Financials Access Holdings Plc

Equities

ACCESSCORP

NGACCESS0005

Banks

End-of-day quote Nigerian S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
16.6 ^NGN	+3.75%		-2.35%	-28.29%

Mar. 27	Access Holdings Plc Reports Earnings Results for the Full Year Ended December 31, 2023	CI
Mar. 20	Access Holdings Plc agreed to acquire National Bank of Kenya Limited from KCB Group PLC.	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	355,452	294,196	324,013	294,195	794,976	571,558	-	-
Enterprise Value (EV) ¹	355,452	294,196	324,013	294,195	794,976	571,558	571,558	571,558
P/E ratio	3.51 x	2.86 x	2.09 x	1.95 x	1.34 x	2.4 x	1.97 x	3.04 x
Yield	6.5%	9.47%	10.8%	-	-	12.3%	15.9%	12%
Capitalization / Revenue	0.91 x	0.57 x	0.52 x	-	-	0.43 x	0.39 x	0.41 x
EV / Revenue	0.91 x	0.57 x	0.52 x	-	-	0.43 x	0.39 x	0.41 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	0.56 x	0.4 x	0.32 x	-	-	0.28 x	0.25 x	0.29 x
Nbr of stocks (in thousands)	35,545,226	34,816,123	34,840,135	34,611,196	34,340,226	34,431,226	-	-
Reference price ²	10.00	8.450	9.300	8.500	23.15	16.60	16.60	16.60
Announcement Date	3/6/20	3/31/21	3/17/22	4/20/23	3/27/24	-	-	-

¹NGN in Million²NGN

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	389,338	516,119	628,477	-	-	1,321,520	1,457,976	1,394,814
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	135,568	189,610	257,337	-	-	479,128	472,119	377,619
Operating Margin	34.82%	36.74%	40.95%	-	-	36.26%	32.38%	27.07%
Earnings before Tax (EBT) ¹	115,379	125,922	176,701	170,402	729,001	300,593	364,401	245,746
Net income ¹	96,502	169,917	158,328	155,838	612,493	246,474	300,473	193,935
Net margin	24.79%	32.92%	25.19%	-	-	18.65%	20.61%	13.9%
EPS ²	2.850	2.950	4.450	4.360	17.23	6.907	8.417	5.460
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.6500	0.8000	1.000	-	-	2.040	2.643	2.000
Announcement Date	3/6/20	3/31/21	3/17/22	4/20/23	3/27/24	-	-	-

¹NGN in Million²NGN

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 Q1
Net sales	-
EBITDA	-
EBIT	-
Operating Margin	-
Earnings before Tax (EBT)	-
Net income ¹	56,494
Net margin	-
EPS	-
Dividend per Share	-
Announcement Date	5/5/22

¹NGN in Million

Estimates

Balance Sheet Analysis

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)	17.7%	15.6%	17.9%	-	-	12.8%	13.5%	9.7%
ROA (Net income/ Total Assets)	1.6%	1.34%	1.55%	-	-	1.03%	1.19%	0.7%
Assets ¹	6,050,277	12,680,347	10,206,120	-	-	23,852,367	25,320,659	27,705,000
Book Value Per Share ²	17.80	21.40	28.90	-	-	60.00	67.60	57.90
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	3/6/20	3/31/21	3/17/22	4/20/23	3/27/24	-	-	-

¹NGN in Million²NGN

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Access Holdings Plc

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

16.6 NGN

Average target price

26.7 NGN

Spread / Average Target

+60.87%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

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INVEST BANK	-96.60%	32.24B

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