FIDELITYBK | Fidelity Bank Company Update : Balance sheet optimization positive for earnings

We maintain our 12-month target price at N3.86 and our HOLD recommendation on the counter. While we continue to be encouraged by management’s initiatives to optimize balance sheet to maximize the benefits of the high-yield environment, we are wary of the potential impact of higher costs on earnings growth momentum.


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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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