Capitalizarea societatilor listate la bursa
Analiza societatilor prezente la cota Bursei de Valori Bucuresti releva faptul ca o parte insemnata a acestora nu isi mai gaseste locul la cota - si aceasta tinand cont numai de parametri legati de capitalizare bursiera* si capital social.
La momentul realizarii acestei analize (26/04/01), numarul total de societati cotate la bursa se ridica la 111. Dintre acestea, cea mai redusa capitalizare bursiera este inregistrata de Electrocontact (ECT), a carei valoare de piata se situeaza la numai
505 milioane lei (aproximativ 18.000 USD). Alte cinci societati inregistreaza o capitalizare bursiera sub 100.000 USD: Asam Iasi (ASM) cu 65 mii USD, Ciorapi Timisoara (CRT) si Sidertrans (SDT) cu 66 mii USD, Iris Barlad (IRS) cu 80 mii USD si Netex Bistrita (NTX) cu 81 mii USD.
De altfel, peste jumatate (60) din societatile listate inregistreaza o valoare de piata situata sub 1 milion de dolari. Cu minime exceptii, toate aceste 60 de societati nu si-ar gasi locul la cota in aceste conditii, cu atat mai mult cu cat bursa va introduce din iulie a.c. o prevedere
privind delistarea societatilor cu un capital social sub 2 milioane EUR.
Printre societatile mari cu capitalizare redusa intalnim Petrolsub (PTS), Faur (FAU), Rafo (RAF) sau Sofert (SOF). Mai departe, urcand in clasamentul capitalizarii, inregistram 40 de societati cu o capitalizare intre 1 si 10 miloane USD. De remarcat prezenta in aceasta lista a unor societati
foarte dinamice, dar de dimensiuni nu foarte mari, precum Imsat (IMS), Impact (IMP), Mopariv (MPR), International (INT), Agras (ASA), Maillis (MJM) si Banca Transilvania (TLV). Este de apreciat ca valoarea de piata a acestora este cu mult mai mare decat valoarea unor societati de dimensiuni mult mai mari.
Si actiunile SIF Moldova (SIF2), SIF Banat-Crisana (SIF1) si SIF Oltenia (SIF5) inregistreaza valori de piata sub 10 milioane USD.
Trecand in partea de sus a clasamentului, intalnim pe primul loc Banca Romana pentru Dezvoltare (BRD) cu 179,5 milioane USD valoare de piata, urmata de Alro (ALR) cu 119,9 milioane si Dacia (DAC) cu 44,0 milioane. Pentru Turbomecanica (TBM) si Banca Turco-Romana (BTR) valorile de piata sunt distorsionate
(in primul caz de inregistrarea unor actiuni gratuite iar in al doilea de suspendarea tranzactiilor si problemele bancii), dar remarcam si valorile mari de piata ale Terapia (TER), Otelinox (INX) si Sicomed (SCD).
Un indicator foarte interesant este raportul valaore de piata / capital social (de fapt pret piata / valoare nominala) care arata cum evalueaza piata o actiune fata de valoarea scriptica a acesteia. Locurile fruntase dupa valoarea acestui raport sunt ocupate de Maillis (MJM) cu 469%, Alro (ALR) cu 426%,
International (INT) cu 350% si Agras (ASA) cu 350%. Numai 30 din cele 111 societati cotate inregistreaza un pret in piata superior valorii nominale. In partea de jos a clasamentului intalnim 8 societati pentru care pretul in piata se situeaza sub 10% din valoarea nominala: Faur (FAU), Cost (COS), Comelf (CMF),
Electrocontact (ECT), Moldosin (MDS), Artrom (ART), UAMT (UAM) si Upsom (UPS).
