Financials Zenith Bank Plc

Equities

End-of-day quote Nigerian S.E. Other stock markets 23:00:00 27/06/2024 BST			5-day change	1st Jan Change
35.7 ^NGN	+0.56%		-0.56%	-7.63%

05-12	Morgan Stanley to create 100 new jobs in Paris	RE
05-03	Zenith Bank Plc Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	583,975	778,633	789,622	753,516	1,213,474	1,120,855	-	-
Enterprise Value (EV) ¹	583,975	778,633	789,622	753,516	1,213,474	1,120,855	1,120,855	1,120,855
P/E ratio	2.8 x	3.38 x	3.23 x	3.36 x	1.79 x	1.89 x	1.72 x	1.5 x
Yield	15.1%	12.1%	12.3%	13.3%	10.3%	13.1%	15.2%	17.7%
Capitalization / Revenue	1.17 x	1.41 x	1.25 x	1.01 x	0.73 x	0.62 x	0.61 x	0.55 x
EV / Revenue	1.17 x	1.41 x	1.25 x	1.01 x	0.73 x	0.62 x	0.61 x	0.55 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	0.62 x	0.7 x	0.62 x	0.55 x	0.52 x	0.43 x	0.39 x	0.33 x
Nbr of stocks (in thousands)	31,396,494	31,396,494	31,396,494	31,396,494	31,396,494	31,396,494	-	-
Reference price ²	18.60	24.80	25.15	24.00	38.65	35.70	35.70	35.70
Announcement Date	21/02/20	23/02/21	28/02/22	28/03/23	08/04/24	-	-	-

¹NGN in Million²NGN

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	499,151	551,427	629,839	747,594	1,655,050	1,803,920	1,829,264	2,053,751
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	267,326	295,395	340,306	-	1,205,578	1,036,115	1,002,370	1,143,718
Operating Margin	53.56%	53.57%	54.03%	-	72.84%	57.44%	54.8%	55.69%
Earnings before Tax (EBT) ¹	243,294	255,861	280,374	284,650	795,962	716,072	807,955	923,929
Net income ¹	208,693	230,374	244,402	224,050	676,569	592,334	650,760	745,665
Net margin	41.81%	41.78%	38.8%	29.97%	40.88%	32.84%	35.57%	36.31%
EPS ²	6.650	7.340	7.780	7.140	21.55	18.86	20.73	23.74
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	2.800	3.000	3.100	3.200	4.000	4.662	5.428	6.323
Announcement Date	21/02/20	23/02/21	28/02/22	28/03/23	08/04/24	-	-	-

¹NGN in Million²NGN

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	23.8%	22.4%	20.4%	16.8%	36.6%	22.3%	21.6%	19.3%
ROA (Net income/ Total Assets)	3.39%	3.11%	2.73%	2.1%	4.1%	2.4%	2.4%	2.47%
Assets ¹	6,151,236	7,413,961	8,964,604	10,669,048	16,501,683	24,680,562	27,114,986	30,229,635
Book Value Per Share ²	30.00	35.60	40.70	43.90	73.90	82.40	92.10	109.0
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	21/02/20	23/02/21	28/02/22	28/03/23	08/04/24	-	-	-

¹NGN in Million²NGN

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C+

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

35.7 NGN

Average target price

54.59 NGN

Spread / Average Target

+52.91%

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