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
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