View Future GrowthFondul Proprietatea 過去の業績過去 基準チェック /36Fondul Proprietateaの収益は年間平均-49.6%の割合で減少していますが、 Capital Markets業界の収益は年間 増加しています。収益は年間7.7% 49.5%割合で 減少しています。 Fondul Proprietateaの自己資本利益率は18.9%であり、純利益率は92.2%です。主要情報-49.62%収益成長率-43.96%EPS成長率Capital Markets 業界の成長0.46%収益成長率-49.55%株主資本利益率18.92%ネット・マージン92.25%次回の業績アップデート14 Aug 2026最近の業績更新お知らせ • Dec 10+ 4 more updatesFondul Proprietatea SA to Report Fiscal Year 2025 Final Results on Apr 30, 2026Fondul Proprietatea SA announced that they will report fiscal year 2025 final results at 4:45 PM, USSR Zone1 on Apr 30, 2026お知らせ • Nov 29+ 4 more updatesFondul Proprietatea SA to Report Q1, 2025 Results on May 15, 2025Fondul Proprietatea SA announced that they will report Q1, 2025 results on May 15, 2025お知らせ • Dec 28+ 5 more updatesFondul Proprietatea SA to Report First Half, 2023 Results on Aug 31, 2023Fondul Proprietatea SA announced that they will report first half, 2023 results on Aug 31, 2023すべての更新を表示Recent updatesUpcoming Dividend • Jul 07Upcoming dividend of RON0.041 per shareEligible shareholders must have bought the stock before 14 July 2026. Payment date: 06 August 2026. Payout ratio is a comfortable 28% but the company is paying out more than the cash it is generating. Trailing yield: 8.3%. Within top quartile of Romanian dividend payers (6.6%). Higher than average of industry peers (3.0%).New Risk • Jun 01New major risk - Revenue and earnings growthEarnings have declined by 50% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 50% per year over the past 5 years. Minor Risk Dividend is not well covered by cash flows (227% cash payout ratio).お知らせ • Mar 13Fondul Proprietatea SA, Annual General Meeting, May 28, 2026Fondul Proprietatea SA, Annual General Meeting, May 28, 2026.お知らせ • Feb 12Fondul Proprietatea SA, Annual General Meeting, Mar 30, 2026Fondul Proprietatea SA, Annual General Meeting, Mar 30, 2026, at 11:00 E. Europe Standard Time. Location: at radisson blu hotel, 63-81 calea victoriei,street, atlas 1 room, 1st district, bucharest, 010065, Romania分析記事 • Jan 30Fondul Proprietatea SA (BVB:FP) Held Back By Insufficient Growth Even After Shares Climb 27%Despite an already strong run, Fondul Proprietatea SA ( BVB:FP ) shares have been powering on, with a gain of 27% in...分析記事 • Dec 16Improved Earnings Required Before Fondul Proprietatea SA (BVB:FP) Stock's 26% Jump Looks JustifiedFondul Proprietatea SA ( BVB:FP ) shareholders have had their patience rewarded with a 26% share price jump in the last...お知らせ • Dec 10+ 4 more updatesFondul Proprietatea SA to Report Fiscal Year 2025 Final Results on Apr 30, 2026Fondul Proprietatea SA announced that they will report fiscal year 2025 final results at 4:45 PM, USSR Zone1 on Apr 30, 2026Upcoming Dividend • Oct 27Upcoming dividend of RON0.012 per shareEligible shareholders must have bought the stock before 03 November 2025. Payment date: 26 November 2025. Payout ratio is a comfortable 74% but the company is paying out more than the cash it is generating. Trailing yield: 21%. Within top quartile of Romanian dividend payers (6.2%). Higher than average of industry peers (7.8%).Buy Or Sell Opportunity • Oct 24Now 23% overvalued after recent price riseOver the last 90 days, the stock has risen 25% to RON0.47. The fair value is estimated to be RON0.38, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 97% over the last 3 years. Meanwhile, the company has become profitable.New Risk • Sep 03New major risk - Earnings qualityThe company has a high level of non-cash earnings. Accrual ratio: 72% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 31% per year over the past 5 years. High level of non-cash earnings (72% accrual ratio). Minor Risk Dividend is not well covered by cash flows (339% cash payout ratio).Upcoming Dividend • May 20Upcoming dividend of RON0.041 per shareEligible shareholders must have bought the stock before 27 May 2025. Payment date: 19 June 2025. Payout ratio is a comfortable 53% but the company is paying out more than the cash it is generating. Trailing yield: 27%. Within top quartile of Romanian dividend payers (6.6%). Higher than average of industry peers (11%).Declared Dividend • May 02Dividend reduced to RON0.041Dividend of RON0.041 is 32% lower than last year. Ex-date: 27th May 2025 Payment date: 19th June 2025 Dividend yield will be 11%, which is higher than the industry average of 6.5%. Sustainability & Growth Dividend is covered by both earnings (56% earnings payout ratio) and cash flows (66% cash payout ratio). The dividend has increased by an average of 7.3% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 38% to shift the payout ratio to a potentially unsustainable range, which is more than the 29% EPS decline seen over the last 5 years.お知らせ • Apr 30Fondul Proprietatea SA Approves Dividend for the Financial Year Ended December 31, 2024, Payable on 19 June 2025Fondul Proprietatea SA announced that at the Extraordinary and Ordinary General Shareholders' Meetings held on April 29, 2025, the approval of the value of the gross dividend of RON 0.0409 per share from the 2024 financial year audited profit, in accordance with the supporting materials. The approval for starting the payment of the dividends on 19 June 2025 (the Payment Date of this OGM as defined at point II of this Resolution) to the persons registered as shareholders of Fondul Proprietatea on 28 May 2025 (the Registration Date as defined at point II of this Resolution). Treasury shares do not constitute dividend entitlement.