Financials FBN Holdings Plc

Equities

FBNH

NGFBNH000009

Banks

End-of-day quote Nigerian S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
20.35 NGN +10.00% Intraday chart for FBN Holdings Plc -16.26% -13.59%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 285,368 220,756 256,651 409,206 391,259 730,469 730,469 -
Enterprise Value (EV) 1 285,368 220,756 256,651 409,206 391,259 730,469 730,469 730,469
P/E ratio 4.82 x 3.73 x 3.28 x - - 6.46 x 3.4 x 3.34 x
Yield 3.27% 6.18% 6.29% 3.07% - 3.24% 3.64% 5.9%
Capitalization / Revenue 0.67 x 0.54 x 0.68 x 1.19 x 0.71 x 1.02 x 0.8 x 0.77 x
EV / Revenue 0.67 x 0.54 x 0.68 x 1.19 x 0.71 x 1.02 x 0.8 x 0.77 x
EV / EBITDA - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 0.55 x 0.35 x 0.34 x 0.47 x - 0.54 x - -
Nbr of stocks (in thousands) 35,895,293 35,895,293 35,895,293 35,895,293 35,895,293 35,895,293 35,895,293 -
Reference price 2 7.950 6.150 7.150 11.40 10.90 20.35 20.35 20.35
Announcement Date 4/12/19 1/30/20 1/29/21 5/25/22 6/1/23 - - -
1NGN in Million2NGN
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net sales 1 427,563 409,251 379,657 344,880 551,605 714,752 917,304 942,713
EBITDA - - - - - - - -
EBIT 1 152,176 115,253 143,304 258,631 - 270,276 409,973 377,836
Operating Margin 35.59% 28.16% 37.75% 74.99% - 37.81% 44.69% 40.08%
Earnings before Tax (EBT) 1 65,288 73,614 92,485 - - 133,373 257,577 269,184
Net income 1 58,999 59,029 78,151 - - 112,931 214,594 218,961
Net margin 13.8% 14.42% 20.58% - - 15.8% 23.39% 23.23%
EPS 2 1.650 1.650 2.180 - - 3.150 5.980 6.100
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 0.2600 0.3800 0.4500 0.3500 - 0.6600 0.7400 1.200
Announcement Date 4/12/19 1/30/20 1/29/21 5/25/22 6/1/23 - - -
1NGN in Million2NGN
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net Debt - - - - - - - -
Net Cash position - - - - - - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) 9.98% 10.3% 11.2% 18.4% - 23% 18.2% 16%
ROA (Net income/ Total Assets) 1.11% 1% 1.13% 1.8% - 0.9% 1.6% 1.5%
Assets 1 5,335,076 5,879,382 6,914,182 - - 12,547,889 13,412,125 14,597,400
Book Value Per Share 2 14.40 17.50 20.80 24.20 - 38.00 - -
Cash Flow per Share - - - - - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 4/12/19 1/30/20 1/29/21 5/25/22 6/1/23 2/1/24 - -
1NGN in Million2NGN
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
3
Last Close Price
20.35 NGN
Average target price
25.78 NGN
Spread / Average Target
+26.68%
Consensus

Annual profits - Rate of surprise

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