SIF3 Transilvania 2009 results

SIF3 has also reported NAV (under CNVM methodology) of 1.4905 RON/share, which is 7% below our estimates (1.61 RON/share). We assume a payout ratio of up to 30%, meaning a dividend of 0.034 RON/share or a dividend yield of 4%. We consider the news as neutral as the 2009 financial results was known by the market when the company reported its net asset value as of the end-2009 that was published in mid-January 2010.

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