Added to YB: 2026-03-17
Pitch date: 2026-03-14
EHG.WA [neutral]
Eurohold Bulgaria AD
Author Info
Case Research is an arbitrations equity analyst who loves: heavy asymmetry, catalysts, and general cinches! Sign up for the newsletter.
Company Info
Eurohold Bulgaria AD engages in the energy business in Bulgaria, North Macedonia, Greece, Romania, Belarus, Georgia, Ukraine, Spain, Italy, Poland, Germany, the United Kingdom, and the Netherlands.
Market Cap
EUR 524.8M
Pitch Price
EUR 1.04
Price Target
N/A
Dividend
N/A
EV/EBITDA
3.46
P/E
5.53
EV/Sales
0.40
Sector
Insurance
Category
special_situation
Case Notes - Eurohold Bulgaria
EHG.WA (quick overview): Romania revoked Euroins Romania's license Mar'23 citing €400M solvency deficit & improper capital transfers to parent Eurohold via reinsurance. ICSID case 1 (May'24) seeks €500M+ (€280M sunk costs + €200M NPV); tribunal rejected Romania's jurisdiction challenge. Case 2 (Nov'24) adds Starcom (52% owner) as claimant. Decision exp Q1-2'28. Mkt cap €139M vs €500M+ claim, but enforcement risk high (Achmea precedent, Romania may challenge award).
Read full article (4 min)