Fondul Proprietatea – December 2011 NAV and expected DPS
Raiffeisen Capital & Investment - 16 January 2012
Fondul Proprietatea (FP) has published its unitary NAV as of December 2011 which came in at RON 1.0788 per share, up 0.4% mom mainly on a back of a 1.1% mom increase in listed shares portfolio to RON 4.8 bn.
Unlisted shares remained unchanged at RON 9.15 bn while cash equivalents & dividends to receive stood at RON 547.2, up 1.6% mom. Together with its NAV, FP has published its preliminary 2011 net profit which amounted to RON 543.8 mn, down on 1-3Q figure of RON 547.0 mn. Based on this figure and on the 1-3Q revenues and expenses break-down and the fund's dividend policy, we estimate a 2011 DPS of RON 0.037, which points to a current dividend yield of 8.7%.
Source: http://www.rciro.ro
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