お知らせ • Apr 26Fondul Proprietatea SA SPONSORED GDR REG S Global Depositary Receipts to Be Deleted from OTC EquityFondul Proprietatea SA SPONSORED GDR REG S Global Depositary Receipts will be deleted from OTC Equity effective April 25, 2025, due to ADR /GDR Program Terminated.お知らせ • Mar 17Fondul Proprietatea SA, Annual General Meeting, Apr 29, 2025Fondul Proprietatea SA, Annual General Meeting, Apr 29, 2025, at 12:00 E. Europe Standard Time. Location: at intercontinental athenee palace, hotel, le diplomate salon, 1-3 episcopiei street, 1st district, bucharest, 010292, Romaniaお知らせ • Mar 16Fondul Proprietatea SA Announces Committee ChangesFranklin Templeton International Services S.À R.L., in its capacity of alternative investment fund manager and sole director of Fondul Proprietatea S.A. ("the Fund"), hereby announced the decision of the Board of Nominees to change the membership of the Nomination and Remuneration Committee of the Fund by appointing Ms. Ileana-Lacramioara Isarescu in the position currently held by Mr. Alin-Marius Andrie?. The membership of the Audit and Valuation Committee remains unchanged. Thus, starting with 15 March 2025, the membership of the Fund's Consultative Committees will be: The Audit and Valuation Committee consists of: - Mr. Ciprian LADUNCA - Chairperson; - Mr. Alin Marius ANDRIE? - Member; - Mr. Nicholas PARIS - Member. The Nomination and Remuneration Committee consists of: - Mr. Nicholas PARIS - Chairperson; - Mrs. Ilinca von DERENTHALL - Member; - Mrs. Ileana Lacramioara ISARESCU - Member.お知らせ • Dec 28Fondul Proprietatea SA SPONSORED GDR REG S Global Depositary Receipts to Be Deleted from OTC EquityFondul Proprietatea SA SPONSORED GDR REG S Global Depositary Receipts will be deleted from OTC Equity effective April 25, 2025, due to ADR /GDR Program Terminated.お知らせ • Nov 29+ 4 more updatesFondul Proprietatea SA to Report Q1, 2025 Results on May 15, 2025Fondul Proprietatea SA announced that they will report Q1, 2025 results on May 15, 2025Price Target Changed • Sep 24Price target decreased by 18% to RON1.51Down from RON1.84, the current price target is an average from 2 analysts. New target price is 298% above last closing price of RON0.38. Stock is down 4.3% over the past year. The company posted a net loss per share of RON0.17 last year.Price Target Changed • Aug 16Price target decreased by 15% to RON1.56Down from RON1.84, the current price target is an average from 4 analysts. New target price is 293% above last closing price of RON0.40. Stock is down 79% over the past year. The company posted a net loss per share of RON0.17 last year.Upcoming Dividend • May 09Upcoming dividend of RON0.06 per shareEligible shareholders must have bought the stock before 16 May 2024. Payment date: 07 June 2024. Trailing yield: 12%. Within top quartile of Romanian dividend payers (6.5%). Higher than average of industry peers (6.4%).お知らせ • Apr 23Fondul Proprietatea SA (BVB:FP) commences an Equity Buyback Plan for 1,000,000,000 shares, representing 17.64% of its issued share capital, under the authorization approved on February 13, 2024.Fondul Proprietatea SA (BVB:FP) commences a share repurchase program on April 15, 2024, under the program mandated by shareholders in the Extraordinary General Meeting held on February 13, 2024. As per the mandate, the company is authorized to repurchase up to 1,000,000,000 shares and/or equivalent global depository receipts corresponding to the fund's shares, representing 17.64% of its share capital. The shares will be repurchased at a price between RON 0.2 and RON 1 per share. This program implementation will be done exclusively from the own sources. The purpose of the repurchase program is to reduce the company’s share capital. The program will expire on December 31, 2024. As of January 18, 2024, the company had 5,668,806,128 issued shares. On April 5, 2024, the company announced a share repurchase program. Under the program, the company will repurchase up to 1,000,000,000 shares and/or equivalent global depository receipts corresponding to the fund's shares. The repurchases will commence from April 8, 2024, and will be valid till December 31, 2024.お知らせ • Apr 17Fondul Proprietatea SA Announces Board and Committees ChangesFranklin Templeton International Services S.À R.L., in its capacity as alternative investment fund manager and sole director of Fondul Proprietatea S.A. informed investors that, on 12 April 2024, Mr. Martin Bernstein has notified Fondul Proprietatea of his resignation from his positions held within the Fund's Board of Nominees and the Consultative Committees. The termination of the mandate agreement will become effective no later than 12 July 2024. The appointment of a new member of the Board will be on the agenda of the next ordinary general shareholders' meeting of the Fund to be summoned by the Fund Manager.