New Risk • Jun 01
New major risk - Revenue and earnings growth Earnings 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). Announcement • Mar 13
Fondul Proprietatea SA, Annual General Meeting, May 28, 2026 Fondul Proprietatea SA, Annual General Meeting, May 28, 2026. Announcement • Feb 12
Fondul Proprietatea SA, Annual General Meeting, Mar 30, 2026 Fondul 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 Upcoming Dividend • Oct 27
Upcoming dividend of RON0.012 per share Eligible 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 24
Now 23% overvalued after recent price rise Over 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 03
New major risk - Earnings quality The 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 20
Upcoming dividend of RON0.041 per share Eligible 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 02
Dividend reduced to RON0.041 Dividend 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. Announcement • Apr 30
Fondul Proprietatea SA Approves Dividend for the Financial Year Ended December 31, 2024, Payable on 19 June 2025 Fondul 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. Announcement • Apr 26
Fondul Proprietatea SA SPONSORED GDR REG S Global Depositary Receipts to Be Deleted from OTC Equity Fondul 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. Announcement • Mar 17
Fondul Proprietatea SA, Annual General Meeting, Apr 29, 2025 Fondul 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 Announcement • Mar 16
Fondul Proprietatea SA Announces Committee Changes Franklin 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. Announcement • Dec 28
Fondul Proprietatea SA SPONSORED GDR REG S Global Depositary Receipts to Be Deleted from OTC Equity Fondul 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. Price Target Changed • Sep 24
Price target decreased by 18% to RON1.51 Down 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 16
Price target decreased by 15% to RON1.56 Down 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 09
Upcoming dividend of RON0.06 per share Eligible 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%). Announcement • Apr 23
Fondul 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. Announcement • Apr 17
Fondul Proprietatea SA Announces Board and Committees Changes Franklin 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. Declared Dividend • Mar 28
Final dividend of RON0.06 announced Shareholders 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 01
New major risk - Revenue and earnings growth Earnings 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. Announcement • Dec 13
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. 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 19
Price target decreased by 19% to RON1.86 Down 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 04
Price target decreased by 8.2% to RON2.28 Down 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 31
Upcoming dividend of RON1.72 per share Eligible 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%). Announcement • Aug 19
Fondul Proprietatea SA Announces Special Dividend, Payable on 29 September 2023 Fondul 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. Announcement • Jul 13
Fondul Proprietatea SA, Annual General Meeting, Aug 18, 2023 Fondul 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 13
New minor risk - Dividend sustainability The 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 04
Upcoming dividend of RON0.05 per share at 2.4% yield Eligible 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%). Price Target Changed • Nov 16
Price target increased to RON2.57 Up 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 16
Less than half of directors are independent There 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 20
Price target increased to RON2.37 Up 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 26
Upcoming dividend of RON0.13 per share Eligible 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 27
High number of new and inexperienced directors There 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 20
Price target increased to RON2.15 Up 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 20
Inaugural dividend of RON0.06 per share Eligible 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 08
Price target increased to RON1.95 Up 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 20
Price target increased to RON1.81 Up 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 29
Upcoming dividend of RON0.07 per share Eligible 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 20
Upcoming dividend of RON0.072 per share Eligible 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 20
Director has left the company On 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 08
Independent Chairman of the Board Piotr Rymaszewski has left the company On 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 08
Independent Director has left the company On 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 15
New 90-day high: RON1.65 The 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. Is New 90 Day High Low • Feb 03
New 90-day high: RON1.55 The 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 08
New 90-day high: RON1.53 The 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 23
New 90-day high: RON1.40 The 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. Is New 90 Day High Low • Dec 04
New 90-day high: RON1.34 The 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.