IC Market Espresso 9 Sep 2021

Atlantic Grupa Publishes New Dividend Policy
Atlantic Grupa lifted the ceiling of their payout ratio from 25% to 45%.

According to a statement released on the Zagreb Stock Exchange yesterday, Atlantic Grupa announced a change to their dividend policy. Namely, the company lifted the ceiling of their payout ratio from 25% to 45%. However, the payout will depend on the situation on the capital market, as well as the growth of net profit, revenue levels, expected increase of Atlantic Grupa’s property value and other relevant factors.

As a reminder, the Group paid out a dividend of HRK 40 per share this year, implying a dividend yield of 2.65%.

In the graph below, we are bringing you the company’s historical dividend per share and dividend yield.

Dividend per Share (HRK) and Dividend Yield (%) (2013 – 2021)      

Indebtedness of Slovenian Companies H1 2021 Update

For today, we decided to bring you an updated overview of the indebtedness and capital structure of Slovenian companies using H1 2021 results.

All Slovenian blue chips published their Q2 2021 results recently (Earnings overview available here), with virtually all of them indicating very strong operating performance. For today, we decided to revisit indebtedness of the companies in relation to their TTM EBITDA. Note that financials (NLB, Triglav Group, Sava Re) were excluded from this overview.

Net debt/EBITDA (TTM) of Slovenian Blue Chips

Among observed companies Cinkarna Celje and Krka operate at a negative net debt, meaning their cash positions exceed their financial debt. Of the observed companies, we can conclude that all companies are within the reasonable level of indebtedness, with Telekom Slovenije having the highest net debt/EBITDA of 2x. Petrol follows with 1.38x, followed by Luka Koper with 0.65x.

Turning our attention to the capital structure, we see that all the companies observed are equity funded. Of those, Cinkarna Celje leads the list with virtually 100% equity, followed by Krka with 99.4%. On the flip side, Telekom Slovenije’s capital structure consists of 44.1% debt.

Capital Structure of Slovenian Blue Chips

Banca Transilvania Approves RON 0.08 DPS

Banca Transilvania yesterday shareholders approved a dividend of RON 0.08, DY 2.6%, ex-date Sep 22nd.

The shareholders of Banca Transilvania approved a dividend payment of RON 500m at the GSM, translating to a dividend of RON 0.08 per share. Such a dividend payment implies a yield of 2.6%. We note that the ex-date was set for 22 September 2021. Such a dividend lower by 31% compared to the dividend paid in 2020, while it also represents the lowest amount paid per share since 2017.

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

Dividend per Share (RON) & Dividend Yield (%) (2016 – 2020)