Referitor la capitalul social, cea mai mica valoare este inregistrata de Amylon (AMY) cu 3,7 miliarde lei. Un numar de 60 de societati listate au un capital social situat sub 2 milioane USD, situatie care, daca se pastreaza, va duce la delistarea celei mai mari parti a acestora in vara acestui an
(nota: unele din aceste societati au majorari de capital in curs):
|
SMB |
capitalizare lei |
capitalizare usd |
capital social lei |
capit./c.s. |
|
BRD |
5,052,534,715,000 |
179,588,211 |
1,742,253,350 |
2.90 |
|
ALR |
3,375,159,276,600 |
119,967,274 |
792,290,910 |
4.26 |
|
DAC |
1,239,121,475,520 |
44,043,559 |
2,581,503,074 |
0.48 |
|
TBM |
787,086,786,000 |
27,976,356 |
333,511,350 |
2.36 |
|
BTR |
725,760,000,000 |
25,796,545 |
345,600,000 |
2.10 |
|
TER |
521,242,236,000 |
18,527,129 |
306,613,080 |
1.70 |
|
INX |
395,131,672,000 |
14,044,632 |
189,967,150 |
2.08 |
|
SCD |
389,166,285,200 |
13,832,597 |
138,987,959 |
2.80 |
|
SIF3 |
344,025,149,580 |
12,228,092 |
546,071,666 |
0.63 |
|
SIF4 |
309,090,593,340 |
10,986,372 |
696,149,985 |
0.44 |
|
ASV |
279,751,848,600 |
9,943,550 |
399,645,498 |
0.70 |
|
TLV |
279,651,728,860 |
9,939,992 |
173,696,726 |
1.61 |
|
SIF5 |
262,234,902,728 |
9,320,925 |
580,165,714 |
0.45 |
|
SIF1 |
260,154,553,032 |
9,246,981 |
548,849,268 |
0.47 |
|
OLT |
258,870,912,800 |
9,201,355 |
323,588,641 |
0.80 |
|
MJM |
244,624,021,600 |
8,694,961 |
52,158,640 |
4.69 |
|
ASP |
241,615,378,400 |
8,588,021 |
219,650,344 |
1.10 |
|
TRS |
210,842,544,000 |
7,494,226 |
173,390,250 |
1.22 |
|
ARC |
199,750,452,880 |
7,099,966 |
293,750,666 |
0.68 |
|
SIF2 |
199,330,401,792 |
7,085,036 |
519,089,588 |
0.38 |
|
AZO |
184,366,647,200 |
6,553,162 |
230,458,309 |
0.80 |
|
ELJ |
164,284,420,000 |
5,839,355 |
131,427,536 |
1.25 |
|
ATB |
116,333,363,900 |
4,134,974 |
68,836,310 |
1.69 |
|
PCL |
109,296,083,600 |
3,884,840 |
49,680,038 |
2.20 |
|
SNT |
107,000,521,600 |
3,803,246 |
119,420,225 |
0.90 |
|
SNC |
98,964,140,000 |
3,517,599 |
494,820,700 |
0.20 |
|
RLS |
88,504,067,300 |
3,145,805 |
80,458,243 |
1.10 |
|
COS |
88,295,741,900 |
3,138,400 |
959,736,325 |
0.09 |
|
NVR |
82,698,612,000 |
2,939,454 |
172,288,775 |
0.48 |
|
ASA |
77,896,000,000 |
2,768,750 |
22,256,000 |
3.50 |
|
AMP |
77,890,358,000 |
2,768,549 |
59,915,660 |
1.30 |
|
INT |
77,197,109,450 |
2,743,908 |
21,149,893 |
3.65 |
|
MPR |
76,160,268,000 |
2,707,054 |
25,817,040 |
2.95 |
|
IMP |
75,257,632,800 |
2,674,971 |
59,728,280 |
1.26 |
|
AMO |
74,407,302,216 |
2,644,747 |
223,445,352 |
0.33 |
|
SLC |
73,457,304,000 |
2,610,980 |
229,554,075 |
0.32 |
|
SNO |
69,258,080,000 |
2,461,722 |
108,215,750 |
0.64 |
|
EXC |
65,700,337,500 |
2,335,265 |
93,857,625 |
0.70 |
|
OIL |
61,256,729,524 |
2,177,320 |
152,759,924 |
0.40 |
|
IMS |
49,338,910,620 |
1,753,711 |
32,247,654 |
1.53 |
|
CMP |
45,441,479,690 |
1,615,180 |
74,494,229 |
0.61 |
|
EPT |
43,657,201,005 |
1,551,759 |
122,978,031 |
0.36 |
|
BRM |
42,716,952,000 |
1,518,339 |
66,448,592 |
0.64 |
|
NVL |
41,033,622,014 |
1,458,507 |
266,452,091 |
0.15 |
|
PEI |
40,744,000,000 |
1,448,212 |
38,197,500 |
1.07 |
|
RBR |
34,572,511,050 |
1,228,852 |
342,731,820 |
0.10 |
|
SRT |
32,651,325,960 |
1,160,565 |
61,839,633 |
0.53 |
|
ARS |
30,627,000,000 |
1,088,612 |
85,075,000 |
0.36 |
|
CPR |
30,549,020,000 |
1,085,840 |
76,372,550 |
0.40 |
|
APS |
28,880,390,000 |
1,026,530 |
10,314,425 |
2.80 |
|
UCM |
27,664,893,500 |
983,326 |
168,688,375 |
0.16 |
|
MEF |
26,551,091,800 |
