Fondul Proprietatea - Stellar earnings from Hidroelectrica
With Fondul’s H1 report is out, we had the chance to take a glimpse on
Hidroelectrica’s H1 financials. The company’s EBITDA and Profit (RON 2.4 bn +95% y-oy;RON 2.1bn +112% y-o-y) exploded on a yearly basis fuelled by volume (+46% y-o-y) and
price (+41% y-o-y) effects simultaneously. Despite the fact that power prices have surged
across the EU (current spot month-ahead german baseload of 86 EUR/MWh),
Hidroelectrica’s realized price was only 57 EUR/MWh in H1, implying further earnings and
in the end of the day valuation upside.
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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