The latest awards issued by EMEA Finance, as part of its Europe Banking Awards 2023 have been announced. We are proud to share with you that in Croatia, InterCapital Asset Management received the Best asset manager award, InterCapital Securities received the Best broker award, while InterCapital also received the Best investment bank award. Furthermore, in Slovenia, InterCapital Securities received the Best broker and the best equity house award, for the 5th year in a row.

Dear Clients, Partners & Friends,

2023 was a year that saw a lot of volatility and uncertainty, given the macroeconomic and geopolitical situation. Whilst the last couple of years as a whole have presented challenges to everyone, we believe that with continued quality services offered and dedication, sustained growth could be achieved. We plan on continuing to offer the highest quality services to our clients, and we look forward to another successful year in 2024.

Because of these developments during 2023, we are extremely proud to share with you that EMEA Finance, as part of its Europe Banking Awards 2023 has awarded InterCapital several awards in Croatia and Slovenia. In Croatia, these include recognizing InterCapital Asset Management as the Best asset manager, supported by the continued maintenance of the highest standard of asset management services. Furthermore, InterCapital Securities was also awarded the Best broker in Croatia, while InterCapital was awarded the Best investment bank in Croatia. Meanwhile, we are also honored to announce that EMEA Finance has recognized InterCapital Securities as the Best broker and Best equity house in Slovenia, for the 5th year in a row. Since InterCapital has provided dedicated support to the LJSE and ZSE for many years, we believe that these awards show our commitment to providing the best quality services possible to our clients.

Naturally, none of this would be possible without the support of our clients and partners, and as such we would like to take this opportunity to thank all of you for your continued support as well as the faith you have put in us. We are very pleased to be the leading broker on the Croatian and Slovenian markets, with a 25% of the total equity turnover on the Zagreb Stock Exchange, as well as 30% of the total equity turnover on the Ljubljana Stock Exchange in 2023. Finally, we are also very proud of all the deals that were made during the last year, and we look forward to all the opportunities that lie ahead of us.

At the share price before the announcement, this would imply a DY of 4.5%. The ex-date is set for 11 June 2024, while the payment date is set for 26 June 2024. Furthermore, Banca Transilvania proposed to the EGSM the increase in the share capital by RON 1.18bn, by issuing 118.2m new shares, from the 2023 net profit.

Yesterday, Banca Transilvania published its OGSM & EGSM call, which included the proposal for the distribution of profit, as well as a proposal for the share capital increase. Starting off with the dividend, Banca Transilvania proposed RON 1.252 DPS, which would imply a DY of 4.5% at the share price before the announcement. The ex-date is set for 11 June 2024, while the payment date is set for 26 June 2024.

Banca Transilvania dividends per share (RON) and dividend yields (%) (2019 – 2024)

Source: Banca Transilvania, InterCapital Research

Regarding the share capital increase, a proposal was made to the EGSM to increase the share capital by RON 1.18bn, by issuing 118.2m new shares with a nominal value of RON 10/share. The increase in the share capital will be carried out through the capitalization of reserves from the 2023 net profit, in the said amount. If approved, the registration date for this change is set for 19 July 2024.

Finally, Banca Transilvania also proposed the approval of the share buyback program, with up to 6.5m shares. The ex-date is set for 18 July 2024 for the share buyback, while the payment date is set for 22 July 2024.

At the share price before the announcement, this would imply a DY of 10.9%. The ex-date is set for 7 June 2024, while the payment date is set for 28 June 2024.

Yesterday, Hidroelectrica published its OGSM call, which included the distribution of the profit proposal. According to the call, Hidroelectrica proposed RON 6.29bn to be paid out in the form of dividends, from the 2023 net profit. This would imply a payout ratio of over 99% of the consolidated net profit for the year. On a per-share basis, this would imply a gross dividend of RON 13.99, and a DY of 10.9% at the share price before the announcement.

The ex-date is set for 7 June 2024, while the payment date is set for 28 June 2024.

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).