Fondul Proprietatea - SOE’s will provide the tailwind in the last quarter - Instant Earnings Comment from Concorde Ltd. (Hungary)
The most important take-away for investors in our view is that Fondul could easily gain from the government’s troubled situation as it needs additional revenues since social spending significantly increased this year, while the public budget revenues are below the projected levels. Romgaz has already declared special dividend in an extent of 1.8 per share and Nuclearelectrica also called the Board for a similar proposal. Realistically, Fondul could receive 0.01 – 0.02 DPS mainly from Hidroelectrica and Nuclearelectrica maybe Salrom, but we see little chance for Aeroporturi Bucuresti to distribute special dividend which proceeds will be available to distribute next year in our view.
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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