Research company Meristem in its latest stock recommendation has suggested that FCMB could have a potential upside of a whopping 97%!! Here is the summary of their recommendation
- FCMB pared by 2.12% during the week to bring the share price to NGN2.31, just as the volume and value of transactions declined by 52.15% and 54.80% correspondingly
- We remain optimistic regarding the upside potential of the stock, and believe the current price level portends a good opportunity.
- The bank recorded a growth of 11.1% in its top-line, while Profit-Before-Taxes and ProfitAfter-Taxes declined by 14.1% and 13.3% YoY accordingly.
- The bank, like most of the rest in the industry, was affected by the exponential growth in Loan impairment charges, while declining non-interest income also contributed to this weaker financial performance.
- We expect the bank’s performance to remain impressive in 2015, despite the anticipated challenges from the operating environment
- TP – N 4.56
- Expected Return: 97.4%