A month of changes for the ESG ITA Growth index.

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Two companies dropped out of the index in June: Labomar and Unidata.

 

Labomar, a company listed on Euronext Growth Milan, active in the production of medical devices and dietary supplements that is preparing to leave Piazza Affari after only three years.

Promoting the delisting is the controlling shareholder, through the corporate vehicle LBM Next, with the parternship of the private equity firm Charterhouse, who have announced a voluntary, all-stock takeover bid (OPA) for the company's shares.

The payout is €10.00 per share, which incorporates a premium of 14.1 % over the closing price on May 19, 2023 and 18.5 % over the average price of the past 6 months.

 

Unidata, a telecommunications company active in fiber optics and Cloud solutions, is undergoing a process of translisting, that is, moving to another listing of the Italian Stock Exchange, specifically the STAR, the Segment of the Italian Stock Exchange in which are listed companies with medium capitalization and that comply with particular requirements of excellence, such as transparency, liquidity and international standards of governance, are traded.

Trading on the STAR segment began last June 6.

Turning to the performance of the index, we see a divergence between the Market Cap weighted index and the Equally weighted index. While the Equally-weighted index has underperformed the benchmark by 0.28%, the MarketCap-weighted has registered an overperformance of 0.72%. As the chart below shows, in the 18 months considered, the Equally Weighted index outperformed the benchmark in 12, and arrived at a cumulative divergence of about 10%.

The best performer of the month is GEL SPA, a company engaged in the design, manufacture and sale of components, chemicals and water treatment plants for both domestic and industrial use. The company's shares returned 18.1% in June, thanks in part to the continuation of its share buyback plan.
Below is the graph showing the performance of the two indeces, the ESG ITA Growth Equally Weighted and the ESG ITA Growth market Cap Weighted compared to the Benchmank.

Please consider that on a monthly basis we will update the performance of the ESG ITA GROWTH index, which will be uploaded on the REPAiR website.

 

SDA Bocconi School of Management

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