Erste: The unlisted companies in the portfolio of the Proprietatea Fund make it less attractive - financiare.ro
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News » January, 2012 » 11 January 2012

Erste: The unlisted companies in the portfolio of the Proprietatea Fund make it less attractive
11.01.2012, 00:00 | Capital Markets | 568 views



"Fondul Proprietatea" (FP) is far from being a "bargain" for investors, the analysts of "Erste Group Research" say, as they their target price for the fund's stock by 30%, to 0.51 lei/share. Nevertheless, the estimate of "Erste" is 18% higher than the current quotation of the Bucharest Stock Exchange, and analysts recommend accumulating shares in the fund.

Analysts say that they have applied a discount of 48% to the fair value of the Fund's NAV of 0.98 lei/share (derived from the methodology which was used), in line with the NAV discount which several funds of private equity are trading at.

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