Biggest Romanian entrepreneurs owning stakes in the 100 most valuable companies on the Romanian market have lost one billion euros in the past year as a result of the international situation that has caused valuation multiples to drop, Ziarul Financiar reported.

At present, the value of stakes Romanian entrepreneurs hold in the 100 most valuable companies amounts to 2bn euros, whereas one year ago the same stakes were put at 3bn euros.

Overall, the 100 most valuable companies are worth over 25% less than one year ago, at 70bn euros, according to the third edition of the "Top 100 Most Valuable Companies of Romania". Thus, the value of stakes held by the most important entrepreneurs has declined by a pace similar to that of the other companies on the market. While the assessment was based on the 2007 financial results sent to the Trade Registry, the valuation multiples taken into account were adjusted to the level of October.

"This depreciation is normal because growth outlooks are dimmer. On the short term, the value decline can be viewed as a loss to entrepreneurs, but on the long term it depends very much on how these companies will come out of the crisis. I believe entrepreneurs can benefit from this period through acquisitions or partnerships," said Cristian Manole, a business analyst with Capital Partners. If the entrepreneurs with significant stakes had sold them a year ago they would have got 30% more than today.

The heaviest loss in this regard is that of businessman Zsolt Teszari, whose 43% in RCS&RDS telecom operator is now worth 339m euros instead of 709m euros a year ago. Second heaviest loss was Ion Tiriac's (photo), who owns stakes in three of top 100 companies, which are now worth over 700m euros instead of over 1bn a year ago.