Statistics show that the price multiples values registered by the companies listed on the Bucharest market rather place them in the area of underdeveloped business.
It is clear that domestic uncertainties, grafted over a not very promising international situation, fully justifies such an approach. A courageous player and willing to take risks will see, however in the discount on which they are traded, not necessarily the risks… but especially the opportunities to win.
Petrom titles stand to be the cheapest, in terms of the PER indicator calculated based on company earnings forecast for the full-year. Thus, according to Bloomberg data, in early June, Petrom titles were trading at an estimated PER of 4.8. Which increases the distance compared to the values recorded by the same indicator for the companies PKN, Unipetrol and Lotos whose PERs (also calculated based on projected earnings for the full year 2012) were 13, respectively 26 and 14.
Moreover, Petrom shares remain on a potential list of “bargains” in the perspective of the EV/EBITDA indicator (EV = Enterprise Value, meaning the “real” value of business, a hypothetical takeover price that takes into account both the debts and the company’s cash, and EBITDA = Earnings Before Interest and Tax Depreciation and Amortization, ie the company earnings, calculated before taxes, interest and the exclusion of assets depreciation); EV/EBITDA is an indicator similar to the PER, just that it is more technical, more advanced calculated, which better reflects the specific of each individual companies.
Romanian version : Acţiuni de cumpărat, pentru investitori dispuşi să-şi asume riscuri
Statisticile arată că valorile multiplilor de preţ înregistraţi de companiile listate pe piaţa de la Bucureşti le situează mai degrabă în zona afacerilor subevaluate.
Este evident însă, că incertitudinile din plan intern, grefate peste o situaţie internaţională nu tocmai promiţătoare, justifică pe deplin o astfel de situaţie. Un jucător curajos şi dispus să-şi asume riscuri, va vedea însă în discountul la care acestea se tranzacţionează, nu neapărat riscurile … cât mai ales oportunităţile de câştig.