Financials Zenith Bank Plc

Equities

End-of-day quote Nigerian S.E. Other stock markets 06:00:00 2024-06-04 pm EDT			5-day change	1st Jan Change
32.9 ^NGN	+2.81%		+1.23%	-14.88%

May. 12	Morgan Stanley to create 100 new jobs in Paris	RE
May. 03	Zenith Bank Plc Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	583,975	778,633	789,622	753,516	1,213,474	1,032,945	-	-
Enterprise Value (EV) ¹	583,975	778,633	789,622	753,516	1,213,474	1,032,945	1,032,945	1,032,945
P/E ratio	2.8 x	3.38 x	3.23 x	3.36 x	1.79 x	2.04 x	1.75 x	1.22 x
Yield	15.1%	12.1%	12.3%	13.3%	10.3%	14.6%	17%	22%
Capitalization / Revenue	1.17 x	1.41 x	1.25 x	1.01 x	0.73 x	0.54 x	0.65 x	0.5 x
EV / Revenue	1.17 x	1.41 x	1.25 x	1.01 x	0.73 x	0.54 x	0.65 x	0.5 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	0.62 x	0.7 x	0.62 x	0.55 x	0.52 x	0.42 x	0.39 x	0.31 x
Nbr of stocks (in thousands)	31,396,494	31,396,494	31,396,494	31,396,494	31,396,494	31,396,494	-	-
Reference price ²	18.60	24.80	25.15	24.00	38.65	32.90	32.90	32.90
Announcement Date	2/21/20	2/23/21	2/28/22	3/28/23	4/8/24	-	-	-

¹NGN in Million²NGN

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	499,151	551,427	629,839	747,594	1,655,050	1,904,621	1,590,442	2,053,406
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	267,326	295,395	340,306	-	1,205,578	1,036,115	1,002,370	1,143,718
Operating Margin	53.56%	53.57%	54.03%	-	72.84%	54.4%	63.02%	55.7%
Earnings before Tax (EBT) ¹	243,294	255,861	280,374	284,650	795,962	780,413	728,370	1,039,864
Net income ¹	208,693	230,374	244,402	224,050	676,569	663,686	713,876	848,804
Net margin	41.81%	41.78%	38.8%	29.97%	40.88%	34.85%	44.89%	41.34%
EPS ²	6.650	7.340	7.780	7.140	21.55	16.14	18.76	27.02
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	2.800	3.000	3.100	3.200	4.000	4.798	5.580	7.250
Announcement Date	2/21/20	2/23/21	2/28/22	3/28/23	4/8/24	-	-	-

¹NGN in Million²NGN

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	23.8%	22.4%	20.4%	16.8%	36.6%	23.9%	20.4%	22.7%
ROA (Net income/ Total Assets)	3.39%	3.11%	2.73%	2.1%	4.1%	2.6%	2.27%	2.85%
Assets ¹	6,151,236	7,413,961	8,964,604	10,669,048	16,501,683	25,526,385	31,494,461	29,782,614
Book Value Per Share ²	30.00	35.60	40.70	43.90	73.90	78.00	85.10	105.0
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	2/21/20	2/23/21	2/28/22	3/28/23	4/8/24	-	-	-

¹NGN in Million²NGN

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C+

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

32.9 NGN

Average target price

53.97 NGN

Spread / Average Target

+64.06%

	1st Jan change	Capi.
ZENITH BANK PLC	-14.88%	693M
AGRICULTURAL BANK OF CHINA LIMITED	+10.30%	208B
PT BANK CENTRAL ASIA TBK	+0.53%	70.96B
ANZ GROUP HOLDINGS LIMITED	+11.03%	57.08B
INDUSTRIAL BANK CO., LTD.	+8.27%	50.93B
CRÉDIT AGRICOLE S.A.	+13.02%	48.45B
CHINA CITIC BANK CO., LTD.	+29.62%	46.35B
JAPAN POST BANK CO., LTD.	+6.75%	36.47B
QATAR NATIONAL BANK (Q.P.S.C.)	-17.54%	34.5B
INVEST BANK	-96.60%	32.24B