Fondul Proprietatea is trading 26% below the net asset value at the end of June

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The net asset value (NAV) of Fondul Proprietatea (BVB: FP) reached RON 2.78 per share on June 30, 2022, FP announced.

Its shares were trading at a 25.9% discount to this NAV at the end of June, after trading at or slightly above par during the first part of 2021, according to the monthly report published by FP.

The Fund’s top five holdings are Hidroelectrica (76.9%), OMV Petrom (5.0%), CN Bucharest Airports (4.3%), Engie Romania (2.7%) and CN Maritime Ports Administration (1. 83%).

By sector, FP’s portfolio includes the production of electric utilities, infrastructure and the distribution and supply of electric and gas utilities, which represent 89.7% of the total.

The value of FP’s stake in Hidroelectrica, Romania’s largest electricity producer, fell from RON 11.4 billion on April 30 to RON 12.6 billion at the end of June (+7.4%), according to the evaluations of Fondul Proprietatea.

FP shares have appreciated by 1% since the start of the year, on transactions of RON 1.4 billion, the company thus registering the second largest turnover of BVB in 2022, after OMV Petrom.

By comparison, BET-FI, an index that tracks five financial investment firms (SIFs), fell 3.5% over the same period, according to BVB data.

FP has a market value of approximately RON 1.3 billion (€260 million) and is owned 16.6% by Bank of New York Mellon and 10% by Privately Managed Pension Fund NN / NN Pensii , the rest going to other shareholders.

(Photo: Dreamtime)

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