Investor relations
STRABAG SE has been listed in the Vienna Stock Exchange’s top Prime Market segment since 2007. Represented in the ATX Top Dividend price index, STRABAG SE’s shares are among the ATX Prime’s top stocks with the highest dividend yield.
STRABAG SE shares
From an investor perspective, the 2023 stock market year was positive overall. This trend emerged in the first two months of the year, before the collapse of three regional US banks in March triggered a short-term correction on the capital market. After a prolonged phase of price volatility, hopes of a trend reversal in key interest rates and an easing of inflationary pressure provided fresh momentum on the markets in the fourth quarter. Overall, most stock markets saw extremely positive price performance in 2023, reflected in the strong 22% rise in the MSCI World global stock market index. Germany’s DAX index (+20%) and the Dow Jones index of blue-chip industrial stocks (+14%) both reached new all-time highs in the past year. The pan-European EURO STOXX 50 share index was similarly strong, posting an increase of 19%. The UK’s leading index, the FTSE 100, ended the year somewhat behind, but still with comparatively slight growth of 4%.
The Vienna Stock Exchange also benefited from the positive trend on the global stock markets. Although the country’s benchmark ATX index was barely able to pick up speed after the first quarter, it ended up closing the year with a plus of 10% thanks to a successful final spurt in the fourth quarter. The sector index STOXX Europe 600 Construction & Materials performed significantly better, recording growth of 31% in the same period.
STRABAG SE share price vs. benchmark indexes 2023
Trade volume of STRABAG SE shares vs. share price 2023
In September 2023, STRABAG SE began to gradually implement the capital measures that had been unanimously approved at the company’s 19th Annual General Meeting with the aim of reducing the shareholding interest in STRABAG held by MKAO “Rasperia Trading Limited” – a company controlled by the sanctioned Russian citizen Oleg Deripaska – from 27.8% to less than 25%. This essentially involved a conditional distribution from the reserves of STRABAG SE, with each shareholder given the option of receiving the distribution in the form of new shares or in cash. The share option required those existing shares for which the option was exercised to be temporarily assigned a new ISIN AT0000A36HH9. For this reason, we are providing key share figures below for both the regular STRABAG SE stock (ISIN AT0000STR1) as well as the STRABAG SE share variant (ISIN AT0000A36HH9). The final step of the capital measures was an ordinary non-cash capital increase caried out in March 2024 through the issue of around 15.6 million new shares, with the effect of reducing the stake held by MKAO “Rasperia Trading Limited” in STRABAG SE to 24.1%. The newly issued shares will be listed on the Vienna Stock Exchange under their own ISIN AT0000A36HJ5 until further notice. The shares that had been temporarily assigned ISIN AT0000A36HH9 were reassigned back to the regular ISIN AT000000STR1 following implementation of the ordinary non-cash capital increase.
€ 41.40
STRABAG SE share price at year’s end 2023
STRABAG SE shares (ISIN AT0000STR1) closed the year at € 41.40 with a performance of +6%. The shares reached their lowest value of € 36.00 on 9 February 2023 before continuing their dynamic performance over the rest of the year. In December, Raiffeisen Bank International AG announced its intention to acquire the 27.8% stake in STRABAG SE held by MKAO “Rasperia Trading Limited” via its Russian subsidiary. The announcement gave STRABAG SE shares a significant boost. As a result, the regular STRABAG SE shares reached a high of € 41.90 on 20 December 2023. Price growth was also observed for the temporary shares (ISIN AT0000A36HH9), which, following their high of € 42.00, ended 2023 in line with the closing price of the regular STRABAG SE shares.
