At the current share price, the dividend yield amounts to 7.6%.  Ex-dividend date will be on 14 April 2020.

Privredna Banka Zagreb (PBZ) published an announcement on the Zagreb Stock Exchange stating that the Management and Supervisory Board have proposed a dividend of HRK 76.07 per share. At the current share price, this would translate into a dividend yield of 7.6%. Note that such a dividend per share implies a payout ratio of 88% and is 4.8% higher compared to the previous year, and is the highest dividend proposed in the observed period.

The proposed dividend is subject to approval at the GSM which should be held on 1 April 2020. The bank notes that the ex-date is 14 April 2020.

In the graph below, we are bringing you historical overview of the company’s dividends.

Dividend per Share (HRK) & Dividend Yield (%) (2013 – 2020)

*compared to the share price a day before the dividend proposal

In 2019, DIGI recorded an increase in revenues of 14.2%, increase in adjusted EBITDA of 37.5% and a increase in net profit of 132%.

As DIGI published their preliminary FY 2019 results, we are bringing you key takes from it. According to the report, in 2019 the company recorded EUR 1.19bn, representing an increase of 14.2% YoY. Group RGU’s increased from 14.9m from end 2018 to 16.1m as of end 2019 (+8% YoY). Such an increase could mainly be attributed to the growth of Spain’s mobile RGUs and the Romanian’s cable tv and internet RGUs.

Operating expenses in 2019, amounted to EUR 1.04bn, representing an increase of 12.3% YoY. The company notes that operating expenses grow in line with business development. In 2019, DIGI recorded increases in salaries expenses and depreciation, as well as increases due to full year’s consolidation of Invitel’s operating expenses.

As a result of the above mentioned, DIGI reported an adjusted EBITDA of EUR 446.3m, representing a strong increase of 37.5% YoY. Note that the adjusted EBITDA includes the impact of adopting IFRS 16, in total amount of EUR 66.2m. Such result puts it at an adjusted EBITDA margin of 37.6% (+6.3 p.p. YoY).

Going further down the P&L, the company’s operating profit stood at EUR 145m, which is an increase of 42.2% YoY.

Net financial result amounted to EUR -83.9m, compared to EUR -63.1m in 2018. The increase in net financial loss came from increase in foreign exchange losses as well as higher interest expenses due to the Additional Notes from February 2019 and additional interest expense from the adoption of IFRS 16, partially offset by increase in fair value of the embedded derivative assets compared to previous period.

In 2019, DIGI recorded a net profit of EUR 41.79m, representing an increase by EUR 23.7m or 132% YoY. Such a result puts the profit margin at 3.5% (+1.8 p.p. YoY).

In 2019, MedLife recorded an increase in  sales of 21.7% YoY, increase in ajusted EBITDA of 74.7% and an increase in net profit of 24.1%.

Medlife published their preliminary 2019 results. According to it, the company recorded sales of RON 967.4m, representing a solid increase of 21.7% YoY. According to company’s representatives, such an increase could be attributed to the solid organic growth at the level of each business line, a result of the strategy followed by the Group, which focused mainly on diversifying services and increasing presence at national level.

The largest increases were recorded at the level of Stomatology (+34%), respectively Hospitals (+32%), followed by Clinics (+27%) and Laboratories (+14%).  Besides the mentioned organic growth, the company has concluded a couple of acquisitions which further increased the company’s sales.

The company’s which entered the portfolio of the Group and further boosted the sales were namely Micromedica Medical Center, Badea Medical Center of Excellence, Lotus Ploiești Hospital, Rózsakert Medical Center, and OncoTeam Laboratory. MedLife also announced last year the acquisition of OncoCard hospital, the transaction being currently analyzed by the Competition Council.

Operating expenses amounted to RON 918.6m, representing an increase of 19.9% YoY. Such an increase could be attributed to higher third-party expenses (including doctor’s agreements) by RON 58.3m (+28.3%) and salary and related expenses by RON 46.27m (+18.9%).

As a result of all the above mentioned, adjusted EBITDA observed a strong increase of 74.7%, amounting to RON 166.6m. This puts the adjusted EBITDA margin at 16.8% (+4.8 p.p. YoY). Meanwhile, note that the reported EBITDA amounted to RON 149.7m (+56.9%).

Going further down the P&L, operating profit amounted to RON 56.4m, representing an increase of 46.7% YoY.  In 2019, MedLife recorded a further increase in net financial loss, which stood at RON 27.35m (+87.9% YoY).

MedLife recorded a net profit of RON 20.82m in 2019, representing an increase of 24.1% YoY.

As a reminder, the company recently announced its intention to develop the largest medical project in Romania, MedLife Park. The new unit is expected to be put into operation gradually in the next 3 to 5 years, with MedLife already carrying out a feasibility study for the project development. To read more about it, click here.