How much in dividends do Hungarian companies pay?
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We have updated our Equity Top Pick List to reflect the events of the past quarter. The list includes those stocks, typically US and European ones, that we consider to be proper investment choices from a fundamental point of view. It can provide a starting point for building a sector-diversified equity exposure in portfolios, but can also be used as a watch list. Technical analysis should be used to time / determine the specific investment decision.
Could the momentum return in the semiconductors?
The semiconductor sector has had a challenging quarter, with its performance in recent months lagging behind improvements in underlying fundamentals, even as AI-driven demand remained exceptionally strong. The accelerating adoption of AI by enterprises and the proliferation of AI agents are significantly increasing the demand for computing capacity, which points to a further surge in cloud services and data center investments. Given current supply constraints, record-high backlogs, and higher-than-expected investment needs, we expect further upward revisions to earnings forecasts in the semiconductor industry. Nevertheless, the sector’s valuation appears favorable from a historical perspective, which, in our view, could result in a more attractive risk-return profile in the coming months.
In our latest dividend calendar, we examined the potential dividend payouts of companies in the BUX and CETOP indices.
BUX
In our dividend calendar, we have listed the stocks of the BUX index alongside the CETOP index, along with the expected dividend yields for these stocks. For BUX components, we have taken into account the planned dividend payout rates included in the companies’ general meeting proposals; however, it is important to note that the final dividend approved by the general meetings may differ from these figures.
The Board of Directors of Graphisoft Park has proposed the payment of an ordinary dividend of €0.84 based on last year’s earnings from continuing operations and a special dividend of €0.99 based on one-time revenues, for a total of €1.83. This represents a dividend yield of 11.6%, which is the highest among the dividend yield expectations for BUX companies.
At the same time, the Board of Directors recommends that the General Meeting consider that the company pay dividends only from the profits of its core and regular operations (which, based on the current share price, would result in a dividend yield of 5.3%). This is because, in the case of a maturing loan, the company could achieve significant, long-term financial savings by paying it off in full. Conversely, if the maturing loan were to be refinanced, it could result in an additional interest burden of up to 500,000 euros per year for Graphisoft Park starting in 2027.
Zwack will hold its annual general meeting in July; at this time, there is no information regarding a potential dividend.
CETOP
For the CETOP index dividend expectations, we used the average of the analyst consensus in the Bloomberg database; however, it is worth noting that the final dividend approved by the companies’ general meetings may differ from this figure. The database includes previously announced or expected dates regarding the dividend payment schedule and the timing of the general meeting; in some cases, no date has been announced yet or only an indicative date is available. For Hungarian stocks included in the CETOP index (similar to the BUX index), we have taken into account the planned dividend payment amounts included in the companies’ proposals to the general meetings.
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