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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Pb Multiple | 1.0x - 1.1x | 1.0x |
| Historical Pb Multiple | 0.3x - 1.0x | 0.4x |
| Fair Value | GH₵ 0.41 - GH₵ 0.45 | GH₵ 0.43 |
| Upside | -21.8% - -13.5% | -17.7% |
| Benchmarks | - | Full Ticker |
| GCB Bank Plc | - | GHSE:GCB |
| Societe Generale Ghana PLC | - | GHSE:SOGEGH |
| Agricultural Development Bank Plc | - | GHSE:ADB |
| Republic Bank (Ghana) PLC | - | GHSE:RBGH |
| Ecobank Ghana PLC | - | GHSE:EGH |
| CalBank PLC | - | GHSE:CAL |
| Select Price / Book Ratio | ||||||||
| Benchmark Companies | ||||||||
| GCB | SOGEGH | ADB | RBGH | EGH | CAL | |||
| GHSE:GCB | GHSE:SOGEGH | GHSE:ADB | GHSE:RBGH | GHSE:EGH | GHSE:CAL | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 22.9% | 33.8% | NM- | 20.9% | 30.7% | 9.1% | ||
| 3Y CAGR | 28.0% | 44.1% | NM- | 31.8% | 43.0% | 6.3% | ||
| Latest Twelve Months | 47.3% | NM | -74.9% | 52.6% | 83.1% | 146.0% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 12.1% | 31.8% | -58.8% | 15.2% | 23.2% | 32.2% | ||
| Prior Fiscal Year | 30.1% | 37.3% | -170.7% | 20.5% | 18.1% | 169.4% | ||
| Latest Fiscal Year | 30.0% | 40.8% | 692.4% | 24.1% | 39.3% | 26.9% | ||
| Latest Twelve Months | 33.2% | 42.7% | -568.0% | 24.8% | 38.1% | 29.3% | ||
| Return on Equity | ||||||||
| 5 Year Average Margin | 18.9% | 21.0% | -44.6% | 11.1% | 20.6% | -24.0% | ||
| Prior Fiscal Year | 39.8% | 32.7% | -46.5% | 18.3% | -2.6% | -252.6% | ||
| Latest Twelve Months | 37.3% | 23.4% | -67.9% | 21.8% | 35.2% | 93.3% | ||
| Next Fiscal Year | 26.9% | 20.3% | #NUM! | #NUM! | 21.9% | 73.9% | ||
| Two Fiscal Years Forward | 24.3% | 20.4% | 0.0% | 21.1% | 18.0% | 40.2% | ||
| Current Trading Multiples | ||||||||
| Price / LTM Sales | 0.5x | 1.0x | 13.9x | 1.0x | 0.6x | 0.6x | ||
| Price / LTM EPS | 1.6x | 2.3x | -2.4x | 3.9x | 1.7x | 2.0x | ||
| Price / Book | 0.5x | 0.5x | 1.2x | 0.8x | 0.5x | 1.3x | ||
| Price / Fwd Book | 0.4x | 0.5x | -17.2x | 0.9x | 0.4x | 1.0x | ||
| Low | Mid | High | ||||||
| Benchmark P/B Ratio | 0.5x | 0.5x | 1.2x | |||||
| Historical P/B Ratio | 0.3x | 0.4x | 1.0x | |||||
| Selected P/B Multiple | 1.0x | 1.0x | 1.1x | |||||
| (x) Book Value | 448 | 448 | 448 | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | GCB | SOGEGH | ADB | RBGH | EGH | CAL | |
| Value of Common Equity | 2,528 | 1,418 | 1,756 | 895 | 2,842 | 563 | |
| (/) Shares Outstanding | 265.0 | 709.1 | 347.0 | 852.0 | 322.6 | 1,082.7 | |
| Implied Stock Price | 9.54 | 2.00 | 5.06 | 1.05 | 8.81 | 0.52 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 9.54 | 2.00 | 5.06 | 1.05 | 8.81 | 0.52 | |
| 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 | |