Mercado Alternativo Bursátil Spain Half Year Report PDF

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Mercado Alternativo Bursátil Spain Half Year Report 2016 Mercado Alternativo Bursátil Spain Half Year Report INTRODUCTION The Mercado Alternativo Bursátil (MaB), founded in 2008, is a market for

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Mercado Alternativo Bursátil Spain Half Year Report 2016 Mercado Alternativo Bursátil Spain Half Year Report INTRODUCTION The Mercado Alternativo Bursátil (MaB), founded in 2008, is a market for small companies looking to expand, with a special set of regulations, designed specifically for them with costs and processes tailored to their particular characteristics. By the end of June 2016, there have been 33* companies listed on the Growth Companies segment of this alternative Equity Market, representing a total market capitalisation of more than 1,2 billion Euro*. The chart to the right describes the annual Going Publics on the MaB, showing that so far 2010 and 2015 have been the strongest years in terms of new entries on this segment. The first half of 2016 has been like in other European countries rather weak. Going Publics on the Mercado Alternativo Bursatil (MaB) since its inception * except Let s Gowex (ISIN ES ) that has been suspended from trading on July 2nd 2014 due to fraud investigation. Mercado Alternativo Bursátil Spain Half Year Report INDUSTRY BREAK-DOWN (NUMBER OF ISSUERS) Regarding the industry break-down of the listed companies, the Spanish Mercado Alternativo Bursátil is among the European hot-spots for issuers out of the Pharmacy Products and Biotechnology industry having (according to the number of issuers) slightly more than 20 percent market share. By the end of June 2016, there have been listed companies out of twelve industry sectors. The leading industry Pharmacy Products and Biotechnology (seven issuers) is followed by the industry sectors Electronics and Software and Engineering and Others each represented by six issuers. The Telecommunications and Others industry stands for four issuers, followed by Retailing with three issuers and Other Services with two issuers. Each of the remaining six industries are represented by only one company. On the following page you will find the respective table and pie chart, showing the industry break-down of MaB according to the number of issuers. Mercado Alternativo Bursátil Spain Half Year Report INDUSTRY BREAK-DOWN (NUMBER OF ISSUERS) Industry Number of Issuers Percentage Pharmacy Products and Biotechnology 7 20,6% Electronics and Software 6 17,6% Engineering and Others 6 17,6% Telecommunications and Others 4 11,8% Retailing 3 8,8% Other Services 2 5,9% Aerospace 1 2,9% Communication and Publicity 1 2,9% Leisure, Tourism and Hotel Industry 1 2,9% Manufac. & Assembly of Capital Goods 1 2,9% Renewable Energy 1 2,9% Technological Hardware and Equipment 1 2,9% Pharmacy Products and Biotechnology 23.4% Electronics and Software 17,6% Engineering and others 17,6% Telecommunications and Others 11,8% Retailing 8,8% Other Services 5,9% Aerospace 2,9% Communication and Publicity 2,9% Leisure, Tourism and Hotel Industry 2,9% Manufac. & Assembly of Capital Goods 2,9% Renewable Energy 2,9% Technological Hardware and Equipment 2,9% Mercado Alternativo Bursátil Spain Half Year Report INDUSTRY BREAK-DOWN (MARKET CAPITALISATION) Taking a look at the industry break-down based on the Market Capitalisation, the split looks different. The industry Pharmacy Products and Biotechnology drops down to rank four with a total Market Capitalisation of 173,7 million Euro equaling 14,2 percent of the total Market Capitalisation of MaB. The leading industry is Telecommunications and Others with a market share of 26,4 percent or 324,3 million Euro Market Capitalisation. Rank two is represented by the industry Engineering and Others with a Market Capitalisation of 229,8 million Euro (18,7 percent). Electronics and Software are on rank three with a market share of 16,3 percent respectively 200,5 million Euro. The average Market Capitalisation of a MaB listed company is 37,2 million Euro by the end of June On the following page you will find the respective table and pie chart, showing the industry break-down of MaB according to the Market Capitalisation. Mercado Alternativo Bursátil Spain Half Year Report INDUSTRY BREAK-DOWN (MARKET CAPITALISATION) Industry Market Cap Percentage Telecommunications and Others ,4% Engineering and Others ,7% Electronics and Software ,3% Pharmacy Products and Biotechnology ,2% Communication and Publicity ,8% Retailing ,4% Aerospace ,1% Renewable Energy ,4% Other Services ,0% Leisure, Tourism and Hotel Industry ,8% Technological Hardware and Equipment ,0% Manufac. & Assembly of Capital Goods ,8% Telecommunications and Others 26,4% Engineering and others 18,7% Electronics and Software 16,3% Pharmacy Products and Biotechnology 14,2% Communication and Publicity 6,8% Retailing 4,4% Aerospace 4,1% Renewable Energy 3,4% Other Services 2,0% Leisure, Tourism and Hotel Industry 1,8% Technological Hardware and Equipment 1,0% Manufac. & Assembly of Capital Goods 0,8% Mercado Alternativo Bursátil Spain Half Year Report ORIGIN OF THE ISSUERS Until the end of June 2016, the Mercado Alternativo Bursátil has been a closed job exclusively for Spanish Issuers. 