Fondul NAV up 5%

From Wood and Co Research note released this morning: Fondul Proprietatea has disclosed the NAV for end of June at RON 1.1445, up 5.4% from previous NAV disclosed on 9 June (just after the reduction in par value to RON 0.85 per share). The reason for the increase in the NAV is the revaluation ofContinue reading “Fondul NAV up 5%”

Catalyst for Fondul Proprietatea investors

FONDUL PROPRIETATEA WELCOMES HIDROELECTRICA’S INSOVENCY EXIT  AND CALLS FOR ITS SWIFT IPO Bucharest, 21 June 2016 – Franklin Templeton Investment Management Limited United Kingdom Bucharest Branch, in its capacity as Investment Manager of Fondul Proprietatea SA (“the Fund”), welcomes the closure of the insolvency proceedings of Hidroelectrica following the syndic judge’s decision on 21 June.Continue reading “Catalyst for Fondul Proprietatea investors”

I am buying OPAP

  Basic characteristics Dividend yield of 8% 2017 PE of 12.4 No debt, positive cash balance of 100 mln E ROE of 15% EV/EBITDA of 7 Not in the price: further significant potential from VLT – the investment was made, OPAP waiting for the licence. Plan B – OPAP already lunched BIT arbitration against Greece FromContinue reading “I am buying OPAP”

Buying Unicredit

I am buying Unicredit. Below is an outline of Morgan Stanley report that nicely summarises the case. 1st Take: CEO Resigns   Unicredit’s CEO steps down after an extraordinary board meeting as “the conditions are now such that it is time for a change at the top of the group”. Mr Ghizzoni agreed to stayContinue reading “Buying Unicredit”

Barclays – why to buy

Excellent LEX article from FT. Simple common sence reasoning why to buy into Barclays restructuring. We are long Barclays.   April 27, 2016 12:55 pm Barclays: a life more ordinary It is plain to see why chief executive Jes Staley wants to turn Barclays into a transatlantic bank targeting the US and UK. Return onContinue reading “Barclays – why to buy”

OMV Petrom is blocking Fondul uptick

OMV Petrom is the largest stock in Fondul portfolio. Its underperformance is limiting Fondul Proprietatea growth. Interestingly, OMV Petrom is significantly underperforming its parent OMV AG.

Oil: Doha or no-Doha

IEA Sees Oil Oversupply Almost Gone in Second Half on Shale Drop By Grant Smith, Bloomberg Surplus to dwindle to 200,000 barrels a day from 1.5 million Iran’s return to global market impeded by financial obstacles (Bloomberg) — Global oil markets will “move close to balance” in the second half of the year as lowerContinue reading “Oil: Doha or no-Doha”