Fondul Proprietatea - Safe choice in turbulent times
Fondul’s full year results were in line with our expectation and much better than past years. Gross dividend income reached RON 740 million vs. RON 353 million past year. NOI was RON 1.3 billion during the full year vs. RON 677 million mainly due to the GDI line and the net gain from equity investments at fair value, which was RON 223 million this year. FP reported RON 330 million net realised gain from disposal of noncurrent assets held for sale. All in all EPS of the full year was RON 0.14 per share vs. RON 0.06 per share past year. NAV decreased to RON 10.8 billion vs. 11.4 billion past year. The discount to NAV declined slightly to 30%, while the net cash per share reached RON 0.17. The company reported 0.58% administration fee per NAV or RON 63 million.
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.
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