Fondul Proprietatea: uplift from power prices (stays BUY)
Fondul Proprietatea (FP, the Fund) has outperformed the market by 29% in the past 12 months, and returned close to 35% over the same period, including dividends. We believe the strong momentum has been sustained by: cash distributions; expectations and the announcement of Hidroelectrica’s listing; and the improving profitability and valuation of Hidroelectrica, due to the rising power prices. We expect the NAV to appreciate, as we see additional upside in the valuation of Hidroelectrica and we expect the discount to NAV to reduce with Hidroelectrica’s listing. We keep our BUY rating and set our 12M price target (PT) at RON 2.49/share (from RON 2.27), implying 25% upside potential.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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.