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, UCITS funds and government were considered as free float regardless of their shareholding percentage.

Free Float of CROBEX Constituents (%)

Among the 24 CROBEX components just a third of them have a free float higher than 50%, indicating that two thirds of CROBEX components are still held by a small group of majority shareholders. Of the constituents, there are two companies that have free float over 90% – Ingra with a free float of 93.61% and Adris (preferred) of 91.3% of free float.

On the other hand, ZABA, Kraš and Petrokemija have less than 10% of free float. ZABA has free float of 3.80% and is almost completely owned by Unicredit 84.48% and Allianz 11.72%, while Kraš has free float of 8.29% with Mesna Industrija Braća Pivac holding the majority share of 54.95%.

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 (Petrokemija, ZABA, Kraš, Saponia, Brodogradilište Viktor Lenac and HPB).

If we were to calculate free float of CROBEX constituents while excluding pension funds, the results would be slightly different for some, but significantly different for other companies. Namely, Croatian pension funds hold HRK 14.8bn of total market capitalization of ZSE, meaning a considerable part of free float of some constituents is technically “locked in”

When looking at share of companies’ float held by pension funds, we see that they have largest share in Končar (50.18%), Podravka (46.05%) and TNG (34.24%).

For today we are bringing you an overview of the share price performance of various sectors in the regional market for 2021 so far.

For this, we observed primarily the median YTD share price performance of companies in our wider coverage from Croatia, Bulgaria, Slovenia and Romania.

2021 so far was marked by positive sentiment on the regional equity markets, given that virtually all observed industries being in green YTD (except Construction and Utility).

Observing the graph below, we see that 6 out of 12 sectors observed a double-digit increase and one has observed a triple-digit increase. Of that, the Shipping sector has the largest increase with the median YTD share price rising 294%. Of the Croatian companies within our sample, Atlantska Plovidba observed a high YTD increase of 278.4%.

The second strongest performance can be seen in the Pharma sector with the median YTD share price rising 39%. Banks follow with an increase of 28%, while NLB Group leads the list of gainers (+59.4% YTD).

On the flip side, the Utility sector leads the losers with a slight decrease of 7%.

YTD Performance of Regional Companies by Sector*

*Median share price performance of regional companies in our wider coverage