Key share indicators
2019 | 2020 | 2021 | 2022 | 2023 | |
STRABAG share AT000000STR1 | |||||
Closing price at year’s end (€) | 31.00 | 28.45 | 36.65 | 39.10 | 41.40 |
Year’s high (€) | 32.30 | 31.50 | 43.20 | 43.75 | 41.90 |
Year’s low (€) | 26.85 | 16.02 | 27.90 | 32.75 | 36.00 |
Year’s average (€) | 29.84 | 26.18 | 35.19 | 38.56 | 38.39 |
Outstanding bearer shares at year’s end (shares) | 102,599,997 | 102,599,997 | 102,599,997 | 102,599,997 | 40,112,066 |
Average trade volume per day (€ mn)1 | 0.6 | 0.8 | 1.4 | 2.0 | 1.3 |
Number of STRABAG SE shares traded (shares)1 | 4,774,282 | 8,008,702 | 10,162,508 | 13,220,734 | 8,581,074 |
Volume of STRABAG SE shares traded (€ bn)1 | 0.1 | 0.2 | 0.4 | 0.5 | 0.3 |
STRABAG share AT0000A36HH9 | |||||
Closing price at year’s end (€) | 41.40 | ||||
Year’s high (€) | 42.00 | ||||
Year’s low (€) | 36.00 | ||||
Year’s average (€) | 37.75 | ||||
Outstanding bearer shares at year’s end (shares) | 62,487,931 | ||||
Average trade volume per day (€ mn)1 | 0.1 | ||||
Number of STRABAG SE shares traded (shares)1 | 90,092 | ||||
Volume of STRABAG SE shares traded (€ mn)1 | 3.5 | ||||
STRABAG shares AT000000STR1 & AT0000A36HH9 | |||||
P/E ratio on 31 December | 9 | 7 | 6 | 9 | 7 |
Earnings per share (€) | 3.62 | 3.85 | 5.71 | 4.60 | 6.30 |
Book value per share (€) | 37.3 | 39.8 | 39.4 | 39.0 | 42.8 |
Outstanding bearer shares at year’s end (shares) | 102,599,997 | 102,599,997 | 102,599,997 | 102,599,997 | 102,599,997 |
Market capitalisation at year’s end (€ bn) | 3.2 | 2.9 | 3.8 | 4.0 | 4.3 |
Dividend per share (€) | 0.90 | 6.90 | 2.00 | 2.00 | 2,202 |
Dividend payout ratio (%) | 25 | 179 | 35 | 43 | 413 |
Dividend yield (%)4 | 3.0 | 26.4 | 5.7 | 5.2 | 5.7 |
Share capital (€ mn) | 110 | 110 | 103 | 103 | 103 |
1Double count
2Dividend proposal by the Management Board of € 2.20 per dividend-bearing share
3Based on the dividend proposal by the Management Board of € 2.20 and in relation to the increased share capital of 118,221,982 shares
4Calculated on the basis of the year’s average share price of the STRABAG share AT0000STR1
Shareholder structure
Shareholder structure as at 31 Dec. 2023
Distribution of free float as at January 2024
The shareholder structure of STRABAG SE changed slightly in the 2023 financial year. The shareholdings of the Haselsteiner family, Raiffeisen Group, UNIQA Group and MKAO “Rasperia Trading Limited” remained unchanged. A total of 2,779,006 STRABAG SE shares (2.7% of the share capital) tendered by the Austrian core shareholders in an anticipatory mandatory offer were acquired by STRABAG SE and are held as treasury shares on the balance sheet. The free float of STRABAG SE shares therefore decreased from 14.4% to 11.7%. To our knowledge, no investor other than the core shareholders holds more than 5% of the company.
With the implementation of the ordinary non-cash capital increase in March 2024, the increased share capital of € 118,221,982 now results in the following shareholder structure:
- Haselsteiner family: 30.7%
- Raiffeisen/UNIQA: 31.9%
- MKAO “Rasperia Trading Limited”: 24.1%
- Free float: 10.9%
- Treasury stock: 2.4%
In January 2024, we commissioned a shareholder ID to determine the composition of the free float. The percentage of retail investors declined slightly to 5.8% (2022: 6.0%). Compared to the previous year, the percentage of institutional investors fell from 5.2% to 3.8%. Several large shareholders, predominantly from North America, tendered blocks of shares as part of the anticipatory mandatory offer made by the Austrian core shareholders. As a result, the regional focus shifted to continental Europe (1.2%), followed by Austria (1.1%) and North America (0.9%). Investors from the UK and Ireland continued to play a subordinate role, accounting for 0.3%.
