Total Produce, EMAK, Austostrada
For some reason, the stock price of Total Produce climbed significantly over the last few days. Now a part of this increase seem to be explained: Total Prduce joins the ISEQ 20, the main Irish stock index:
Total Produce plc, Europe’s leading fresh produce company, is pleased to announce that it has been advised by the Irish Stock Exchange that following the quarterly ISEQ 20 review, Total Produce will be joining the ISEQ 20 Indices, (ISEQ 20, ISEQ 20 Capped and ISEQ 20 Leveraged), with effect from close of business on Friday, 16th March 2012.
I don’t know how many index trackers exist and the weight is only 0.29%, but maybe it helps a little bit to attract some new investors.
EMAK released preliminary 2011 results last week.
“Pro forma” results of the combined EMAK would have been 13 mn EUR, a P/E of ~ 7.5. Results of “old” EMAK were surprisingly weak, whereas the “new” EMAK companies were doing a lot better. SO maybe the deal wasn’t such a rip off at all ? Let’s wait and see, but EMAK still looks very cheap at this levels despite the problems in the home market.
What a shame, Autostrada reported really solid numbers for 2011. Interestingly the Impregilo share price rose already above the level of 3 EUR which Autostrada paid for the share from it’s parent. I tios still below the 3.65 for the Fondiaria package, but the “loss” is definitely smaller.