The new valuation of the stake in Romania’s largest electricity producer is RON11.26 billion, a report published on the Bucharest Stock Exchange shows.
In comparison, the Fund valued its Hidroelectrica holding at RON12.1 billion at the end of September, which means the last two months had a RON855.8 million impact on the net asset value (NAV) of Fondul Proprietatea. The impact of the updated valuation on the NAV stands at 5.29%.
“Starting from the methodology used in the last valuation report prepared by KPMG Romania the main inputs were updated: the market multiples, EBITDA and net cash position based on the company’s financial information. Also, the inputs to the valuation include an adjustment to reflect the initial assessment of the impact coming from the newly issued legislation on the energy market,” the report says.
Fondul Proprietatea’s NAV therefore therefore dropped from RON15.4 billion at the end of September to RON14.6 billion at the end of November.
(English version by Loredana Fratila-Cristescu)