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.
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.