The valuation is RON5 billion (EUR1 billion) higher than in February 2022.
In other words, Hidroelectrica’s valuation, which Fondul Proprietatea published based on KPMG data and its 20% stake in the company increased by 10% in only two months, during which the Energy Ministry approved Hidroelectrica’s floatation. At a RON50 billion valuation and based on the 2021 results – RON6.7 billion revenue and RON3.1 million net profit, the company has a multiple of 7.4 the revenue and 16 the net profit.
“For the computation of the NAV of Fondul Proprietatea SA as of March 31, 2022, the valuation method used for the valuation of holding presented below remained the same, respectively Fair value / share (Value based on valuation report), but the valuation report was updated with the most recent discount for the lack of marketability (DLOM) estimated by KPMG Romania based on the shareholders’ approval for the listing of the company on the stock exchange,” the fund’s report with the Bucharest Stock Exchange says.
KPMG valued Fondul Proprietatea’s 20% in Hidroelectrica at RON9.9 billion at the end of March 2022, up from the RON9 billion of the previous valuation in late February.
(English version by Loredana Fratila-Cristescu)