Market Movers Valuations Unaltered as Stocks Bleed
| LAST | MKT CAP | P/E | PRICE/REV | EPS (TTM) | EV/EBITDA | EV | ||
| DANGCEM | 273.50 | 4.65T | 12.89 | 3.37 | 21.22 | 6.78 | 4.633T | |
| MTNN | 206.00 | 4.193T | 14.04 | 2.53 | 14.67 | 5.39 | 4.729T | |
| BUACEMENT | 70.75 | 2.396T | 26.12 | 9.31 | 2.71 | 20.20 | 2.406T | |
| NESTLE | 1395.00 | 1.106T | 27.62 | 3.14 | 50.51 | 15.02 | 1.211T | |
| BUAFOODS | 59.50 | 1.071T | — | — | — | — | — | |
| ZENITH BANK | 23.00 | 722.119Bn | 2.93 | 0.98 | 7.78 | — | 510.293Bn | |
| GTCO | 23.00 | 676.744Bn | 3.79 | 1.64 | 5.92 | — | 495.52Bn | |
| STANBIC | 34.15 | 442.481Bn | 8.19 | 2.11 | 4.45 | — | 439.204Bn | |
| FBNH | 11.80 | 423.564Bn | 8.30 | 0.77 | 1.42 | — | 665.194Bn | |
| WAPCO | 22.00 | 354.371Bn | 6.88 | 1.20 | 3.17 | 3.52 | 359.012Bn | |
| ACCESSCORP | 9.80 | 340.242Bn | 2.18 | 0.38 | 4.56 | — | 803.97Bn |
Despite the stock market trading lower for the second week in April, Airtel Africa and Dangote Cement – two leading market movers- have failed to move a bit.
Meanwhile, the stock market lost N114 billion in the just concluded week, it had dipped by more than N231 billion early in April amidst offensive selling rallies.
Airtel Africa still retained the most valuable brand by market capitalisation on the Nigerian bourse at N4.736 trillion, trailed by Dangote Cement Plc at N4.660 trillion.
MTN Nigeria, the third-largest company listed on the local bourse with a valuation above N4.19 trillion was marked down for dividend paid in the financial year 2021.
Nestle Nigeria is now worth N1.106 trillion at a share price of N1,395, trailed closely by BUA Foods, a company that listed at N40 has seen early share repricing, now N59.50. Still largely pop and son owned.
Zenith bank can be bought for a little more than N722 billion, followed by GTCO which the stock market currently valued at about N677 billion. As of December 2021 more than 11% of Zenith Bank’s shareholding is owned by Chairman, Jim Ovia and there is still indirect holdings that could take the founder’s interest higher.
Interest in GTCO appears to be well diluted, thus low key-man risk ought to lift the stock price with its sizeable earnings performance. Some analysts are waiting for the stock market to rerate in the second quarter of the year.
Though, first time in 10 years, GTCO’s profitability dropped and it dropped large enough to be curious about the earnings outlook.
The two leading financial services behemoth paid shareholders dividends in the just concluded week, signalling possible downward repricing in share value in the coming weeks.
Stanbic IBTC is now worth N442.48 billion, more than 67% of the group’s entire outstanding shares are owned by Stanbic Africa Holding Limited. In 2021, the group earnings fell big and it maintains a sturdy stock market position.
At least, 67% of the entire shares appear to be closely held – which could stem share price volatility – the advantage that Dangote Cement and Airtel Africa are currently reaping amidst the stock market rout.
FBNH inched up to mid-price gang after billionaire investors Femi Otedola pumped a sizeable amount into the stock. And, it has kept up with the market race after key risks facing the bank have been stemmed.
At the close of the trading session on Friday, FBNH was worth a little more than N423 billion to equity investors.
Lafarge Africa (Ticker: WAPCO) has the lowest valuation among the cement oligarchs, worth N345.37 billion on Friday. Dangote Cement is 13x the size of Lafarge in the stock market and BUA Cement is 7x.
Access bank (Ticker: ACCESSCORP) was valued at N340.42 billion, though the Pan Africa lender is the largest in terms of total assets in the banking sector.
Zenith Bank’s valuation is more than twice Access Bank’s valuation and GTCO is just about two times and its value runs behind FBNH. #Market Movers Valuations Unaltered as Stocks Bleed