分析記事 • Mar 29Fondul Proprietatea's (BVB:FP) Dividend Will Be RON0.06Fondul Proprietatea SA ( BVB:FP ) will pay a dividend of RON0.06 on the 7th of June. This will take the dividend yield...Declared Dividend • Mar 28Final dividend of RON0.06 announcedShareholders will receive a dividend of RON0.06. Ex-date: 16th May 2024 Payment date: 7th June 2024 Dividend yield will be 341%, which is higher than the industry average of 6.5%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (2% cash payout ratio). The dividend has increased by an average of 2.0% per year over the past 10 years. However, payments have been volatile during that time.New Risk • Mar 01New major risk - Revenue and earnings growthEarnings have declined by 0.1% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 0.1% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Paying a dividend despite being loss-making.お知らせ • Jan 16+ 5 more updatesFondul Proprietatea SA, Annual General Meeting, Apr 22, 2024Fondul Proprietatea SA, Annual General Meeting, Apr 22, 2024.お知らせ • Dec 13GDF International S.A. signed a binding offer to acquire additional 11.99% stake in ENGIE Romania SA from Fondul Proprietatea SA (BVB:FP) for €87 million.GDF International S.A. signed a binding offer to acquire additional 11.99% stake in ENGIE Romania SA from Fondul Proprietatea SA (BVB:FP) for €87 million on December 11, 2023. Any potential transaction is subject to agreement on the terms of the related share purchase agreement and any conditions precedent, which will include Fondul shareholders’ approval.Price Target Changed • Nov 19Price target decreased by 19% to RON1.86Down from RON2.28, the current price target is an average from 4 analysts. New target price is 241% above last closing price of RON0.54. Stock is down 72% over the past year. The company posted earnings per share of RON0.47 last year.Price Target Changed • Sep 04Price target decreased by 8.2% to RON2.28Down from RON2.49, the current price target is an average from 4 analysts. New target price is 18% above last closing price of RON1.94. Stock is down 1.8% over the past year. The company posted earnings per share of RON0.47 last year.Upcoming Dividend • Aug 31Upcoming dividend of RON1.72 per shareEligible shareholders must have bought the stock before 07 September 2023. Payment date: 29 September 2023. Trailing yield: 165%. Within top quartile of Romanian dividend payers (8.6%). Higher than average of industry peers (119%).お知らせ • Aug 19Fondul Proprietatea SA Announces Special Dividend, Payable on 29 September 2023Fondul Proprietatea SA at announced that at the Ordinary General Shareholders' Meeting of Fondul Proprietatea SA held on 18 August 2023, approved the payment of a special dividend in gross amount of RON 1.7225 per share resulting from collections, amounting to RON 9,281,212,040 resulting from the initial public offer of shares held by Fondul Proprietatea in SPEEH Hidroelectrica S.A. 7 September 2023 as the Ex - Date; The date of 29 September 2023 as the Payment Date.お知らせ • Jul 13Fondul Proprietatea SA, Annual General Meeting, Aug 18, 2023Fondul Proprietatea SA, Annual General Meeting, Aug 18, 2023, at 11:00 E. Europe Standard Time. Location: Radisson Blu Hotel;63-81 Calea Victoriei Street;Atlas I Room Bucharest Romania Agenda: To approve of the payment of a special dividend with a gross value of RON 1.4942 per share from the retained earnings according to the latest available audited financial statements. The payment will be made out of the proceeds from the initial public offering of shares held by Fondul Proprietatea in SPEEH Hidroelectrica S.A., in accordance with the supporting documentation. The shareholders approve that the payment of the dividends to start on the Payment Date of this OGM to the persons registered as shareholders of Fondul Proprietatea on the Registration Date Treasury shares do not constitute dividend entitlement; and to consider other matters if any.New Risk • Jun 13New minor risk - Dividend sustainabilityThe company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.7% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company.Upcoming Dividend • May 04Upcoming dividend of RON0.05 per share at 2.4% yieldEligible shareholders must have bought the stock before 11 May 2023. Payment date: 06 June 2023. Trailing yield: 2.4%. Lower than top quartile of Romanian dividend payers (9.0%). Lower than average of industry peers (3.1%).お知らせ • Dec 28+ 5 more updatesFondul Proprietatea SA to Report First Half, 2023 Results on Aug 31, 2023Fondul Proprietatea SA announced that they will report first half, 2023 results on Aug 31, 2023Price Target Changed • Nov 16Price target increased to RON2.57Up from RON2.21, the current price target is an average from 2 analysts. New target price is 34% above last closing price of RON1.92. Stock is up 5.3% over the past year. The company posted earnings per share of RON0.85 last year.Board Change • Nov 16Less than half of directors are independentThere are 4 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Ciprian Ladunca is the most experienced director on the board, commencing their role in 2020. Independent Chairperson of the Board Ilinca Derenthall was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors.Price Target Changed • Jul 20Price target increased to RON2.37Up from RON2.21, the current price target is provided by 1 analyst. New target price is 19% above last closing price of RON2.00. Stock is up 6.7% over the past year. The company posted earnings per share of RON0.85 last year.Upcoming Dividend • May 26Upcoming dividend of RON0.13 per shareEligible shareholders must have bought the stock before 02 June 2022. Payment date: 27 June 2022. