In H1’23, FIDELITYBK revealed that the changes in its share capital and premium emanated from the private placement of 3.0 billion shares at 50 kobo each. This capital injection, coupled with the bank’s intended capital raise via a right issue of 3.2 billion shares and a public offer, reflects the impetus to support the bank’s capital ratio and operational expansions. We adjusted our 12-month target price to N8.34 (vs. N10.50 previously) and revised our rating on the stock to a HOLD (previously a BUY) to account for the projected ROE contraction over our forecast horizon.
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CardinalStone is a full service investment banking firm with a vision to build a world class investment banking firm of African origin; operating out of Lagos, Nigeria. The firm was incorporated in April 2008 and began operations in June 2008. CardinalStone is duly registered with the Securities & Exchange Commission in Nigeria to carry on business as an Issuing House, Fund Manager and Broker/Dealer
The Firm's activities are carried out across five business units: Asset Management, Investment Banking, Private Equity, Securities Trading and the Business Support Group.
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