Fondul Proprietatea - No major impact on ENEL’s valuation
Q1 results: Fondul’s Q1 results were in line with our expectation and much better than past years. NOI was RON 312 million during the quarter in line with past year’s result. G/L from equity investments reached roughly the same level at RON 310. EPS of the quarter was RON 0.04 per share stable y-o-y. NAV decreased to RON 9.8 billion vs. 10.6 billion past year due to the disposals. The discount to NAV increased from 25% to 30%, while the net cash per share reached RON 0.04.
Concorde Securities Ltd. is Hungary’s leading independent company engaged in investment banking activities. It provides its clients with integrated financial services, including securities trading, research, corporate financing advisory, capital market transactions, wealth management and investment advisory. The operational management of the company is the responsibility of the CEO, while the owners/managers (who control one-third of the company through their shares and options) are in charge of its strategic governance. Concorde Securities Ltd. is a member of the Budapest, Frankfurt, Warsaw and Bucharest stock exchanges, as well as of the Hungarian Association of Investment Service Providers.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.