FNG has been buying Dutch and Belgian retail and production companies partly by selling shares. Not easy to base much on track record.
The company was set up by 3 engineers who seem to want to make the companies in the holding work together as parts of an efficient machine. Seems logical.
http://www.fng.eu/fng-sets-strong-first-half-year-rebitda-increases-by-30-2-to-eur-25-1-million/
Increasing Recurring EBITDA (REBITDA).
Book value per share was: EUR 277m equity/9m shares = EUR 31 per share.
They sold 2,2m shares at around EUR 27 raising EUR 60m.
So new book EUR 337m/11,2m shares = EUR 30m book value per share.
Earnings 0,69 Euro per share in 2018 H1, Earnings EUR 1,6 / share full year?? x 15 multiple = EUR 24,- per share.
Debt is too high for the Defensive Investor.
Current price: EUR 18,90
Conclusion December 2018: FNG stock seems inexpensive.
www.valuemachinesfund.nl
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