At the share price before the announcement, this would imply a DY of 5.3%. The ex-date is set for 21 June 2024, while the payment date is set for 26 June 2024.

Yesterday, NLB held its GSM meeting, after which the resolutions were published. According to the resolutions, the distribution of 2023 net profit, in the form of the 1^st dividend tranche this year has been approved. As a reminder, NLB proposed the distribution of EUR 110m in the form of dividends, from the 2023 net profit. This represents a payout ratio of 40%.

On a per-share basis, this implies a dividend of EUR 5.5, which at the share price before the announcement, implies a dividend yield of 5.3%. The ex-date is set for 24 June 2024, while the payment date is set for 26 June 2024.

This dividend represents the 1^st dividend tranche to be paid out this year, as communicated by NLB. In total, EUR 220m, or on a per share basis, EUR 11.00 should be paid out in the form of dividends this year, from the previous year’s net profit. Combined with the 1^st dividend tranche, this would imply a DY of over 9% at the share price before the announcement.

Below we provide you with the historical dividends per share and dividend yields of the Company.

NLB dividends per share (EUR) and dividend yields (%) (2019 – 2024)

Source: NLB, InterCapital Research

The European Commission has announced a proposal to impose tariffs on Chinese producers of titanium dioxide (TiO2) – the main business segment for CInkarna Celje. According to the proposal, the proposed customs duties will range from 14.4 to 39.7%. You can read more about the tariff proposal in the article.

Recently, The European Commission has announced a proposal to impose tariffs on Chinese producers of titanium dioxide (TiO2). According to the proposal, the proposed customs duties will range from 14.4 to 39.7%. The decision, the document states, follows a complaint from September 2023, submitted by the European Titanium Dioxide Coalition on behalf of producers representing more than 25% of the total titanium dioxide production in the EU. You can access the proposal here.

This directly affects one of the Slovenian blue chips, SBITOP constituent – Cinkarna Celje [CICG SV]. In the latest financial statements that Cinkarna published, the company emphasized the impact of imports from China. The company noted the top line decreased both due to lower quantities & lower sales prices. However, quantities decreased due to lower demand from diminished economic activity.  

Cinkarna Celje’s key financial [2019 – 2023, EUR m]

Source: InterCapital Research, LJSE

Finally, at the end of 2023, the company published its Business Plan for 2024. In the business plan, company noted it expects the margins to stand at a similar level as FY 2023 but with lower demand for TiO2 pigment demand. However, it should be emphasized that the business plan is relatively conservative, especially taken the latest aforementioned development.

Cinkarna share price [2020 – 2024 YTD]

Source: InterCapital Research, Bloomberg

As a reminder, the shareholders approved at the General Assembly the distributable profit of the Company’s consolidated net profit of the previous year in the amount of EUR 1.75 per share, representing a dividend yield of 5%.

Triglav went ex-date yesterday, which refers to the dividend in the total amount of EUR 1.75 per share. We note that the dividend yield was 5% (at the share price a day before the announcement). The share price decreased yesterday by 4.9%, which is in line with the aforementioned DY of 5%. Finally, we note that the payment date is set for tomorrow, 19 June 2024.

As a reminder, we note that the company has been a consistent dividend payer prior to the pandemic, paying out EUR 2.5 per share for 5 consecutive years (as visible on the graph below). However, results from previous year, that translate to this year’s dividend payment, was influenced mainly by the price regulation of supplemental health insurance and CAT claims, resulting in net profit that was below the original plan. Taking everything into account, the appropriate level of capital adequacy is maintained with the proposed dividend amount.

Dividend per Share (EUR) and Dividend Yield (%) (2014 – 2024)

Source: InterCapital Research, LJSE

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

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