The decision was driven by “a mix of factors, among which improved short term performance derived from the boost in quantities transported and transit, higher expected dividend pay-out ratio and slightly lower risk free rates,” Raiffeisen said in a report.
Raiffeisen’s new target price is 9% higher from Transgaz’s latest market price of RON243 a share.
Transgaz is 73.5%-owned by the Economy Ministry, while investment fund Fondul Proprietatea (FP.RO) has almost 15% of its shares. (EUR1=RON4.347)