FBNH on Gaining Streaks Amidst Earnings Delay
FBNH share price continues uptrend amidst delay in the group’s audited financial statement for 2022. In the stock market, the financial services group has been on rallies. Analysts told MarketForces Africa that value hunters are positioning ahead of the earnings release.
The Broadstreet elephant announced a plan to release its audited financial statement and its first-quarter results concurrently this month. A good earnings outturn will likely drive price higher further, and the share price will moderate if the momentum is weak.
Data from the local exchange show that FBNH’s share price has increased from N10.85 kobo to N11.45 kobo in the last seven trading sessions, pushing its market cap above N411 billion yesterday as value hunters take positions.
The company has gained 7.01%, helped by its 5.53% gain in the local bourse this week. On average, equities analysts have a target price of N12.80 for the group share price. With the recent popularity among buy-side investors, the elephant could easily shatter the price target.
MarketForces Africa reported that FBNH market valuation has printed much higher at N440 billion after a strategic share accumulation by Femi Otedola in 2022 – an entry point created by the boardroom game.
On earnings expectation, equities analysts proffer diverged opinions after the Broadstreet elephant’s earnings beat in the third quarter. MarketForces Africa reported that FBNH raised its bar in terms of profitability performance and there are questions on whether the Elephant will sustain its latest dancing steps. # FBNH on Gaining Streaks Amidst Earnings Delay
