Fit Investment Ideas

ALROSA 1st Take: 4Q15 operational results show a higher rough diamond demand than expected January 28, 2016 PDF Print Share Industry View Stock Rating Price Target ALROSA remains our favored exposure in the Russia M&M space, but the diamond market is not out of the woods just yet. A combination of decent US holiday sales,Continue reading “Morgan Stanley on Alrosa”

Buy Alrosa Russian miner sold 7.1 million carats in fourth quarter In third quarter, miner sold only 42% of diamonds producted   Alrosa PJSC, the world’s largest producer of rough diamonds, increased sales in the last quarter of 2015 by 45 percent as the market started recovering. Gems sales rose to 7.1 million carats inContinue reading “How to play recovery in diamond mkt”

note from Swiss Capital: FP shareholders meeting just approved the  face value cut to 0.85 RON from 0.9 RON/share & cash payment of 0.05 RON/share. Jun 3rd will be Ex-date. Jun 27th Payment date… find full meeting resolution here: http://www.bvb.ro/infocont/infocont16/FP270116_en.pdf

Fondul Proprietatea (Buy, RON 1.05 PT, 31% upside)   NAV at the end of November stands at RON 1.1074, the discount to NAV is at 27.2%.   What are the catalysts for the discount to NAV to narrow? More disposals of assets followed by cash distributions. Asset disposals: Potential sale of stakes held in ElectricaContinue reading “Wood and co Research on Fondul Proprietatea”

My latest article on Seeking Alpha http://seekingalpha.com/article/3757246-invest-with-paul-singer  

If the problem is the investment bank, hire an investment banker. Jes Staley, an American investment banker, looks like a good fit for Barclays, then. Subject to regulatory approval, he is likely to be the bank’s next boss. But the arrival of Mr Staley raises a big question: is he going to put more moneyContinue reading “Barclays – new CEO will bring restructuring opportunity”

EL RO: On the EGSM of today, shareholders agreed to resume negotiations with Fondul Proprietatea for the acquisitions of the Fund’s minority stakes in distribution and supply subsidiaries and to increase the number of Board members from 5 to 7. Resumption of talks with FP, which failed because on transaction price disagreements, was requested byContinue reading “Fondul news”

Bloomberg Fondul Proprietatea may resume talks on Electrica units sale Fund sees potential listing of Enel, E.ON Romanian units Fondul Proprietatea SA, Romania’s largest closed-end fund, is waiting for the price of oil to start increasing and open a window of opportunity for listing some of its shares inOMV Petrom SA in London, saidGreg Konieczny,Continue reading “Distribution companies disposals should drive the Fondul Proprietatea NAV”

The sixth buyback programme kicked off on the 9th of September. FP aims at repurchasing 891,770,055 shares (and the equivalent GDRs representing) 7.97% of the outstanding shares. The Fund may not hold more than 10% of its own shares and currently own 227,572,250 titles (2.03% stake) acquired in the context of the fifth programme, completedContinue reading “Swisscapital on Fondul offer”

Fondul just announced that the 6th buyback programme will commence tomorrow Sep 9th; up to 891.7mn shs may be bought back until Nov 15 2016; buyback is applicable to both shares and DRs. Goldman Sachs is the agent for the buyback. THey can buy up to 25% of daily volumes