12 Out of the 34 listed companies, there is only one with a foreign ISIN: EBI- OSS Energy (BG ) with its headquarter in Sofia, Bulgaria but its management, main shareholders and founders in Spain Therefore, the graph on the right shows the headquarters in Spain except the one from EBIOSS Energy: 4 2 As expected, Madrid (11) is the main hub for the Spanish Growth Companies, followed by Barcelona (7). 0 Madrid A Coruña Barcelona Cadiz Granada Lleida Alicante Bergondo Murcia Valencia Oquendo Zaragoza Mercado Alternativo Bursátil Spain Half Year Report DUAL LISTINGS Although the origin of the MaB companies is purely Spanish, quite a few of them opted for a Dual Listing on top of their main one. Almost one quarter (23,52 percent) have a second listing in France, Germany, United States of America or even all of them. This might be based on the fact that the Spanish Central Securities Depository IBERCLEAR so far has not been well connected to the remaining Europe with the consequence that shares only listed on the MaB cannot be traded via Banks and Online-Brokers based outside Spain. As IBERCLEAR is subject to the EU Regulation Nr. 909/2014 on improving securities settlement in the European Union and central securities depositories might change on a mid-term basis. The graph on the right shows the Stock Exchanges that have been the choice of the eight companies that have opted for a Dual Listing so far. Mercado Alternativo Bursátil Spain Half Year Report TRADING Although the MaB offers the option to trade shares whether on a fixing or a continuous basis, all companies that are listed on MaB must appoint a Liquidity Provider. fixing 25 Continuous 8 The objective of those liquidity contracts is to guarantee that transactions are liquid and to ensure sufficient trading frequency by reducing fluctuations in price which are not caused by market trends. The Liquidity Provider is obliged to maintain supply and demand positions for a minimum cash amount. The pie chart on the right shows the ratio between Continuous and Fixing among the MaB companies. Hence, most of the companies are traded only twice a day as Fixing means two auctions per day. Mercado Alternativo Bursátil Spain Half Year Report LIQUIDITY PROVIDERS MARKET SHARE By the end of June 2016, there have been 13 active Liquidity Providers acting on behalf of MaB companies. The chart below shows the most active MaB Liquidity Providers by the end of June 2016 The chart on the right shows the number of mandates and thus the most active Liquidity Proviers for MaB It has to be noted that the MaB is the most liquid European segment for Growth Companies. The average trading volume of the MaB companies* for the first six months has been 2,96 million Euro per company respectively round Euro per company per day. The highest trading volume has been shown by the two companies Carbures (ISIN ES ) with a total amount of 29,15 million Euro been traded in the first six months ( Euro per day) and Masmovil (ISIN ES ) with a total amount of 22 million Euro been traded in the first six months of 2016 ( Euro per day) BEKA Finance Mercados y Gestión de Valores GVC Gaeso Valores RENTA4 Sociedad de Valores Gestión de Patrimonios Mobiliarios Solventis Banco Inversis Banco Sabadell BNP Paribas Spain GEFONSA Intermoney Valores LINK Securities Santander Investment Bolsa * except Let s Gowex (ISIN ES ) that has been suspended from trading on July 2nd 2014 due to fraud investigation. Mercado Alternativo Bursátil Spain Half Year Report YEAR-TO-DATE PERFORMANCE In the first six months of 2016, there was a slightly negative Performance of all* MaB listed companies of - 2,76 percent. 30,00% 20,00% This is actually a better Performance than most of the other European Smalland Growth-Cap indices like the Euronext Alternext All Share (-3,62%) in France, the FTSE AIM All Share (-3,78) in Great Britain or the MSCI Europe Small Cap Index (-5,80%) representing whole Europe have shown. Only the Entry Standard in Germany showed a slight increase of 0,57% in the first six months of The chart to the right gives a break-down of the development of each single industry being part of MaB in the first six months of The best Performance showed Alicante based Electronics and Software company Facephi (ISIN ES ) with an increase of 1,82 percent. 