OVERVIEW
Shareholders' Equity and Ownership Structure
At 31 December 2022, the share capital of Prysmian S.p.A. amounted to Euro 26,814,424.60, comprising 268,144,246 ordinary shares with a nominal value of Euro 0.10 each.
INVESTORS
OVERVIEW
At 31 December 2022, the share capital of Prysmian S.p.A. amounted to Euro 26,814,424.60, comprising 268,144,246 ordinary shares with a nominal value of Euro 0.10 each.
The Company's free float was equal to 100% of the outstanding shares and major shareholdings (in excess of 3%) accounted for approximately 29% of total share capital, meaning there were no majority or controlling interests. Prysmian is now one of Italy's few globally present industrial concerns to have achieved true Public Company status in recent years.
The geographical ownership structure confirms the predominant presence of the United States, with 31% of capital held by institutional investors, up slightly from 30% in the prior year, followed by the United Kingdom with 26%. There is also an upward trend in French and North European investors, who are increasingly focused on ESG topics.
In fact, at the end of 2022, French and north European ESG investors together account for more than 20% of all institutional investors, compared with 19% in the previous year. Switzerland, Ireland and the Netherlands are among the major European countries with increased weightings, while those of Germany and Spain have decreased slightly.
There has also been a slight decline in the proportion of Asian investors (mainly Japan and Malaysia).
Overall, about 71% of capital is held by investment funds with Value, Growth or GARP (Growth at Reasonable Price) strategies. They anticipate the creation of value by Prysmian over the medium-long term and consider the current share price to be undervalued given the prospects offered by the fundamentals of the Company.
The percentage of shareholders adopting a passive or index investment strategy, based on the main stock indices, is stable at 16%, while the Hedge Fund component - focused on a shorter time horizon - represents just 5% of the institutional investors, in line with the prior year.
The constant rise in ESG (Environment, Social and Governance) investors, being those that make environmental, social and governance matters central to their investment strategies, is also reflected in the ownership of Prysmian Group, where the proportion of those investors is becoming ever more significant.
Indeed, their weighting within the Prysmian ownership structure has increased substantially over the past 4 years, rising from about 13% in 2019 to more than 48% in December 2022. According to the latest Nasdaq data, this percentage is well above average for both the industrial sector and the Italian market, which is around 32% of all institutional investors.
In absolute terms, Prysmian currently has 236 ESG investors, significantly up from 185 in the prior year and 55 just four years ago.