Viohalco: Trading at half its value
I would describe the situation with which the market values the giant industrial group of Viohalco (BIO) as ridiculous. That is where it was for the last time but now with the significant rise of the ElvalHalcor subsidiary it has ended. In other words, imagine what we will have to say when the princess of the group, Noval Property Development AEEAP, walks through the doors of the Hellenic Stock Exchange.
Viohalco therefore currently has a capitalization of 1.61 billion euros at the same time that it controls 79.78% of Cenergy Holdings (CENER) and 84.78% of ElvalHalcor (ELXA). According to the recent capitalizations of these two subsidiaries, which are 1.375 billion euros for Cenergy and 882 million euros for ElvalHalcor, Viohalco's shareholding base has a proportionate value of 1.834 billion euros. That is, it is short by 224 million euros or another 0.83 euros in its share.
However, the group also controls 81.4% of Noval, where it currently has a fair value of 550 million euros. We are talking about an amount of 447 million euros which adds another 1.73 euros to the group's share. In total, the said holdings are currently worth more than 2.284 billion euros, which if we divide it by the 259.18 million shares of Viohalco gives us 8.84 euros. And this number is only from the specific holdings since the group also has other strong subsidiaries such as Stomana, Sidenor and Erlikon which produce steel products, ELMEKE which provides research, development and innovation services, Teka Engineering which specializes in the installation and operation of industrial equipment, Vitruvit which produces ceramic and industrial mineral products and Aeiforos which is active in the recovery of natural resources, trade and processing of secondary raw materials as well as waste management services and environmental projects. The group even has a construction company, Ergosteel that specializes in industrial projects as well as office buildings with its clientele teeming with the largest industrial, manufacturing and pharmaceutical companies in Greece.
So we could comfortably say that at the moment half of Viohalco is valued on the board. The leading metal processing industry in Europe with a turnover of more than 7 billion euros costs the board 1.6 billion euros when it should be on the threshold of 3 billion euros.
Diagrammatically, now the stock after the upward breakdown of the resistance zone of 6 to 5.90 euros has opened a channel of communication with the highs it had reached last summer at 7.20 to 7.10 euros or a +14% from the current levels prices.
Viohalco therefore currently has a capitalization of 1.61 billion euros at the same time that it controls 79.78% of Cenergy Holdings (CENER) and 84.78% of ElvalHalcor (ELXA). According to the recent capitalizations of these two subsidiaries, which are 1.375 billion euros for Cenergy and 882 million euros for ElvalHalcor, Viohalco's shareholding base has a proportionate value of 1.834 billion euros. That is, it is short by 224 million euros or another 0.83 euros in its share.
However, the group also controls 81.4% of Noval, where it currently has a fair value of 550 million euros. We are talking about an amount of 447 million euros which adds another 1.73 euros to the group's share. In total, the said holdings are currently worth more than 2.284 billion euros, which if we divide it by the 259.18 million shares of Viohalco gives us 8.84 euros. And this number is only from the specific holdings since the group also has other strong subsidiaries such as Stomana, Sidenor and Erlikon which produce steel products, ELMEKE which provides research, development and innovation services, Teka Engineering which specializes in the installation and operation of industrial equipment, Vitruvit which produces ceramic and industrial mineral products and Aeiforos which is active in the recovery of natural resources, trade and processing of secondary raw materials as well as waste management services and environmental projects. The group even has a construction company, Ergosteel that specializes in industrial projects as well as office buildings with its clientele teeming with the largest industrial, manufacturing and pharmaceutical companies in Greece.
So we could comfortably say that at the moment half of Viohalco is valued on the board. The leading metal processing industry in Europe with a turnover of more than 7 billion euros costs the board 1.6 billion euros when it should be on the threshold of 3 billion euros.
Diagrammatically, now the stock after the upward breakdown of the resistance zone of 6 to 5.90 euros has opened a channel of communication with the highs it had reached last summer at 7.20 to 7.10 euros or a +14% from the current levels prices.
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