Overview of Fondul Proprietatea’s March 2023 NAV

As of March 2023, Fondul’s NAV reached RON 14bn, which would translate into a NAV per share of RON 2.5823, an increase of 10.1% YoY and a flat MoM development.

According to the latest Fondul Proprietatea’s NAV report (31 March 2023), Fondul reported a total NAV of RON 14bn (EUR 2.83bn), which translates into a NAV per share of RON 2.5823 (EUR 0.5218).

Comparing it on a YoY basis, the total NAV recorded an increase of 10.1%. Nevertheless, compared to February, NAV remained flat.

Fondul Proprietatea’s portfolio structure still remains focused on the power utility generation sector (79.6% of NAV) with Infrastructure (7.6%) and Power & Gas supply and distribution (7.4%) following. This is also why the three most significant holdings, Hidroelectrica, Aeroporturi Bucuresti, and Engie Romania amount to 87.9% of the total NAV of the Fund. However, most of those come only from Hidroelectrica with 79.6% as the biggest holding. Finally, regarding the whole power utility generation sector, we emphasize that Fondul increased its exposure to the power utility generation sector by 3.1 p.p. on a monthly basis, which came on the back of a higher share of Hidroelectrica compared to the whole portfolio.

 In terms of the Fund’s portfolio structure, unlisted equities accounted for the vast majority of NAV, standing at 96.6%. Following unlisted equities, there is Net Cash & Receivables with 2.1% and finally listed equities with only 1.2%. Further, we note that during March, no other significant changes in Fondul’s portfolio occurred. Also, we remind and emphasize that at the start of this year, Fondul liquidated its position in OMV Petrom, which was previously the second biggest holding after Hidroelectrica with 5.6% of the fund’s NAV in the latest data available for November.

Turning our attention toward the share price’s performance, during the month, the Company’s share price noted a flat development with 0.2% share price increase, ending the month at RON 2.105 per share. The current discount to NAV per share stands at 21.8%.

Fondul Share Price & NAV per Share

Source: Bloomberg, InterCapital

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