Fondul Proprietatea - Unsuccessful ALRO SPO might hurt in Q3
Q1 results: Fondul’s H1 results were in line with our expectation and a bit better than past years. NOI was RON 838 million during the 6 months a 9% increase compared to last year same period, the gain came from listed equity appreciation as dividend received remained flattish at RON 533 vs. RON 540 million. EPS of the quarter was RON 0.04 per share stable y-o-y. NAV decreased to RON 9.8 billion vs. 10.5 billion past year due to the disposals. The discount to NAV increased from 30% to 33% in Q2, while the net cash per share reached came down from RON 0.04 to RON 0.025 after dividend payment. On the negative side, we noticed that ALRO’s share price declined significantly compared to the end of June when it was valued. The reason for that is the unsuccessful secondary public offering. Theoretically, it means that ALRO’s value based on prevailing market price would be 22% lower, implying a 0.01 per share impact.
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.