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Metrics | Range | Conclusion |
---|---|---|
Selected LTM P/E Multiple | 3.6x - 4.0x | 3.8x |
Selected Fwd P/E Multiple | 3.7x - 4.1x | 3.9x |
Fair Value | GH₵ 11.66 - GH₵ 12.88 | GH₵ 12.27 |
Upside | -28.9% - -21.4% | -25.2% |
Benchmarks | - | Full Ticker |
Ecobank Ghana PLC | - | GHSE:EGH |
Agricultural Development Bank Plc | - | GHSE:ADB |
GCB Bank Plc | - | GHSE:GCB |
Republic Bank (Ghana) PLC | - | GHSE:RBGH |
Societe Generale Ghana PLC | - | GHSE:SOGEGH |
Access Bank (Ghana) Plc | - | GHSE:ACCESS |
- | - | - |
Select Price / LTM EPS Ratio | ||||||||
Benchmark Companies | ||||||||
EGH | ADB | GCB | RBGH | SOGEGH | ACCESS | |||
GHSE:EGH | GHSE:ADB | GHSE:GCB | GHSE:RBGH | GHSE:SOGEGH | GHSE:ACCESS | |||
Historical Net Income Growth | ||||||||
5Y CAGR | 30.7% | NM- | 22.9% | 20.9% | 33.8% | 25.3% | ||
3Y CAGR | 43.0% | NM- | 28.0% | 31.8% | 44.1% | 18.6% | ||
Latest Twelve Months | 78.9% | -74.9% | 22.0% | 55.0% | 33.3% | -15.3% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | 23.2% | -58.8% | 11.9% | 14.9% | 31.1% | -5.2% | ||
Prior Fiscal Year | 18.1% | -170.7% | 30.1% | 20.4% | 37.3% | 41.6% | ||
Latest Fiscal Year | 39.3% | 692.4% | 30.0% | 24.1% | 40.8% | 34.0% | ||
Latest Twelve Months | 38.1% | -568.0% | 30.5% | 24.4% | 41.6% | 32.7% | ||
Current Trading Multiples | ||||||||
EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | ||
Price / LTM Sales | 0.6x | 13.9x | 0.6x | 0.7x | 1.0x | 1.6x | ||
LTM P/E Ratio | 1.6x | -2.4x | 2.0x | 2.9x | 2.5x | 4.9x | ||
Low | Mid | High | ||||||
Benchmark LTM P/E Ratio | -2.4x | 2.0x | 2.9x | |||||
Historical LTM P/E Ratio | -3.1x | 1.7x | 3.4x | |||||
Selected P/E Multiple | 3.6x | 3.8x | 4.0x | |||||
(x) LTM Net Income | 536 | 536 | 536 | |||||
(=) Equity Value | 1,947 | 2,050 | 2,152 | |||||
(/) Shares Outstanding | 173.9 | 173.9 | 173.9 | |||||
Implied Value Range | 11.20 | 11.78 | 12.37 | |||||
FX Rate: GHS/GHS | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 11.20 | 11.78 | 12.37 | 16.40 | ||||
Upside / (Downside) | -31.7% | -28.1% | -24.6% |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | EGH | ADB | GCB | RBGH | SOGEGH | ACCESS | |
Value of Common Equity | 2,806 | 1,756 | 2,624 | 613 | 1,461 | 2,853 | |
(/) Shares Outstanding | 322.6 | 347.0 | 265.0 | 852.0 | 709.1 | 173.9 | |
Implied Stock Price | 8.70 | 5.06 | 9.90 | 0.72 | 2.06 | 16.40 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 8.70 | 5.06 | 9.90 | 0.72 | 2.06 | 16.40 | |
Trading Currency | GHS | GHS | GHS | GHS | GHS | GHS | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |