IC Market Espresso 14 Jul 2023

Fondul Proprietatea Proposes RON 1.4942 DPS

At the share price before the proposal, dividend yield would be 79.8%. The ex-date is set for 7 September 2023, while the payment date is set for 29 September 2023.

Fondul Proprietatea published the Convocation to the GSM which will be held on 18 August 2023. In the convocation, the company proposed the approval of a dividend of RON 1.4942 per share from the retained earnings according to the latest available audited financial statements. The payment will be made out of the proceeds from the initial public offering of Hidroelectrica shares held by Fondul Proprietatea. At the current share price, this translates to a dividend yield of 79.8%. We note this is an additional dividend this year, with a regular one of DY 2.4%, already paid out during June 2023.

Note that the ex-date is 7 September 2023, while the payment date will be 29 September 2023.

The dividend is subject to approval at the GSM.

In the graph below, we are bringing you a historical overview of the company’s dividends.

Fondul Proprietatea dividends per share (RON) and dividend yields (%) (2018 – 2023)

Source: Fondul Proprietatea, InterCapital Research

Free float of SBITOP Constituents

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 (%)

Source: LJSE, InterCapital Research

Among the SBITOP constituents, four 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, Krka has by far the highest free float amounting to 73.1%. On the other hand, Zavarovalnica Triglav, Telekom Slovenije, Luka Koper, Equinox and Sava Re have less than 50% of free float. Zavarovalnica Triglav and Telekom Slovenije have a free float of 30.7% and 31.9%, respectively. They are followed by Luka Koper with a free float of 37.9% and Equinox with a free float amounting to 42.8%.

Comparing both medians and the 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 47.3%, while the CROBEX median for the same parameter amounts to 50.9%. Meanwhile, the mean for SBITOP constituents amounts to 49.3%, 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.

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).

Upcoming Events – July 2023

Here you can find the dates for the upcoming events of the regional companies.

wdt_ID Date Ticker Announcement Country
8 18.7.2023 KRKG Krka ex-date Slovenia
9 20.7.2023 KRKG Krka Q2 2023 Results Slovenia
10 20.7.2023 ADPL AD Plastik General Shareholders Meeting Croatia
11 21.7.2023 PODR Podravka Q2 2023 Results Croatia
12 25.7.2023 ERNT Ericsson NT Q2 2023 Results Croatia
13 25.7.2023 ATGR Atlantic Grupa Q2 2023 Results Croatia
14 25.7.2023 TRP Teraplast Q2 2023 Results Romania
15 25.7.2023 ATPL Atlantska Plovidba Supervisory Board Meeting Croatia
16 26.7.2023 TRP Teraplast Q2 2023 Results Conference Call Romania
17 26.7.2023 ATPL Atlantska Plovidba Management Board Meeting Croatia
18 26.7.2023 ARNT Arena Hospitality Group Supervisory Board Meeting Croatia
19 27.7.2023 KOEI Končar Q2 2023 Results Croatia
20 27.7.2023 HT Hrvatski Telekom Q2 2023 Results, Conference Call for investors and analysts Croatia
21 27.7.2023 ARNT Arena Hospitality Group Q2 2023 Results Croatia
22 27.7.2023 ADPL AD Plastik Q2 2023 Results Croatia
23 28.7.2023 WINE Purcari Wineries ex-date Romania
24 28.7.2023 EQNX Equinox Q2 2023 Results Slovenia
25 28.7.2023 SNP OMV Petrom Q2 2023 Results, Conference Call Romania
26 28.7.2023 ATPL Atlantska Plovidba Q2 2023 Results Croatia
27 31.7.2023 RIVP Valamar Riviera Q2 2023 Results Croatia

Due to the nature of these events, they are subject to change (might be postponed or canceled).