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 25%. Within top quartile of Romanian dividend payers (7.1%). Higher than average of industry peers (20%).Board Change • Apr 27High number of new and inexperienced directorsThere are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. Independent Director Ciprian Ladunca is the most experienced director on the board, commencing their role in 2020. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model.Price Target Changed • Apr 20Price target increased to RON2.15Up from RON2.01, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of RON2.12. Stock is up 25% over the past year. The company posted earnings per share of RON0.85 last year.Upcoming Dividend • Jan 20Inaugural dividend of RON0.06 per shareEligible shareholders must have bought the stock before 27 January 2022. Payment date: 18 February 2022. The company is not currently making a profit and its cash payout ratio is 93%. The company last paid an ordinary dividend in May 2020. The average dividend yield among industry peers is 2.5%.Price Target Changed • Dec 08Price target increased to RON1.95Up from RON1.74, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of RON1.86. Stock is up 38% over the past year. The company posted a net loss per share of RON0.017 last year.Price Target Changed • Oct 20Price target increased to RON1.81Up from RON1.64, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of RON1.78. Stock is up 38% over the past year. The company posted a net loss per share of RON0.017 last year.Upcoming Dividend • Jul 29Upcoming dividend of RON0.07 per shareEligible shareholders must have bought the stock before 05 August 2021. Payment date: 27 August 2021. Trailing yield: 3.9%. Lower than top quartile of Romanian dividend payers (5.7%). Higher than average of industry peers (2.4%).Upcoming Dividend • May 20Upcoming dividend of RON0.072 per shareEligible shareholders must have bought the stock before 27 May 2021. Payment date: 22 June 2021. Trailing yield: 3.9%. Lower than top quartile of Romanian dividend payers (5.4%). In line with average of industry peers (4.3%).Executive Departure • Apr 20Director has left the companyOn the 14th of April, Steven van Groningen's tenure as Director ended after 9.0 years in the role. We don't have any record of a personal shareholding under Steven's name. A total of 4 executives have left over the last 12 months.Executive Departure • Apr 08Independent Chairman of the Board Piotr Rymaszewski has left the companyOn the 5th of April, Piotr Rymaszewski's tenure in the role of Independent Chairman of the Board ended. We don't have any record of a personal shareholding under Piotr's name. A total of 3 executives have left over the last 12 months.Executive Departure • Apr 08Independent Director has left the companyOn the 5th of April, Julian Rupert Healy's tenure as Independent Director ended after 9.0 years in the role. We don't have any record of a personal shareholding under Julian Rupert's name. A total of 3 executives have left over the last 12 months.Is New 90 Day High Low • Mar 15New 90-day high: RON1.65The company is up 22% from a price of RON1.35 on 15 December 2020. Outperformed the Romanian market which is up 12% over the last 90 days. Exceeded the Capital Markets industry, which is up 20% over the same period.分析記事 • Feb 15Key Things To Watch Out For If You Are After Fondul Proprietatea SA's (BVB:FP) 4.0% DividendCould Fondul Proprietatea SA ( BVB:FP ) be an attractive dividend share to own for the long haul? Investors are often...Is New 90 Day High Low • Feb 03New 90-day high: RON1.55The company is up 17% from its price of RON1.32 on 05 November 2020. The Romanian market is up 20% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Capital Markets industry, which is up 16% over the same period.Is New 90 Day High Low • Jan 08New 90-day high: RON1.53The company is up 17% from its price of RON1.30 on 09 October 2020. The Romanian market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 7.0% over the same period.Is New 90 Day High Low • Dec 23New 90-day high: RON1.40The company is up 5.0% from its price of RON1.33 on 24 September 2020. The Romanian market is also up 5.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Capital Markets industry, which is up 2.0% over the same period.分析記事 • Dec 17What Type Of Shareholders Make Up Fondul Proprietatea SA's (BVB:FP) Share Registry?Every investor in Fondul Proprietatea SA ( BVB:FP ) should be aware of the most powerful shareholder groups...Is New 90 Day High Low • Dec 04New 90-day high: RON1.34The company is up 8.0% from its price of RON1.24 on 04 September 2020. The Romanian market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 1.0% over the same period.収支内訳Fondul Proprietatea の稼ぎ方とお金の使い方。LTMベースの直近の報告された収益に基づく。