Our 12-month target price (TP) for ZENITHBANK is mostly unchanged at N30.23 (vs N29.86 in our previous publication). Our TP is likely to be supported by the bank’s strategy of accelerated retail penetration, which could combine with the passthrough from robust growth in interest-earning assets to amplify the impact of higher yields on earnings. We see scope for a capital appreciation of 32.3% and a dividend yield of 15.2% over the next 12-months. We retain a BUY recommendation on the ticker on the back of this projected upside and an implicit undervaluation by the market.
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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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