The increase registered by the stock exchange over the past two weeks did not bring along the appreciation of drugmaker Terapia Cluj Napoca stock, their price standing at constant values. At the end of Thursday's session, it amounted to 1,420 lei per share, 0.7% lower than on the previous day.
"It is true that Terapia shares have registered no increase over the past few days, but we have to take into account the fact that they were largely traded on the market and I estimate that investors' interest in these shares will continue due to the changes occurred within the shareholding structure," GVM analyst Dan Lupu, told Ziarul Financiar.
Over the first half, Terapia majority shareholders PAS and Romferchim, which held a cumulated stake of 58.7%, imposed a policy aimed at obtaining short-term cash flow with a view to granting dividends, neglecting the company's long-term development.
Following repeated acquisitions of Terapia shares, at present the main stakes are held by three investment funds, Romanian Investment Company Cyprus (with 20% of the share capital), Romanian Investment Fund (with a 14.57% stake) and Broadhurst Investment Ltd, with 6% of the shares.
At the middle of this year, the managers were replaced by the new majority shareholders that generated important changes in the company's strategy, which is currently aimed at technological update and product portfolio restructuring.
Turnover obtained by Terapia on the first half amounted to 15 million dollars, while net profit stood at 3.7 million dollars. The company benefited from a cut down in tax profit as it has export activities.
Brokers estimate that the latest Broadhurst acquisitions will continue and the fund is very likely to aim at more than the 6% stake it currently owns.
"The acquisitions of Terapia shares are recommended given the company's long-term perspectives, but only after a careful analysis of its projects and financial situation," Dan Lupu said.
Terapia Cluj-Napoca has a share capital worth 306.6 billion lei, divided into shares with a face value of 1,000 lei.
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