Yesterday, SPAN shareholders sold 115k shares via accelerated book building for HRK 24.4m at HRK 212 per share. The transaction was executed on the Zagreb Stock Exchange (HRK 23.3m via block and HRK 1.1m OTC). The executed pricing was realized at 5.8% discount compared to yesterday’s closing price. 

The transaction value of HRK 24.4m (or EUR 3.2m) was realized at single price of HRK 212 per share which translates into 22.4x P/E and 5.7x EV/EBITDA. To put things into perspective, the executed pricing was realized at 5.8% discount compared to yesterday’s closing price. The result of the accelerated book building process reveals the allocation of the offering. 63% of the offering was allocated to Croatian pension funds, 15% to investment funds, 17% to corporate investors and 5% to private persons.

When looking at SPAN more closely, the company’s share price decreased 0.44% in yesterday’s trading session to HRK 225 per share. As a result, SPAN is currently traded at 23.8x P/E and 6.2x EV/EBITDA.

As of the end of December 2021, the NAV of Croatian UCITS funds stands at HRK 21.51bn (EUR 2.9bn) and are up +18.1% YoY.

With the Croatian UCITS funds playing a key role in the Croatian capital market, we decided to bring you an updated overview of how well they did in 2021. As such, the NAV of all Croatian UCITS funds in December 2021 (and by extension, 2021) amounted to HRK 21.51bn, slightly lower than the NAV in November 2021, when it amounted to HRK 21.57bn (a decrease of -0.26% MoM or HRK 56.5m).

The decrease was driven by several factors, a decrease in bonds holdings of -1.6% (or HRK 203.2m), a decrease in deposits and cash of -2.2% (or HRK 108.1m), and a decrease in receivables of -85.5% (or HRK 59.3m). On the flip side, shares increased by 5% MoM (or HRK 122.5m), whilst investment funds increased by 7% (or HRK 105.4m).

Meanwhile, in the securities and deposits, we can see that domestic securities and deposits increased by 1.95% MoM (or HRK 211.3m) to HRK 11.04bn. At the same time, foreign securities and deposits decreased by -2.54% MoM (or HRK 195.6m).

Looking over at the asset composition of the Croatian UCITS funds, in 2021, investment funds have noted the largest increase in their AUM, growing by 3.2 p.p. to 7.4% of the total. Following them closely are shares, which grew by 2.6 p.p. to 11.8%, growing over the 10-year average of 11.6% for this asset class. Next up, we have the money market, which grew by 1.6 p.p. to 2.2%. On the flip side, bonds noted the largest decrease in 2021, declining by 6 p.p. (from 62.2% to 56.2%), followed by deposits and cash, which decreased by 1.4 p.p. to 22.1%.

Mutual Funds Structure of AUM (December 2021, %)

We would also like to note that the domestic equity holdings accounted for 25.2% of the total equity holdings, growing by 28.5% in 2021. On the other hand, foreign equity holdings increased by 56.2% YoY.

Total assets of all Croatian UCITS funds (2015 – December 2021) (EURm)

Net contributions in December decreased by HRK 217.8m, reaching a total of HRK 3.01bn in 2021.

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

Given the current Covid-19 situation, some of these events might be subject to change (postponed or cancelled).