IC Market Espresso 19 Jul 2023

How Often Did CROBEX10 Constituents Outperform the Index in 2023?

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

Krka Went Ex-date

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

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).