Oleg Deripaska was added to the EU sanctions list on 8 April 2022 and is subject to Council Regulation (EU) No 269/2014 of 17 March 2014 concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine (EU Sanctions Regulation). As a consequence, all funds and economic resources belonging to, owned, held or controlled by Oleg Deripaska or by natural or legal persons associated with him are to be frozen (“asset freeze”). This asset freeze must also be ensured with regard to the STRABAG SE shares held by MKAO “Rasperia Trading Limited”, which is controlled by Oleg Deripaska.
MKAO “Rasperia Trading Limited” has therefore since 8 April 2022 been excluded from exercising control (voting rights, right to information, right to participate, right to propose resolutions) and asset rights (e.g. dividend distribution) in connection with the shares of STRABAG SE until the sanctions cease to apply.
On 19 December 2023, the Management Board of STRABAG SE was informed by the Russian joint stock corporation Iliadis JSC and Oleg Deripaska, by means of a major holdings notification pursuant to Sections 130ff of the Austrian Stock Exchange Act (BörseG), that Iliadis JSC on 14 December 2023 concluded a purchase agreement for 100% of the shares in MKAO “Rasperia Trading Limited”. On the same day, the Management Board of STRABAG SE was informed that Raiffeisenbank International AG wants to acquire the 28,500,000 shares in STRABAG SE held by MKAO “Rasperia Trading Limited”. On 26 March 2024, the company was informed by means of major holdings notifications pursuant to Sections 130ff of the Austrian Stock Exchange Act (BörseG) that the transaction in Russia that had been announced in December 2023 had been completed and that MKAO “Rasperia Trading Limited” had been transferred to Iliadis JSC. According to these notifications, MKAO “Rasperia Trading Limited”, with its 24.1% stake in STRABAG SE, is now controlled by Iliadis JSC, and Oleg Deripaska has relinquished his previous (indirect) control. The company has no further information regarding the transaction that has now been completed as announced in the major holdings notifications. It is therefore currently not possible to carry out a sanctions review, so that the company continues to assume that the STRABAG shares held by MKAO “Rasperia Trading Limited” remain frozen in accordance with the EU Sanctions Regulation. The company had no concrete information on the implementation status of the intended acquisition by Raiffeisenbank International AG at the time of the audit opinion.
Further details can be found in the management report under “Disclosures pursuant to Section 243a Para 1 UGB”.
Dividend
€ 2.20 per share
Proposed dividend
STRABAG places great value on a constant dividend policy. The Management Board is keeping to its goal of paying out 30–50% of the net income after minorities to company shareholders in the form of a dividend once a year. The exact payout ratio is determined by the general development of the business as well as by the Group’s opportunities for growth. Accordingly, the Management Board will propose to the Annual General Meeting on 14 June 2024 a dividend of € 2.20 per dividend-bearing share for the 2023 financial year. In view of the increased share capital of 118,221,982 shares, this brings the payout ratio to 41%. The dividend yield is 5.7% based on the average price of the STRABAG SE shares.
Earnings per share and dividend
Annual General Meeting 2023
The agenda of the 19th Annual General Meeting held on 16 June 2023 contained seven items for resolution. With a majority of the votes cast, the Annual General Meeting approved the actions of the Management Board and of the Supervisory Board, resolved to pay a dividend of € 2.00 per no-par share and selected the auditor for the 2023 financial year. The remuneration report on the principles for remuneration of the members of the Management Board and the Supervisory Board was also presented to the Annual General Meeting.
