At the share price before the announcement, this would imply a DY of 6.8%. Neither the ex-date nor the payment date has yet been announced.

Yesterday, Petrol’s Supervisory Board meeting was held, which together with the Management Board proposed the distribution of profit. According to the proposal, a gross dividend of EUR 1.8 DPS has been proposed, which at the share price would imply a DY of 6.8%. In the absolute amount, this would imply a dividend amount of EUR 75m, with a payout ratio of 55% of the 2023’s consolidated net profit.

The ex-date and the payment date have yet to be announced. The dividend proposal is subject to approval by the GSM, which will be held on 23 May 2024. Below we provide you with the historical dividends per share and dividend yields of Petrol Group.

Petrol Group dividends per share (EUR) and dividend yields (%) (2013 – 2024)

Source: Petrol Group, InterCapital Research

At the share price before the announcement, this would imply a DY of 1%. Neither the ex-date nor the payment dates have yet been announced.

Yesterday, the SB and MB meetings of Končar were held, and the proposal for the distribution of profit was made. According to the report, a proposal of EUR 2.5 DPS was made, implying a DY of 1% at the share price before the announcement. In the absolute amount, this amounts to EUR 6.36m to be paid in the form of dividends, implying a payout ratio of 46% of 2023’s net profit. 5% of the net profit will be transferred to statutory reserves, while EUR 6.9m will be transferred into retained earnings.

Neither the ex-date nor the payment date has yet been announced. Below we provide you with the historical dividends per share and dividend yields of the Končar Group.

Končar Group dividends per share (EUR) and dividend yields (%) (2015 – 2024)

Source: Končar, InterCapital Research

Yesterday, Cinkarna proposed no additional dividend to be paid out of the net profit of 2023. The company cannot pay out the dividends given the received government subsidy. However, Cinkarna will transfer this portion to other reserves to which restriction does not apply and it will be used for future allocation for dividend payments.

Yesterday, Cinkarna proposed no additional dividend payment to be paid out of the net profit of 2023. The dividend cannot be paid out due to the received government subsidiary (Act ZPGOPEK). However, Cinkarna noted it has acted proactively and that the company will transfer this portfolio to the other profit reserves in the balance sheet, which is not restricted by the mentioned act. This will be allocated for future dividend payments.

We emphasize that Cinkarna already paid out EUR 3.2 DPS and the share went ex-date on 21 February 2024. This would represent an additional dividend payment this year. To read more about the aforementioned dividend, click here.

In the graph below, we are bringing you a historical overview of the company’s dividend per share and dividend yield.

Dividend per Share (EUR) and Dividend Yield (%) (2012 – 2024)

Source: LJSE, InterCapital Research

At the share price before the announcement, this would imply a DY of 5.6%. The ex-date and the payment date are yet to be announced.

Yesterday, the Supervisory Board meeting of Luka Koper was held, in which the proposal for the distribution of 2023 profit was made. According to the proposal, out of EUR 43.9m of distributable profit, EUR 28m will be paid out in the form of dividends, implying a payout ratio of 64%.

On a per-share basis, this would imply a gross dividend of EUR 2.0. At the share price before the announcement, this would imply a DY of 5.6%. The ex-date and the payment date are yet to be announced. Below we provide you with the dividends per share and dividend yields of the Company.

Luka Koper dividends per share (EUR) and dividend yields (%) (2013 – 2024)

Source: Luka Koper, InterCapital Research

On Tuesday, ZABA shares went ex-date. When comparing it to the closing price, the stock decreased by 5.4%, which is lower than the DY of 7.5%. Yesterday, the price further decreased by 2.6%, with the total share price decreasing roughly equivalent to the DY.

This refers to the previously approved dividend of EUR 1.4 per share or a dividend yield of 7.5%. On the market closing price on Tuesday, the stock declined by 5.2%, which is lower than the aforementioned dividend yield. However, yesterday, ZABA’s share price plunged further by 2.6% with the total share price decreasing amounting roughly to the DY.

However, we note that the ex-date was changed to 16 April 2024 instead of the initially proposed 17 April 2024, as yesterday was a non-working day in Croatia due to the elections. The payment date is set for 13 May 2024.

In the graph below, we are bringing you a historical overview of the company’s dividend per share and dividend yield. Note that the yields were calculated based on the closing price the day before the initial dividend proposal.

To put things in perspective, since the beginning of the year, ZABA’s share price increased by as much as 13%, even after the aforementioned combined decline of slightly more than 7.5% (DY amount) price decrease, which is attributed to the ex-date – as without the dividend payment incentive for investors to invest in a stock vanishes.

Dividend per share (EUR) & dividend yield (%) (2012 – 2024)

Source: ZSE, InterCapital Research