10,00% 0,00% -10,00% -20,00% -30,00% -40,00% Aerospace Telecommunications and Others Manufac. & Assembly of Capital Goods Retailing Pharmacy Products and Biotechnology Engineering and others Technological Hardware and Equipment Leisure, Tourism and Hotel Industry Communication and Publicity Renewable Energy Other Services Electronics and Software * except Let s Gowex (ISIN ES ) that has been suspended from trading on July 2nd 2014 due to fraud investigation. Mercado Alternativo Bursátil Spain Half Year Report REGISTERED ADVISORS MARKET SHARE Companies that wish to list on the MaB must first appoint a Registered Advisor. These are specialists who assess whether a company is suitable to joing the MaB or not and who assist the company and check that it is complying with all the admission requirements By the end of June 2016, there have been 25 Registered Advisors accepted by the Madrid Stock Exchange (Bolsa de Madrid). Eight out of those 25 Registered Advisors have current mandates The chart on the right shows the number of mandates and thus the most active Registered Advisors formab. GVC Gaesco Valores Estratelis Advisors DCM Asesores Solventis Norgestión RENTA4Corporate Arcano Valores * except Let s Gowex (ISIN ES ) that has been suspended from trading on July 2nd 2014 due to fraud investigation. Mercado Alternativo Bursátil Spain Half Year Report ADMISSION REQUIREMENTS Companies seeking admission to MaB must be public limited companies which meet the following criteria: 1. Transparency: Both core shareholders and the company s governing bodies must change their mindset and procedures to meet the level of transparency demanded. The regulations are adapted to their needs and introduce two new figures: the Registered Advisor and the MaB itself. The correct level of transparency shall always be maintained throughout all procedures. 2. Information reporting: The company is committed to reporting the half-year and annual information. 3. Registered Advisor and Liquidity Provider: Appointing an Advisor helps companies both when they are joining to the market and once they are listed. While a contract with a Liquidity Provider helps trading. 4. Shareholder diffusion: In order to join MaB it is important that shares held by shareholders holding less than 5 percent of the share capital represent approximately more than 2 million Euro. * except Let s Gowex (ISIN ES ) that has been suspended from trading on July 2nd 2014 due to fraud investigation. Mercado Alternativo Bursátil Spain Half Year Report Appendix Company Isin Sector Market Cap Nominal Value YTD Trading Volume FACEPHI ES Electronics and Software ,04 181,58% Fixing ALTIA ES Electronics and Software ,02 41,37% Fixing ZINKIA ES Other Services ,10 30,43% Fixing BIONATURIS ES Pharmacy Products and Biotechnology ,05 13,06% Continuous GRENERGY RENOVABLES ES Renewable Energy ,15 12,80% Fixing NBI BEARINGS EUROPE ES Engineering and others ,10 11,48% Fixing CLERHP ESTRUCTURAS ES Engineering and others ,04 11,02% Fixing SECUOYA ES Communication and Publicity ,01 5,30% Fixing NKEMIA ES Pharmacy Products and Biotechnology ,10 3,81% Fixing HOME MEAL ES Retailing ,13 0,44% Fixing LET S GOWEX ES Telecommunications and Others ,01 0,00% Continuous 0 EUROCONSULT SA ES Engineering and others ,20 0,00% Fixing INCLAM ES Engineering and others ,01 0,00% Fixing NPG TECHNOLOGY ES Electronics and Software ,05 0,00% Fixing 0 ONLY APARTMENTS ES Leisure, Tourism and Hotel Industry ,10-0,43% Fixing GIGAS HOSTING ES Technological Hardware and Equipment ,02-0,66% Fixing AGILE CONTENT ES Electronics and Software ,10-2,78% Fixing THINKSMART ES Electronics and Software ,10-3,61% Fixing EBIOSS ENERGY BG Engineering and others ,00-4,58% Continuous EUROESPES ES Pharmacy Products and Biotechnology ,60-6,74% Fixing COMMCENTER ES Retailing ,50-7,27% Fixing CATENON ES Electronics and Software ,02-7,50% Continuous MASMOVIL ES Telecommunications and Others ,10-9,16% Continuous MEDCOM TECH ES Pharmacy Products and Biotechnology ,01-10,77% Fixing TECNOQUARK ES Manufac. & Assembly of Capital Goods ,00-10,89% Fixing GRIÑÓ ECOLOGIC ES Engineering and others ,02-11,52% Fixing NEOL BIO ES Pharmacy Products and Biotechnology ,48-13,87% Continuous EURONA TELECOM ES Telecommunications and Others ,00-16,72% Continuous LLEIDA.NET ES Telecommunications and Others ,02-19,59% Fixing NEURON BIO ES Pharmacy Products and Biotechnology ,00-19,85% Continuous AB-BIOTICS ES Pharmacy Products and Biotechnology ,05-22,22% Fixing IMAGINARIUM ES Retailing ,03-24,64% Fixing VOUSSE CORP ES Other Services ,50-31,52% Fixing CARBURES ES Aerospace ,17-32,47% Continuous FOR FURTHER INFORMATION PLEASE CONTACT: Capital Lounge GmbH Emil-Riedel-Str Munich Germany Mr. Alexander Coenen
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