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BSE – Budapest Stock Exchange Market Survey BSE – Budapest Stock Exchange Market Survey – June 2017 June 2017 by Capital Lounge GmbH BSE – Budapest Stock Exchange | Market Survey 02 HISTORY MAIN ACTIVITIES INSTRUMENTS The Hungarian Stock Exchange, the ancestor of Listing Services Currently, there are 68 instruments listed on today's Budapest Stock Exchange (BSE) started BSE. The table below will show their break- its operation on January 18th 1864 in Pest on Trading Services down: the banks of Danube (in a building of the Lloyd Equities Standard (18) Insurance Company). Dissemination of Market Information Equities Prime (13) When the exchange was launched, there were Corporate Bonds (12) 17 equities, one debenture, 11 foreign Product Development Equities T (7) currencies and 9 bills of exchange listed. Investment Funds (5) BSE had been operating as one of Europe's Mortgage Bonds (4) Investment Certificate (2) leading exchanges for 80 years, however, in Decategorised Equities (2) 1948 it was disbanded after the Turbo Certificate and Warrant (1) nationalizations. Treasury Bills (1) The stock exchange was reestablished in 1990, Government Bonds (1) since then the BUX indice and electronic ETF (1) Compensation Notes (1) trading were introduced. 0 5 10 15 20 © Capital Lounge GmbH BSE – Budapest Stock Exchange | Market Survey 03 INTRODUCTION The overarching aim of the five-year strategy devised by the Budapest Stock Exchange (BSE) for the period 2016-2020 is to formulate and implement a comprehensive stock exchange development programme in Hungary, which will result in capital fundraising increasing its role in Hungarian corporate finance, making it an effective supplement to credit from the banking sector, which predominates at present. The objective of the BSE is to become the most important platform for competitive and successful enterprises in Hungary. The task of identifying and selecting enterprises that are ready for the stock exchange, and preparing them for the launch process, is one of crucial importance, and there is therefore a need to expand and broaden the consultancy services offered to issuers, and to develop an effective method of screening (scoring). One way of doing this is to set up a stock exchange “antechamber”, which operates with the active collaboration of specially contracted top market players – IPO Partners –, who help to bring together companies that are interested in raising capital market funds; the new companies are then evaluated and selected in order to prepare them for launching on the regulated or the SME market. Implementation of the strategy will benefit from the fact that the BSE is, since December 2015, once again under national Hungarian ownership, and thus enjoys the support of the Hungarian National Bank (HNB), an owner that is committed to developing the capital market. This in turn reinforces the commitment of economic players towards the BSE, as it conveys a positive image of the future of the capital market and increases general confidence in the Hungarian stock exchange. To meet the special needs of SMEs, it will be necessary to establish a new SME market to support the presence of large numbers of SMEs on the capital market, and to help them obtain funding. The SME market will include the following: A multilateral trading facility (MTF) for companies which are ready to operate in the public sphere but which are not at a stage of development that allows them to meet the requirements for launch on the regulated market. A private placement platform (PPP) for enterprises which are not yet ready to operate in the public sphere but which are looking for capital investors to enter into private transactions, and which may later transfer to the public markets. A crowdfunding platform – to be launched at a later stage of the strategy timescale – operating under a separate brand name from the other markets of the BSE, whose objective is to finance start-up businesses with the involvement of large numbers of investors, each investing lower sums of capital. © Capital Lounge GmbH BSE – Budapest Stock Exchange | Market Survey 04 EQUITY SEGMENTS AND COSTS PRIME STANDARD T The equities may be listed in three different markets – there is no MTF, yet: MARKET MARKET MARKET Market capitalisation min. 5 billion forints no requirements no requirements Prime Market To be listed on the Prime Market, the instrument must meet several criteria min. 25 percent or regarding market capitalisation, ownership structure (free-float) and corporate Free float min. 500 owners or no requirements no requirements history. Furthermore, the Issuer shall make a public transaction that refers to the min. 2 billion forints equity series to be listed. The share series on Equities Prime Market are more Equity class only common shares no