収益と収入の歴史BVB:FP 収益、費用、利益 ( )RON Millions日付収益収益G+A経費研究開発費31 Mar 2647944136031 Dec 2548645035030 Sep 2521818236030 Jun 2521617936031 Mar 2529525540031 Dec 2428925237030 Sep 2431027435030 Jun 24422-11182031 Mar 24-505-898204031 Dec 23-491-904223030 Sep 23-1,274-1,710226030 Jun 23-1,987-2,04191031 Mar 232,0511,93297031 Dec 223,0542,769105030 Sep 225,7095,425124030 Jun 227,6307,341131031 Mar 225,4165,137117031 Dec 215,1205,013105030 Sep 213,8203,72196030 Jun 212,6402,54790031 Mar 212,6452,55384031 Dec 20-14-10381030 Sep 2056646789030 Jun 2069259885031 Mar 2085776087031 Dec 193,2233,13084030 Sep 192,0051,92171030 Jun 191,9101,82969031 Mar 191,1331,05667031 Dec 181,01693571030 Sep 181,0641,33462030 Jun 181,1161,37069031 Mar 181,0121,29055031 Dec 171,0041,29059030 Sep 1799778393030 Jun 17828615102031 Mar 171,6531,326113031 Dec 16787447110030 Sep 1655843899030 Jun 161786591031 Mar 16-480-482100031 Dec 15-413-565101030 Sep 15-868-9591040質の高い収益: FPは 高品質の収益 を持っています。利益率の向上: FPの現在の純利益率 (92.2%)は、昨年(86.4%)よりも高くなっています。フリー・キャッシュフローと収益の比較過去の収益成長分析収益動向: FPの収益は過去 5 年間で年間49.6%減少しました。成長の加速: FPの過去 1 年間の収益成長率 ( 73.2% ) は、5 年間の平均 ( 年間-49.6%を上回っています。収益対業界: FPの過去 1 年間の収益成長率 ( 73.2% ) Capital Markets業界91.3%を上回りませんでした。株主資本利益率高いROE: FPの 自己資本利益率 ( 18.9% ) は 低い とみなされます。総資産利益率使用総資本利益率過去の好業績企業の発掘7D1Y7D1Y7D1YDiversified-financials 、過去の業績が好調な企業。View Financial Health企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2026/07/31 16:24終値2026/07/31 00:00収益2026/03/31年間収益2025/12/31データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレークこのレポートを生成するために使用した分析モデルの詳細は、当社のGitHubページでご覧いただけます。また、レポートの活用方法に関するガイドやYouTubeのチュートリアルも用意しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋Fondul Proprietatea SA 0 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。2 アナリスト機関Mihai CaruntuErste Group Bank AGnull nullWood & Company
お知らせ • Dec 10+ 4 more updatesFondul Proprietatea SA to Report Fiscal Year 2025 Final Results on Apr 30, 2026Fondul Proprietatea SA announced that they will report fiscal year 2025 final results at 4:45 PM, USSR Zone1 on Apr 30, 2026
お知らせ • Nov 29+ 4 more updatesFondul Proprietatea SA to Report Q1, 2025 Results on May 15, 2025Fondul Proprietatea SA announced that they will report Q1, 2025 results on May 15, 2025
お知らせ • Dec 28+ 5 more updatesFondul Proprietatea SA to Report First Half, 2023 Results on Aug 31, 2023Fondul Proprietatea SA announced that they will report first half, 2023 results on Aug 31, 2023
Upcoming Dividend • Jul 07Upcoming dividend of RON0.041 per shareEligible shareholders must have bought the stock before 14 July 2026. Payment date: 06 August 2026. Payout ratio is a comfortable 28% but the company is paying out more than the cash it is generating. Trailing yield: 8.3%. Within top quartile of Romanian dividend payers (6.6%). Higher than average of industry peers (3.0%).
New Risk • Jun 01New major risk - Revenue and earnings growthEarnings have declined by 50% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 50% per year over the past 5 years. Minor Risk Dividend is not well covered by cash flows (227% cash payout ratio).
お知らせ • Mar 13Fondul Proprietatea SA, Annual General Meeting, May 28, 2026Fondul Proprietatea SA, Annual General Meeting, May 28, 2026.
お知らせ • Feb 12Fondul Proprietatea SA, Annual General Meeting, Mar 30, 2026Fondul Proprietatea SA, Annual General Meeting, Mar 30, 2026, at 11:00 E. Europe Standard Time. Location: at radisson blu hotel, 63-81 calea victoriei,street, atlas 1 room, 1st district, bucharest, 010065, Romania
分析記事 • Jan 30Fondul Proprietatea SA (BVB:FP) Held Back By Insufficient Growth Even After Shares Climb 27%Despite an already strong run, Fondul Proprietatea SA ( BVB:FP ) shares have been powering on, with a gain of 27% in...
分析記事 • Dec 16Improved Earnings Required Before Fondul Proprietatea SA (BVB:FP) Stock's 26% Jump Looks JustifiedFondul Proprietatea SA ( BVB:FP ) shareholders have had their patience rewarded with a 26% share price jump in the last...
お知らせ • Dec 10+ 4 more updatesFondul Proprietatea SA to Report Fiscal Year 2025 Final Results on Apr 30, 2026Fondul Proprietatea SA announced that they will report fiscal year 2025 final results at 4:45 PM, USSR Zone1 on Apr 30, 2026
Upcoming Dividend • Oct 27Upcoming dividend of RON0.012 per shareEligible shareholders must have bought the stock before 03 November 2025. Payment date: 26 November 2025. Payout ratio is a comfortable 74% but the company is paying out more than the cash it is generating. Trailing yield: 21%. Within top quartile of Romanian dividend payers (6.2%). Higher than average of industry peers (7.8%).
Buy Or Sell Opportunity • Oct 24Now 23% overvalued after recent price riseOver the last 90 days, the stock has risen 25% to RON0.47. The fair value is estimated to be RON0.38, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 97% over the last 3 years. Meanwhile, the company has become profitable.
New Risk • Sep 03New major risk - Earnings qualityThe company has a high level of non-cash earnings. Accrual ratio: 72% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 31% per year over the past 5 years. High level of non-cash earnings (72% accrual ratio). Minor Risk Dividend is not well covered by cash flows (339% cash payout ratio).