The capital measures proposed by the Management Board to the Annual General Meeting to reduce Rasperia’s shareholding to below 25% were unanimously approved. MKAO “Rasperia Trading Limited” contested the resolutions passed by the 19th Annual General Meeting in this regard, although the action was dismissed by the Regional Court of Klagenfurt. The ruling is not yet final, however. An action brought by MKAO “Rasperia Trading Limited” against the resolutions of the 18th Annual General Meeting of 24 June 2022 was dismissed by both the Regional Court of Klagenfurt and by the Higher Regional Court in Graz. These proceedings have not yet been finalised. Another action brought by MKAO “Rasperia Trading Limited” against the resolutions of the Extraordinary General Meeting of 5 May 2022 was also dismissed by both the Regional Court of Klagenfurt and the Higher Regional Court of Graz. These proceedings have not yet been finalised either.
Annual General Meeting 2024
The next Annual General Meeting will be held on 14 June 2024. The record date for confirmation of shareholding is 4 June 2024. Details regarding the correct procedure can be found on the website of STRABAG SE.
Corporate credit rating
BBB, stable
S&P confirms corporate credit rating in 2023
STRABAG SE and any bonds it issues are regularly rated by the international ratings agency Standard & Poor’s (S&P). In November 2007, S&P raised the corporate credit rating for STRABAG SE from BB+ to BBB-, thus elevating STRABAG SE to “investment grade”. In June 2015, S&P raised the credit rating another level to BBB with stable outlook. The rating was last confirmed in October 2023. The key indicators that had led to the ratings increase continued to develop well, according to S&P. STRABAG SE’s strengths and opportunities are seen above all in the stable margins in an otherwise quite cyclical market environment, the strategic access to raw materials, the strong market positions and the very good reputation in the credit markets.
Investor relations
In addition to the mandatory semi-annual reporting and the trading statements for the first and third quarters, we informed 72 capital market participants (2022: 57) in 38 one-on-ones (2022: 28) and in group talks last year. We took part in three (2023: six) roadshows and investor conferences organised by Erste Group, Raiffeisen Bank International and the Vienna Stock Exchange.
On 7 September 2023, we held a Capital Markets Day for analysts and investors in Vienna titled “Strategic Update 2030”. Approximately 50 participants attended the event in person and via livestream. CEO Klemens Haselsteiner and experts from STRABAG presented the new 2030 corporate strategy “People. Planet. Progress.” An ESG update rounded off the event.
Our corporate calendar contains all the dates for upcoming earnings announcements and the Annual General Meeting. The calendar is available on the website of STRABAG SE.
Analyst research provides current as well as potential shareholders with a first indication of the assessment of STRABAG SE. At this time, STRABAG SE is regularly analysed by four banks, which issue target prices and recommendations for our stock:
- Erste Group, Vienna (Michael Marschallinger)
- Kepler Cheuvreux, Vienna (Patrick Steiner)
- LBBW, Stuttgart (Jens Münstermann)
- Raiffeisen Bank International, Vienna (Markus Remis)
Information about STRABAG SE
STRABAG SE’s Investor Relations department reports directly to the CEO and sees itself as the service department for existing and potential private shareholders, institutional investors and analysts, as well as the point of contact for capital market issues for the Group’s operating units. For us, quick response times, comprehensive information and a constant dialogue with the capital market and the general public are a matter of course. We place great importance on informing all shareholder groups quickly and simultaneously. Our aim is to keep our investor relations activities strong with a steady flow of information and to support the analysts in correctly evaluating the STRABAG SE shares. If you would like to receive investor information from us as well, please register for the Investor Relations newsletter on the website of STRABAG SE or give us a call.
STRABAG SE
Investor Relations
Marco Reiter
Head of Investor Relations
Donau-City-Str. 9, 1220 Vienna / Austria
IR-Hotline: +43 800 880 890 (toll-free in Austria)
Fax: +43 1 22422-1177
@ investor.relations@strabag.com