In this report, we update our 12-month target price (TP) for Transnational Corporation Plc (TRANSCORP) in line with our improved earnings outlook for the power and the hospitality businesses. We consolidate our views on the company’s subsidiaries (TRANSPOWER and TRANSCOHOT), whilst explaining the impact on overall valuation. The adoption of a valuation by parts methodology on the constituent segments resulted in a 12-month TP of N39.29 (vs N32.59 previously) and an unchanged BUY recommendation on the stock.
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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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