Upcoming Dividend • May 20Upcoming dividend of RON0.041 per shareEligible shareholders must have bought the stock before 27 May 2025. Payment date: 19 June 2025. Payout ratio is a comfortable 53% but the company is paying out more than the cash it is generating. Trailing yield: 27%. Within top quartile of Romanian dividend payers (6.6%). Higher than average of industry peers (11%).
Declared Dividend • May 02Dividend reduced to RON0.041Dividend of RON0.041 is 32% lower than last year. Ex-date: 27th May 2025 Payment date: 19th June 2025 Dividend yield will be 11%, which is higher than the industry average of 6.5%. Sustainability & Growth Dividend is covered by both earnings (56% earnings payout ratio) and cash flows (66% cash payout ratio). The dividend has increased by an average of 7.3% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 38% to shift the payout ratio to a potentially unsustainable range, which is more than the 29% EPS decline seen over the last 5 years.
お知らせ • Apr 30Fondul Proprietatea SA Approves Dividend for the Financial Year Ended December 31, 2024, Payable on 19 June 2025Fondul Proprietatea SA announced that at the Extraordinary and Ordinary General Shareholders' Meetings held on April 29, 2025, the approval of the value of the gross dividend of RON 0.0409 per share from the 2024 financial year audited profit, in accordance with the supporting materials. The approval for starting the payment of the dividends on 19 June 2025 (the Payment Date of this OGM as defined at point II of this Resolution) to the persons registered as shareholders of Fondul Proprietatea on 28 May 2025 (the Registration Date as defined at point II of this Resolution). Treasury shares do not constitute dividend entitlement.
お知らせ • Apr 26Fondul Proprietatea SA SPONSORED GDR REG S Global Depositary Receipts to Be Deleted from OTC EquityFondul Proprietatea SA SPONSORED GDR REG S Global Depositary Receipts will be deleted from OTC Equity effective April 25, 2025, due to ADR /GDR Program Terminated.
お知らせ • Mar 17Fondul Proprietatea SA, Annual General Meeting, Apr 29, 2025Fondul Proprietatea SA, Annual General Meeting, Apr 29, 2025, at 12:00 E. Europe Standard Time. Location: at intercontinental athenee palace, hotel, le diplomate salon, 1-3 episcopiei street, 1st district, bucharest, 010292, Romania
お知らせ • Mar 16Fondul Proprietatea SA Announces Committee ChangesFranklin Templeton International Services S.À R.L., in its capacity of alternative investment fund manager and sole director of Fondul Proprietatea S.A. ("the Fund"), hereby announced the decision of the Board of Nominees to change the membership of the Nomination and Remuneration Committee of the Fund by appointing Ms. Ileana-Lacramioara Isarescu in the position currently held by Mr. Alin-Marius Andrie?. The membership of the Audit and Valuation Committee remains unchanged. Thus, starting with 15 March 2025, the membership of the Fund's Consultative Committees will be: The Audit and Valuation Committee consists of: - Mr. Ciprian LADUNCA - Chairperson; - Mr. Alin Marius ANDRIE? - Member; - Mr. Nicholas PARIS - Member. The Nomination and Remuneration Committee consists of: - Mr. Nicholas PARIS - Chairperson; - Mrs. Ilinca von DERENTHALL - Member; - Mrs. Ileana Lacramioara ISARESCU - Member.
お知らせ • Dec 28Fondul Proprietatea SA SPONSORED GDR REG S Global Depositary Receipts to Be Deleted from OTC EquityFondul Proprietatea SA SPONSORED GDR REG S Global Depositary Receipts will be deleted from OTC Equity effective April 25, 2025, due to ADR /GDR Program Terminated.
お知らせ • Nov 29+ 4 more updatesFondul Proprietatea SA to Report Q1, 2025 Results on May 15, 2025Fondul Proprietatea SA announced that they will report Q1, 2025 results on May 15, 2025
Price Target Changed • Sep 24Price target decreased by 18% to RON1.51Down from RON1.84, the current price target is an average from 2 analysts. New target price is 298% above last closing price of RON0.38. Stock is down 4.3% over the past year. The company posted a net loss per share of RON0.17 last year.
Price Target Changed • Aug 16Price target decreased by 15% to RON1.56Down from RON1.84, the current price target is an average from 4 analysts. New target price is 293% above last closing price of RON0.40. Stock is down 79% over the past year. The company posted a net loss per share of RON0.17 last year.
Upcoming Dividend • May 09Upcoming dividend of RON0.06 per shareEligible shareholders must have bought the stock before 16 May 2024. Payment date: 07 June 2024. Trailing yield: 12%. Within top quartile of Romanian dividend payers (6.5%). Higher than average of industry peers (6.4%).
お知らせ • Apr 23Fondul Proprietatea SA (BVB:FP) commences an Equity Buyback Plan for 1,000,000,000 shares, representing 17.64% of its issued share capital, under the authorization approved on February 13, 2024.Fondul Proprietatea SA (BVB:FP) commences a share repurchase program on April 15, 2024, under the program mandated by shareholders in the Extraordinary General Meeting held on February 13, 2024. As per the mandate, the company is authorized to repurchase up to 1,000,000,000 shares and/or equivalent global depository receipts corresponding to the fund's shares, representing 17.64% of its share capital. The shares will be repurchased at a price between RON 0.2 and RON 1 per share. This program implementation will be done exclusively from the own sources. The purpose of the repurchase program is to reduce the company’s share capital. The program will expire on December 31, 2024. As of January 18, 2024, the company had 5,668,806,128 issued shares. On April 5, 2024, the company announced a share repurchase program. Under the program, the company will repurchase up to 1,000,000,000 shares and/or equivalent global depository receipts corresponding to the fund's shares. The repurchases will commence from April 8, 2024, and will be valid till December 31, 2024.
