Well, its actually not First Bank but FBNH but you surely know what bank I am talking about. The fall in share prices seem not to be ready to wane just yet as most stocks skidded to losses last week. FBNH was one of such stock, I was pertinently watching as it dangled above N9 for most part of the week and looked like it could just hit below N9 for the first time since January 2012. For weeks many analysts had wondered if this current bearish run will somehow push its share price below the N9 support it appears to have had since the crash started in November (See table below)
Then came close of trading Friday, December 5th and FBNH finally did fall below N9 and remained there at the time of closing. The share price closed at N8.98 its lowest since January 2012. So does this price make the stock any cheaper or expensive? In my opinion, this stock just got all the more cheap considering its astonishingly low P.E ratios and above average fundamentals. I mean, the stock is trading at a P.E ratio of 4.3x and is now also trading at 60% of Price to book ratio. How cheap does that get. In fact, the market value is now just 2.5x its trailing retained earnings. Again, How cheap does that get? Well, considering this market is in a panic mode and a free fall, it could even go cheaper and I won’t bet against it going back up either. Just two weeks ago this stock was trading at above N10.
| Share Trading History (Previous 10 trading days) | ||||||||
| Date | Open | High | Low | Close | Chg | % Chg | Vol | Value |
| 04-Dec-2014 | 9.14 | 9.15 | 9.06 | 9.08 | -0.06 | -0.66 | 40,828,340 | 371,991,800.00 |
| 03-Dec-2014 | 9.25 | 9.4 | 9.1 | 9.14 | 0 | 0 | 23,916,710 | 220,336,900.00 |
| 02-Dec-2014 | 9.4 | 9.5 | 9.07 | 9.14 | -0.36 | -3.79 | 58,833,600 | 547,483,600.00 |
| 01-Dec-2014 | 9.81 | 10 | 9.5 | 9.5 | -0.45 | -4.52 | 18,144,660 | 175,295,500.00 |
| 28-Nov-2014 | 10.23 | 10.5 | 9.89 | 9.95 | -0.45 | -4.33 | 34,606,850 | 350,865,200.00 |
| 27-Nov-2014 | 10.05 | 10.55 | 10.01 | 10.4 | 0.43 | 4.31 | 18,377,990 | 190,719,400.00 |
| 26-Nov-2014 | 9.64 | 10.12 | 9.51 | 9.97 | 0.44 | 4.62 | 97,615,220 | 984,553,000.00 |
| 25-Nov-2014 | 9.48 | 9.59 | 9.48 | 9.53 | 0.13 | 1.38 | 47,474,820 | 452,168,100.00 |
| 24-Nov-2014 | 9.33 | 9.5 | 9.22 | 9.4 | 0.08 | 0.86 | 53,929,900 | 501,474,900.00 |
| 21-Nov-2014 | 9.2 | 9.35 | 9.17 | 9.32 | 0.22 | 2.42 | 47,981,470 | 441,541,400.00 |
Disclaimer: Nairametrics owns shares in FBNH
Opportunities like this don’t come so often ! A sure ”BUY” for me !
Nice face-lift , great work.
Tnx
not all the First Bank sells shares, First bank in Anambra state, Ihiala LGA does not sell share why