In 2023 thus far, 3 out of the 10 CROBEX10 constituents either outperformed or matched the CROBEX10 index.

Yesterday, we did a brief analysis of how the SBITOP constituents performed, especially in comparison to the SBITOP index. If you want to read more about this, click here. Today, we bring you a similar overview of Croatia, as well as its blue-chip index, CROBEX10.

It should be noted that just looking at this does not tell the whole story, as investments in individual stocks usually have higher costs and fees, as compared to investing in the entire index. Also, some stocks might outperform the index on fewer days, but still, come out better than the index since their returns were either higher on those days, or their declines were lower on other days.

Since the beginning of 2023, the CROBEX10 index recorded a solid return of 21.5%, actually outperforming the SBITOP index (excl. dividends) by app. 2%. This growth was driven by many different companies, but certainly, the ones that stand out are Span (+92% YTD), Končar (+52% YTD), Podravka (+40% YTD), Adris (pref.) (+21% YTD), and Arena Hospitality Group (+17% YTD).

How much did individual constituents outperform/underperform compared to the index (YTD, p.p.)

Source: Bloomberg, InterCapital Research

This would mean that even though CROBEX10 recorded a solid return, Span outperformed it by over 70 p.p., Končar by almost 31 p.p., and Podravka by over 18 p.p. YTD. On the other hand, the worst performer thus far has been Ericsson NT, which recorded a decrease of 3.7% YTD, thus meaning that it underperformed the index by over 25 p.p., followed by Atlantska Plovidba, even though was in the positive with a 5.9% growth YTD, still lagged by over 15 p.p. compared to the index.

During this period, there were 136 total working days in Croatia. Out of all of the observed companies, only 2 managed to outperform the index in terms of better returns on these days, 1 was even, while the rest underperformed as compared to the index. Podravka outperformed the index on 55.2% of the days, Span outperformed it on 51.5% of the days, and finally, Končar matched it on 50% of the days. On the other hand, Atlantska Plovidba, outperformed the index on only 41.2% of the days, Valamar and Atlantic Grupa on 43.4% of the days each, respectively, while HT outperformed it on 45.6% of the days.

How often did CROBEX10 constituents outperform the index (amount of days YTD, %)

Source: Bloomberg, InterCapital Research

Yesterday, Krka went ex-date, and the share price declined by 5.08%, which is lower than the DY at the announcement of the dividend proposal of 6.2%.

As Krka recorded its ex-date yesterday, investors are no longer eligible for its 2022 dividend payment. This relates to the amount of EUR 6.6 DPS, with a DY of 6.2%. By the end of the trading on the Stock Exchange, Krka’s shares declined by 5.08%, which is lower than the aforementioned dividend yield.

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

Krka dividend per share (EUR) and dividend yield (%) (2009 – 2023)

Source: Krka, InterCapital Research

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).