お知らせ • Apr 17Fondul Proprietatea SA Announces Board and Committees ChangesFranklin Templeton International Services S.À R.L., in its capacity as alternative investment fund manager and sole director of Fondul Proprietatea S.A. informed investors that, on 12 April 2024, Mr. Martin Bernstein has notified Fondul Proprietatea of his resignation from his positions held within the Fund's Board of Nominees and the Consultative Committees. The termination of the mandate agreement will become effective no later than 12 July 2024. The appointment of a new member of the Board will be on the agenda of the next ordinary general shareholders' meeting of the Fund to be summoned by the Fund Manager.
分析記事 • Mar 29Fondul Proprietatea's (BVB:FP) Dividend Will Be RON0.06Fondul Proprietatea SA ( BVB:FP ) will pay a dividend of RON0.06 on the 7th of June. This will take the dividend yield...
Declared Dividend • Mar 28Final dividend of RON0.06 announcedShareholders will receive a dividend of RON0.06. Ex-date: 16th May 2024 Payment date: 7th June 2024 Dividend yield will be 341%, which is higher than the industry average of 6.5%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (2% cash payout ratio). The dividend has increased by an average of 2.0% per year over the past 10 years. However, payments have been volatile during that time.
New Risk • Mar 01New major risk - Revenue and earnings growthEarnings have declined by 0.1% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 0.1% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Paying a dividend despite being loss-making.
お知らせ • Jan 16+ 5 more updatesFondul Proprietatea SA, Annual General Meeting, Apr 22, 2024Fondul Proprietatea SA, Annual General Meeting, Apr 22, 2024.
お知らせ • Dec 13GDF International S.A. signed a binding offer to acquire additional 11.99% stake in ENGIE Romania SA from Fondul Proprietatea SA (BVB:FP) for €87 million.GDF International S.A. signed a binding offer to acquire additional 11.99% stake in ENGIE Romania SA from Fondul Proprietatea SA (BVB:FP) for €87 million on December 11, 2023. Any potential transaction is subject to agreement on the terms of the related share purchase agreement and any conditions precedent, which will include Fondul shareholders’ approval.
Price Target Changed • Nov 19Price target decreased by 19% to RON1.86Down from RON2.28, the current price target is an average from 4 analysts. New target price is 241% above last closing price of RON0.54. Stock is down 72% over the past year. The company posted earnings per share of RON0.47 last year.
Price Target Changed • Sep 04Price target decreased by 8.2% to RON2.28Down from RON2.49, the current price target is an average from 4 analysts. New target price is 18% above last closing price of RON1.94. Stock is down 1.8% over the past year. The company posted earnings per share of RON0.47 last year.
Upcoming Dividend • Aug 31Upcoming dividend of RON1.72 per shareEligible shareholders must have bought the stock before 07 September 2023. Payment date: 29 September 2023. Trailing yield: 165%. Within top quartile of Romanian dividend payers (8.6%). Higher than average of industry peers (119%).
お知らせ • Aug 19Fondul Proprietatea SA Announces Special Dividend, Payable on 29 September 2023Fondul Proprietatea SA at announced that at the Ordinary General Shareholders' Meeting of Fondul Proprietatea SA held on 18 August 2023, approved the payment of a special dividend in gross amount of RON 1.7225 per share resulting from collections, amounting to RON 9,281,212,040 resulting from the initial public offer of shares held by Fondul Proprietatea in SPEEH Hidroelectrica S.A. 7 September 2023 as the Ex - Date; The date of 29 September 2023 as the Payment Date.
お知らせ • Jul 13Fondul Proprietatea SA, Annual General Meeting, Aug 18, 2023Fondul Proprietatea SA, Annual General Meeting, Aug 18, 2023, at 11:00 E. Europe Standard Time. Location: Radisson Blu Hotel;63-81 Calea Victoriei Street;Atlas I Room Bucharest Romania Agenda: To approve of the payment of a special dividend with a gross value of RON 1.4942 per share from the retained earnings according to the latest available audited financial statements. The payment will be made out of the proceeds from the initial public offering of shares held by Fondul Proprietatea in SPEEH Hidroelectrica S.A., in accordance with the supporting documentation. The shareholders approve that the payment of the dividends to start on the Payment Date of this OGM to the persons registered as shareholders of Fondul Proprietatea on the Registration Date Treasury shares do not constitute dividend entitlement; and to consider other matters if any.
New Risk • Jun 13New minor risk - Dividend sustainabilityThe company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.7% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company.
Upcoming Dividend • May 04Upcoming dividend of RON0.05 per share at 2.4% yieldEligible shareholders must have bought the stock before 11 May 2023. Payment date: 06 June 2023. Trailing yield: 2.4%. Lower than top quartile of Romanian dividend payers (9.0%). Lower than average of industry peers (3.1%).