943,737 |
54,407,975 |
0.49 |
|
ZIM |
25,013,576,400 |
889,087 |
45,314,450 |
0.55 |
|
CIP |
23,256,873,090 |
826,647 |
46,983,582 |
0.50 |
|
RAF |
23,251,480,000 |
826,455 |
207,602,500 |
0.11 |
|
GRX |
22,872,695,000 |
812,991 |
24,861,625 |
0.92 |
|
PPL |
21,324,274,800 |
757,954 |
58,281,780 |
0.37 |
|
FAU |
20,858,443,200 |
741,396 |
217,275,450 |
0.10 |
|
ARM |
20,567,302,650 |
731,048 |
15,235,039 |
1.35 |
|
MPN |
19,395,246,400 |
689,388 |
24,244,058 |
0.80 |
|
APC |
19,187,008,100 |
681,986 |
73,796,185 |
0.26 |
|
CRB |
19,070,680,500 |
677,852 |
23,544,050 |
0.81 |
|
SOF |
18,729,722,700 |
665,733 |
104,054,015 |
0.18 |
|
CBC |
18,371,404,000 |
652,997 |
48,345,800 |
0.38 |
|
FTN |
18,050,659,000 |
641,596 |
37,294,750 |
0.48 |
|
BRC |
17,165,898,530 |
610,148 |
14,186,693 |
1.21 |
|
VES |
16,785,484,300 |
596,626 |
19,518,005 |
0.86 |
|
PTR |
15,949,611,600 |
566,916 |
92,730,300 |
0.17 |
|
PTS |
15,828,234,460 |
562,602 |
19,070,162 |
0.83 |
|
ETN |
15,783,967,200 |
561,028 |
12,770,200 |
1.24 |
|
DOR |
15,313,317,060 |
544,299 |
30,832,182 |
0.50 |
|
AUR |
15,005,672,000 |
533,364 |
4,574,900 |
3.28 |
|
STZ |
14,765,145,100 |
524,815 |
44,075,060 |
0.34 |
|
ELN |
14,125,342,500 |
502,074 |
31,389,650 |
0.45 |
|
MPF |
13,317,931,750 |
473,375 |
21,832,675 |
0.61 |
|
STR |
12,692,991,360 |
451,162 |
30,221,408 |
0.42 |
|
VAP |
12,001,273,600 |
426,575 |
18,751,990 |
0.64 |
|
UZT |
11,708,000,000 |
416,151 |
29,270,000 |
0.40 |
|
FOR |
11,570,195,000 |
411,253 |
16,528,850 |
0.70 |
|
CAS |
11,563,539,120 |
411,017 |
27,532,236 |
0.42 |
|
VAC |
11,514,645,500 |
409,279 |
9,066,650 |
1.27 |
|
HTR |
11,457,883,500 |
407,261 |
30,152,325 |
0.38 |
|
ART |
11,026,224,300 |
391,918 |
141,927,297 |
0.08 |
|
EPN |
9,965,130,000 |
354,202 |
7,117,950 |
1.40 |
|
AER |
9,737,200,000 |
346,101 |
19,474,400 |
0.50 |
|
UTN |
9,629,760,000 |
342,282 |
20,062,000 |
0.48 |
|
MCN |
8,849,430,000 |
314,546 |
22,123,575 |
0.40 |
|
TMR |
8,782,208,500 |
312,156 |
25,830,025 |
0.34 |
|
FRL |
8,452,780,000 |
300,447 |
12,075,400 |
0.70 |
|
UZC |
7,970,696,500 |
283,312 |
29,890,111 |
0.27 |
|
ABR |
7,922,766,600 |
281,608 |
62,879,100 |
0.13 |
|
UAM |
7,785,658,125 |
276,735 |
101,552,063 |
0.08 |
|
ROB |
7,390,992,700 |
262,707 |
20,304,925 |
0.36 |
|
NCL |
7,188,110,100 |
255,495 |
66,556,575 |
0.11 |
|
MOL |
7,164,372,750 |
254,652 |
25,138,150 |
0.29 |
|
ENP |
6,728,737,400 |
239,167 |
10,923,275 |
0.62 |
|
AMC |
6,211,720,000 |
220,791 |
7,764,650 |
0.80 |
|
CPL |
5,975,256,000 |
212,386 |
12,448,450 |
0.48 |
|
CMF |
4,796,175,900 |
170,476 |
58,489,950 |
0.08 |
|
MDS |
4,338,525,750 |
154,209 |
55,622,125 |
0.08 |
|
UPS |
4,141,875,000 |
147,220 |
82,837,500 |
0.05 |
|
FEL |
3,708,315,000 |
131,809 |
6,180,525 |
0.60 |
|
AMY |
3,462,420,000 |
123,069 |
3,763,500 |
0.92 |
|
ALB |
3,182,309,600 |
113,113 |
10,070,600 |
0.32 |
|
ELC |
2,916,956,600 |
103,681 |
8,479,525 |
0.34 |
|
NTX |
2,289,176,000 |
81,367 |
8,638,400 |
0.27 |
|
IRS |
2,262,803,875 |
80,430 |
5,250,125 |
0.43 |
|
SDT |
1,883,055,010 |
66,932 |
6,074,371 |
0.31 |
|
CRT |
1,866,420,425 |
66,340 |
4,725,115 |
0.40 |
|
ASM |
1,846,546,200 |
65,634 |
17,097,650 |
0.11 |
|
ECT |
505,699,600 |
17,975 |
6,450,250 |
0.08 |
*Capitalizarea bursiera a unei societati reprezinta valoarea de piata a acesteia, respectiv pretul la bursa al unei actiuni inmultit cu numarul total de actiuni al societatii.
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