The estimated target price of Fondul Proprietatea (FP) stocks for the next 12 months is RON 0.70, computed by comparison to other international funds which have a similar capitalization, according to the evaluation conducted by SSIF Tradeville SA’s Research Department, a press release informs. FP stocks are traded at a discount of nearly 55 pc from the net asset value per unit, reported by the fund’s administrator, Franklin Templeton, on May 31, 2011. At that date, FP included 39.3 companies listed, 55.6 companies non-listed, while 5.1 pc of the funds were placed in net liquidities. “We believe that the price at which FP stocks are traded is still low, corresponding to the value of fixed assets belonging to those companies in our portfolio listed at the stock market. In other words, a FP stock, which includes both listed and non-listed assets, is traded at the net asset value per unit corresponding to listed companies, while the non-listed companies’ assets are, in practice, purchased for free,” reads a Tradeville communiqué. Tradeville analysts estimate, for 2011, revenue of minimum RON 400 M, taking into account interest-based revenue of approx. 500 M and dividend-based revenue of approx. RON 350 M, taking into account dividends granted by the first 20 companies in their portfolio.