お知らせ • Dec 28+ 5 more updatesFondul Proprietatea SA to Report First Half, 2023 Results on Aug 31, 2023Fondul Proprietatea SA announced that they will report first half, 2023 results on Aug 31, 2023
Price Target Changed • Nov 16Price target increased to RON2.57Up from RON2.21, the current price target is an average from 2 analysts. New target price is 34% above last closing price of RON1.92. Stock is up 5.3% over the past year. The company posted earnings per share of RON0.85 last year.
Board Change • Nov 16Less than half of directors are independentThere are 4 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Ciprian Ladunca is the most experienced director on the board, commencing their role in 2020. Independent Chairperson of the Board Ilinca Derenthall was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors.
Price Target Changed • Jul 20Price target increased to RON2.37Up from RON2.21, the current price target is provided by 1 analyst. New target price is 19% above last closing price of RON2.00. Stock is up 6.7% over the past year. The company posted earnings per share of RON0.85 last year.
Upcoming Dividend • May 26Upcoming dividend of RON0.13 per shareEligible shareholders must have bought the stock before 02 June 2022. Payment date: 27 June 2022. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 25%. Within top quartile of Romanian dividend payers (7.1%). Higher than average of industry peers (20%).
Board Change • Apr 27High number of new and inexperienced directorsThere are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. Independent Director Ciprian Ladunca is the most experienced director on the board, commencing their role in 2020. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model.
Price Target Changed • Apr 20Price target increased to RON2.15Up from RON2.01, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of RON2.12. Stock is up 25% over the past year. The company posted earnings per share of RON0.85 last year.
Upcoming Dividend • Jan 20Inaugural dividend of RON0.06 per shareEligible shareholders must have bought the stock before 27 January 2022. Payment date: 18 February 2022. The company is not currently making a profit and its cash payout ratio is 93%. The company last paid an ordinary dividend in May 2020. The average dividend yield among industry peers is 2.5%.
Price Target Changed • Dec 08Price target increased to RON1.95Up from RON1.74, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of RON1.86. Stock is up 38% over the past year. The company posted a net loss per share of RON0.017 last year.
Price Target Changed • Oct 20Price target increased to RON1.81Up from RON1.64, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of RON1.78. Stock is up 38% over the past year. The company posted a net loss per share of RON0.017 last year.
Upcoming Dividend • Jul 29Upcoming dividend of RON0.07 per shareEligible shareholders must have bought the stock before 05 August 2021. Payment date: 27 August 2021. Trailing yield: 3.9%. Lower than top quartile of Romanian dividend payers (5.7%). Higher than average of industry peers (2.4%).
Upcoming Dividend • May 20Upcoming dividend of RON0.072 per shareEligible shareholders must have bought the stock before 27 May 2021. Payment date: 22 June 2021. Trailing yield: 3.9%. Lower than top quartile of Romanian dividend payers (5.4%). In line with average of industry peers (4.3%).
Executive Departure • Apr 20Director has left the companyOn the 14th of April, Steven van Groningen's tenure as Director ended after 9.0 years in the role. We don't have any record of a personal shareholding under Steven's name. A total of 4 executives have left over the last 12 months.
Executive Departure • Apr 08Independent Chairman of the Board Piotr Rymaszewski has left the companyOn the 5th of April, Piotr Rymaszewski's tenure in the role of Independent Chairman of the Board ended. We don't have any record of a personal shareholding under Piotr's name. A total of 3 executives have left over the last 12 months.
Executive Departure • Apr 08Independent Director has left the companyOn the 5th of April, Julian Rupert Healy's tenure as Independent Director ended after 9.0 years in the role. We don't have any record of a personal shareholding under Julian Rupert's name. A total of 3 executives have left over the last 12 months.
Is New 90 Day High Low • Mar 15New 90-day high: RON1.65The company is up 22% from a price of RON1.35 on 15 December 2020. Outperformed the Romanian market which is up 12% over the last 90 days. Exceeded the Capital Markets industry, which is up 20% over the same period.
分析記事 • Feb 15Key Things To Watch Out For If You Are After Fondul Proprietatea SA's (BVB:FP) 4.0% DividendCould Fondul Proprietatea SA ( BVB:FP ) be an attractive dividend share to own for the long haul? Investors are often...
Is New 90 Day High Low • Feb 03New 90-day high: RON1.55The company is up 17% from its price of RON1.32 on 05 November 2020. The Romanian market is up 20% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Capital Markets industry, which is up 16% over the same period.
Is New 90 Day High Low • Jan 08New 90-day high: RON1.53The company is up 17% from its price of RON1.30 on 09 October 2020. The Romanian market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 7.0% over the same period.
Is New 90 Day High Low • Dec 23New 90-day high: RON1.40The company is up 5.0% from its price of RON1.33 on 24 September 2020. The Romanian market is also up 5.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Capital Markets industry, which is up 2.0% over the same period.
分析記事 • Dec 17What Type Of Shareholders Make Up Fondul Proprietatea SA's (BVB:FP) Share Registry?Every investor in Fondul Proprietatea SA ( BVB:FP ) should be aware of the most powerful shareholder groups...
Is New 90 Day High Low • Dec 04New 90-day high: RON1.34The company is up 8.0% from its price of RON1.24 on 04 September 2020. The Romanian market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 1.0% over the same period.