The sell offs has caught up big with Diamond Bank as its shares has now dropped below N5 for the first time since December 2012. The share price looks set to close Friday at N4.62 down 4.5% from the previous day closing. Diamond Bank is now trading at an astonishingly low P/E ratio of 2.8x.
This is perhaps the cheapest we have seen in recent years based on its trailing twelve months earnings per share.
Ironically, the share price might still go down despite this very low valuation.
Update
Diamond Bank shares closed a bit higher at N4.81 and higher than the previous close of N4.84. This is still a stunning 3x earnings multiple. Diamond Bank opened the week at N5.7