requirements no requirements liquid in general and have a broader ownership structure. Corporate Governance mandatory no obligation no obligation Standard Market min. three full, Business years no obligation no obligation For small and medium-sized enterprises who wish to skip the T Market as the audited years access point to the regulated market and consider executing a public transaction at their initial listing, BSE provides opportunity to enter the market with less Listing method IPO IPO Technical listing stringent listing requirements than those called for on the Prime Market. Listing criteria on Equities Standard Market are identical to the legal requirements stipulated by the Capital Market Act; however, carrying out a public transaction is also mandatory at listing. T Market BSE aims to provide opportunity to the small and medium sized enterprises, Initial listing fee no which do not make public transaction at the listing of their shares. The shares of these issuers will be listed on BSE via technical listing. Therefore, listing on the T between HUF 1'250‘000 and HUF 12‘650‘000 Maintenance fee Market can be considered as the first stage of listing on the regulated market. paid quarterly Listing requirements on Equities T Market are practically identical to the legal Publication fees Ø HUF 400‘000 p.a. requirements stipulated by the Capital Market Act. © Capital Lounge GmbH BSE – Budapest Stock Exchange | Market Survey 05 HEAVY WEIGHTS Below you will find a table showing the TOP 10 HEAVY WEIGHTS of the Budapest Equity Market plus a short company profil: OTP BANK Providing institutional, commercial, corporate, private, and retail banking via 1'500 banking offices in Hungary ISSUER MARKET CAP and beyond serving nearly 12 million customers. MOL HUNGARIAN OIL AND GAS Among Central Europe‘s top refiners, producing 98‘000 barrels of oil equivalent per day, OTP BANK 7'562'240'270 EUR operating more than 1‘730 gas stations in Croatia, Czech Republic, Hungary, Italy, Poland, Romania, Slovakia and Ukraine. MOL HUNGARIAN OIL AND GAS 7'251'909'692 EUR RICHTER GEDEON Innovation-driven specialty pharmaceutical company. Vertically integrated, the company is engaged in pharmaceutical manufacturing, research and development, sales and marketing. RICHTER GEDEON 4'105'018'116 EUR MAGYAR TELEKOM Largest Hungarian telecommunications company, being owned (59.21%) by Deutsche Telekom-. MAGYAR TELEKOM 1'538'253'799 EUR BUDAPESTI ELEKTROMOS Regional electricity distributor, providing electricity to the City of Budapest and the BUDAPESTI ELEKTROMOS 474'097'971 EUR surrounding region. EMASZ Regional electricity provider, providing electricity to the City of Miskolc and Northeastern Hungary. EMASZ 213'285'436 EUR FHB MORTGAGE BANK Specialised credit institution, founded in 1997 promoting the development of the real estate FHB MORTGAGE BANK 114'681'617 EUR market, running four divisions: FHB Commercial, FHB Mortgage, FHB Real Estate and FHB Leasing. ZWACK UNICUM 112'640'000 EUR ZWACK UNICUM Producing and distributing liqueurs and other spirits in Hungary. Besides its own brands, the company distributes Bailey‘s, Metaxa, Smirnoff, Cinzano, Black Velvet, Malibu, Johnnie Walter and Hennessy. GRAPHISOFT 111'760'157 EUR GRAPHISOFT Developing and operating the facilities of Graphisoft Park in the 3rd district of Budapest including 18 hectares, of which 11 hectares are developed to this date into 55.000 m2 office and laboratory space. ANY SECURITY PRINTING 66'185'346 EUR ANY SECURITY PRINTING Offering printing services, binding books, offering electronic archiving and document management services, operating in Hungary, Slovakia, Czech Republic, Russia, Bulgaria and Romania. © Capital Lounge GmbH BSE – Budapest Stock Exchange | Market Survey 06 INDUSTRY BREAK-DOWN All in all, there are 15 Industry Sectors represented on Budapest Stock Exchange. The three leading sectors based on the number of listings are Diversified Financials, Other Industrial Goods and Real Estate. Below, you will find a chart displaying the sector breakdown based on the number of issuers: Banking (34.88%) Oil & Gas (32.95%) Pharmaceuticals (18.65%) Telecommunications (6.99%) Electric Utilities (3.27%) Real Estate (0.95%) 12 Food, Beverage, Tobacco (0.52%) Other Industrial Goods (0.51%) Diversified Financials (0.51%) Automobiles & Parts (0.24%) 10 Insurance (0.19%) Software & IT Services (0.15%) Construction (0.11%) Retailing (0.07%) 8 Packaging (0.00%) 6 Taking a look at the sector breakdown based on market capitalization, there is a totally different picture: 4 The two sectors Banking and Oil & Gas have each around one third of the total 2 market capitalization of Budapest Stock Exchange (having EUR 22 billion). 0 Other Goods Industrial Estate Real Utilities Electric & ITSoftware Services
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