Fondul Proprietatea trades 26% below net asset value at end-June

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

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

The first five participations of the Fund 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 production of electric utilities, infrastructure and distribution and supply of electric and gas utilities, which represent 89.7% of the total.

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

FP shares appreciated by 1% YTD, on transactions of RON 1.4 bln, the company thus registering the second largest turnover from BVB in 2022, after OMV Petrom.

For comparison, BET-FI, an index that tracks the evolution of the five financial investment companies (SIFs), decreased by 3.5% in the same period, according to BVB data.

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

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