericsson NT and HT with a yield of 6%.

CROBEX Components Ex-dates

Source: InterCapital Research

Slovenia

SBITOP Components Dividend Per Share (EUR)

Source: InterCapital Research

Cinkarna Celje leads the list when it comes to dividends in Slovenia with a proposal of EUR 28.27 per share. The proposed amount represents an increase of 6.6%, when compared to the previous year. Meanwhile, the dividend yield amounts to 13%, which represents the highest yield since 2012. Not far behind comes NLB with a dividend of EUR 7.13 per share which translates into a dividend yield of 12%. The recently IPOed bank offered the rather attractive dividend yield in accordance with their prospectus which envisions a payout ratio of around 70% in the period from 2019 to 2023.

SBITOP Components Dividend Yields (%)

Source: InterCapital Research

Triglav continues to pay out a steady dividend of EUR 2.5 per share, in accordance with their dividend policy. Note that the minimum dividend payout set by Triglav’s dividend policy is 50% of the consolidated net profit for the previous year. However, Triglav has been surpassing the minimum payout ratio every year since 2013 and their aim is not to reduce its dividend payment below the level of the previous year. Meanwhile, Krka slightly raised their dividend from EUR 2.9 per share to 3.2 per share. However, the dividend yield remains slightly above 5%, just as it did in the past.

It is also worth noting that Telekom Slovenije proposed a much lower dividend than last year (-69%), however this is due to the fact that last year’s dividend was a one off.

SBITOP Components Ex-dates

Source: InterCapital Research

Romania

BET Components Dividend Per Share (RON)

Source: InterCapital Research

In Romania, the BRD bank approved a dividend of RON 1.64 once again, making it the company with the highest dividend yield (14%). In second place comes Romgaz, the state-owned energy company, who proposed a dividend of RON 4.17 per share which translates into a dividend yield of 12%. Meanwhile, Nuclearelectrica approved the distribution of RON 1.26 per share, whilst rejecting the proposed supplementary dividend of RON 1.45 per share.

BET Components Dividend Yields (%)

Source: InterCapital Research

Note that Transgaz’s shareholders did not approve the dividend proposals of RON 21.66 given by the company nor the increased one of RON 37.89 which was requested by the Ministry of Economy and asked for a new General meeting on this issue which will take place on June 6^th. However, the amounts proposed remained the same.

BET Components Ex-date

Source: InterCapital Research