Stock FP FONDUL PROPRIETATEA SA
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Financials Fondul Proprietatea SA

Equities

FP

ROFPTAACNOR5

Closed End Funds

End-of-day quote Bucharest S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
0.525 RON +0.57% Intraday chart for Fondul Proprietatea SA +0.67% +0.38%
Apr. 22 Fondul Proprietatea SA (BVB:FP) commences an Equity Buyback Plan for 1,000,000,000 shares, representing 17.64% of its issued share capital, under the authorization approved on February 13, 2024. CI
Apr. 15 Fondul Proprietatea SA Announces Board and Committees Changes CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 6,403 8,284 8,770 12,400 12,324 2,684
Enterprise Value (EV) 1 -3,322 -3,605 -1,517 -602.7 -2,285 708.1
P/E ratio 6.85 x 2.65 x -85.2 x 2.35 x 4.37 x -3.06 x
Yield 10.2% 5.31% - 6.28% 2.45% 11.5%
Capitalization / Revenue 6.3 x 2.57 x -667 x 2.42 x 4.04 x -5.47 x
EV / Revenue -3.27 x -1.12 x 115 x -0.12 x -0.75 x -1.44 x
EV / EBITDA - - - - - -
EV / FCF -7.05 x -1.71 x 31.1 x -0.26 x -0.88 x -0.85 x
FCF Yield -14.2% -58.5% 3.22% -392% -114% -118%
Price to Book 0.65 x 0.7 x 0.85 x 0.9 x 0.84 x 0.79 x
Nbr of stocks (in thousands) 7,251,822 6,846,346 6,048,385 6,230,933 6,041,094 5,131,757
Reference price 2 0.8830 1.210 1.450 1.990 2.040 0.5230
Announcement Date 2/15/19 2/28/20 2/23/21 2/28/22 2/28/23 3/26/24
1RON in Million2RON
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 1,016 3,223 -13.14 5,120 3,054 -490.9
EBITDA - - - - - -
EBIT 1 946.8 3,141 -90.69 5,020 2,933 -713.6
Operating Margin 93.21% 97.47% 690.15% 98.04% 96.03% 145.37%
Earnings before Tax (EBT) 1 945.3 3,140 -92.46 5,019 2,776 -897.1
Net income 1 935.1 3,130 -103 5,013 2,769 -904.1
Net margin 92.06% 97.11% 783.64% 97.9% 90.69% 184.19%
EPS 2 0.1290 0.4572 -0.0170 0.8452 0.4664 -0.1709
Free Cash Flow 1 471.5 2,109 -48.77 2,361 2,609 -832.5
FCF margin 46.42% 65.43% 371.13% 46.12% 85.44% 169.6%
FCF Conversion (EBITDA) - - - - - -
FCF Conversion (Net income) 50.43% 67.38% - 47.11% 94.22% -
Dividend per Share 2 0.0903 0.0642 - 0.1250 0.0500 0.0600
Announcement Date 2/15/19 2/28/20 2/23/21 2/28/22 2/28/23 3/26/24
1RON in Million2RON
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2022 Q1 2022 Q2
Net sales 1 859.8 2,385
EBITDA 1 - 1,828
EBIT - -
Operating Margin - -
Earnings before Tax (EBT) - -
Net income 826.1 -
Net margin 96.09% -
EPS - -
Dividend per Share - -
Announcement Date 5/17/22 9/1/22
1RON in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 9,725 11,889 10,287 13,002 14,609 1,976
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 472 2,109 -48.8 2,361 2,609 -832
ROE (net income / shareholders' equity) 9.07% 28.8% -0.93% 41.7% 19.6% -10.7%
ROA (Net income/ Total Assets) 5.72% 18% -0.51% 25.6% 12.7% -5.06%
Assets 1 16,348 17,364 20,208 19,595 21,824 17,880
Book Value Per Share 2 1.360 1.730 1.700 2.210 2.420 0.6600
Cash Flow per Share 2 0.0300 0.0500 0.1100 0.0600 0.1500 0.0500
Capex - - - - - -
Capex / Sales - - - - - -
Announcement Date 2/15/19 2/28/20 2/23/21 2/28/22 2/28/23 3/26/24
1RON in Million2RON
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
3
Last Close Price
0.525 RON
Average target price
1.143 RON
Spread / Average Target
+117.78%
Consensus

Sector Closed End Funds

1st Jan change Capi.
FONDUL PROPRIETATEA SA Stock Fondul Proprietatea SA
+0.38% 400M
ARES CAPITAL CORPORATION Stock Ares Capital Corporation
+3.74% 12.61B
PERSHING SQUARE HOLDINGS, LTD. Stock Pershing Square Holdings, Ltd.
+5.50% 9.01B
FS KKR CAPITAL CORP. Stock FS KKR Capital Corp.
-3.20% 5.41B
PIMCO DYNAMIC INCOME FUND Stock PIMCO Dynamic Income Fund
+5.63% 5.19B
SPROTT PHYSICAL URANIUM TRUST FUND Stock Sprott Physical Uranium Trust Fund
+2.44% 5.25B
SPROTT PHYSICAL SILVER TRUST Stock Sprott Physical Silver Trust
+14.36% 4.48B
SPROTT PHYSICAL GOLD AND SILVER TRUST Stock Sprott Physical Gold and Silver Trust
+16.67% 4.44B
MACQUARIE KOREA INFRASTRUCTURE FUND Stock Macquarie Korea Infrastructure Fund
+1.53% 4B
3I INFRASTRUCTURE PLC Stock 3i Infrastructure plc
+1.56% 3.75B
Closed End Funds
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