In the last week and a half, two events of particular relevance for the future of NYESA VALORES CORPORACIÓN (NVC) have taken place. On the one hand, on 22 February, the CNMV approved the prospectus for the last two capital increases; on the other hand, last Monday, the Group published its report for the end of 2021 with a financial result of 14.8 million euros and a net profit of 9.8 million euros.
These events will open up a new scenario for the continuity of the company with guarantees, favouring the necessary resources that will make it possible, in the long term, to support the Strategic Plan designed.
Nevertheless, the stock has continued to fall in recent days or, at least, it is not behaving as it should in a normalised scenario. A situation which, on the other hand, and with the obvious particularities, is applicable to all stock markets.
In this sense, NYESA believes it is necessary to give an explanation for this fact, interpreting the current situation:
- As you all know, the company has its most important asset in Russia, the industrial leases of the Marma subsidiary, which make up the bulk of the turnover. The current situation in that part of the world, which has led to an unprecedented international blockade and the implementation of strong economic sanctions, has led to the rapid collapse of the rouble and, therefore, a strong economic impact on Spanish companies and interests with a presence in the country. This situation has logically influenced the performance of NYESA shares.
- Secondly, the Group is in the process of exiting the insolvency proceedings it entered into in 2011. Thus, following the approval last year of the counterclaim proposal, the company is moving towards a refocusing of its structures and objectives. That said, it is easy to deduce that many shareholders, after this long period of time, have decided to sell, which has had a clear impact on the company.
- Finally, we are seeing how both the pandemic caused by Covid-19 and now the occupation of Ukraine have severely impacted the financial markets and also, as is evident, NYESA's share price, which has been showing a very significant discount to its fundamental value. In general and overall, the Group considers, in the light of events, that the market capitalisation does not adequately express the value of its assets.
In the meantime, NYESA VALORES CORPORACIÓN continues to work on debt reduction and to consolidate the financial restructuring process that will provide greater certainty and authenticity to the project.