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9Th International Fund Management Conference & 25Th Zagreb Stock 9th International Fund Management Conference & 25th Zagreb Stock Exchange Conference - Raising regional attractiveness - October 2015 Volumes traded on ZSE from 2007 were continuously declining Average daily turnover on ZSE in EURm 11,6 9,3 3,9 3,0 2,8 1,6 1,6 1,6 1,5 2007 2008 2009 2010 2011 2012 2013 2014 9M 2015 Source: ZSE 2 ...while the most traded shares were from cyclical industries... TOP 20 shares on ZSE in 2007 turnover in EUR ’000 Ina HT Adris (pref.) Ericsson Nikola Tesla Atlantska Plovidba Ingra Dalekovod IGH Podravka Viro ZABA IPK Kandit Koncar Jadroplov Jadransko osiguranje Tehnika Hidroelektra niskogradnja Duro Dakovic Ledo PBZ 0 200 400 600 800 1.000 1.200 1.400 1.600 Source: ZSE 3 ... talking abt. „limited downside and huuuge upside”... 4 ... but broad regional story made it all up... Regional average daily turnover now vs. ZSE 2007 in EURm 11.7 0.4 10.6 0.4 0.9 1.5 7.3 Romania Croatia Slovenia Bulgaria Serbia Total Region ZSE 2007 Source: Bloomberg 5 Local names got lost in the „crowd”... TOP 20 shares on ZSE in 2007 TOP 20 shares on the regional stock exchanges turnover in EUR ’000 turnover in EUR ’000 Ina Fondul Proprietaea HT Banca Transilvania Adris (pref.) Romgaz Ericsson Nikola Tesla BRD Atlantska Plovidba Electrica Ingra Krka Dalekovod OMV Petrom IGH Transelectrica Podravka Transgaz Viro AIK Banka ZABA HT IPK Kandit SIF Banat Crisana Koncar SIF Moldova Jadroplov Adris (pref.) Jadransko osiguranje Zavarovalnica Triglav Tehnika Valamar Riviera Hidroelektra niskogradnja Telekom Slovenije Duro Dakovic Pivovarna Lasko Ledo Erste Group Bank RO PBZ Petrol 0 500 1.000 1.500 0 500 1.000 1.500 Source: ZSE Source: Bloomberg 6 Raising regional attractiveness (I) Population by country GDP by country in million in EURbn 2.1 40.6 413.0 4.2 38 7.2 33.5 305.8 7.2 37.3 42.0 19.9 43.0 150.0 Romania Bulgaria Serbia Croatia Slovenia Total Region Poland Romania Croatia Bulgaria Slovenia Serbia Total Region Poland Source: IMF Source: IMF 7 Raising regional attractiveness (II) Number of IPOs in the region Total Region Poland 213 120 105 94 96 65 50 39 32 18 13 1 0 0 1 3 1 3 2007 2008 2009 2010 2011 2012 2013 2014 2015 Source: Dana provided by the regional stock exchanges 8 What are we missing? Macro push Redefined role of IPO pipeline CFO Value creation Size matters Strong corporate governance 9 Always Ahead InterCapital Securities Ltd Ivan Kurtović Croatia Senior Partner Masarykova 1 T: +385 (0)1 4825 892 10000 Zagreb M: +385 (0)98 429 978 www.intercapital.hr E: [email protected] Bloomberg: INKA <GO> Legal Notice This document is issued by InterCapital Securities Ltd („InterCapital”). InterCapital is authorized and regulated by the Croatian Financial Services Agency („HANFA”) and is a member of InterCapital group of companies („InterCapital Group”). InterCapital has based this document on information obtained from sources it believes to be reliable but which have not been independently verified. Any charts and tables included are from publicly available sources or proprietary data. This document is not, and should not be treated or relied upon as investment research or a research recommendation under applicable regulatory rules. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. InterCapital is in no obligation to keep current the information in this document. The user of this document is solely responsible for making his own independent appraisal of and investigations into the products, investments and transactions referred to in this document and should not rely on any information in this document as constituting investment advice. The exclusion of liability provided herein shall protect InterCapital, its officers, employees, agents, representatives and/or associates in all circumstances. The issuance of any details contained in this document, which is not for public circulation, does not constitute an offer or solicitation for, or advice that you should enter into, the purchase or sale of any security or other investment product or investment agreement, or any other contract, agreement or structure whatsoever. This document is intended for the use of clients who are professional clients or eligible counterparties only and is not indented for retail clients. This document is intended to be distributed in its entirety. This document is subject to the copyright of InterCapital. Reproduction of this document, in whole or in part, or disclosure of any of its contents, without prior consent of InterCapital, is prohibited. 2015 InterCapital Securities Ltd. All rights reserved..
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