Financials Zenith Bank Plc

Equities

End-of-day quote Nigerian S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
32.6 ^NGN	-10.44%		-8.17%	-15.65%

Apr. 15	Transcript : Zenith Bank Plc, 2023 Earnings Call, Apr 15, 2024
Apr. 08	Zenith Bank Plc Reports Earnings Results for the Full Year Ended December 31, 2023	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	1,023,526	-	-
Enterprise Value (EV) ¹	583,975	778,633	789,622	753,516	1,213,474	1,023,526	1,023,526	1,023,526
P/E ratio	2.8 x	3.38 x	3.23 x	3.36 x	1.79 x	2.73 x	2.32 x	1.41 x
Yield	15.1%	12.1%	12.3%	13.3%	10.3%	13.9%	16.2%	27.6%
Capitalization / Revenue	1.17 x	1.41 x	1.25 x	1.01 x	0.73 x	0.9 x	0.81 x	0.62 x
EV / Revenue	1.17 x	1.41 x	1.25 x	1.01 x	0.73 x	0.9 x	0.81 x	0.62 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	0.47 x	0.43 x	0.34 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	32.60	32.60	32.60
Announcement Date	2/21/20	2/23/21	2/28/22	3/28/23	4/8/24	-	-	-

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	1,131,026	1,270,838	1,642,778
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	267,326	295,395	340,306	-	1,205,578	554,634	698,445	940,842
Operating Margin	53.56%	53.57%	54.03%	-	72.84%	49.04%	54.96%	57.27%
Earnings before Tax (EBT) ¹	243,294	255,861	280,374	284,650	795,962	462,216	566,812	940,842
Net income ¹	208,693	230,374	244,402	224,050	676,569	387,340	491,752	729,066
Net margin	41.81%	41.78%	38.8%	29.97%	40.88%	34.25%	38.7%	44.38%
EPS ²	6.650	7.340	7.780	7.140	21.55	11.94	14.04	23.20
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	4.548	5.280	9.000
Announcement Date	2/21/20	2/23/21	2/28/22	3/28/23	4/8/24	-	-	-

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%	17.7%	18.6%	-
ROA (Net income/ Total Assets)	3.39%	3.11%	2.73%	2.1%	4.1%	1.87%	2.03%	3%
Assets ¹	6,151,236	7,413,961	8,964,604	10,669,048	16,501,683	20,750,347	24,184,540	24,302,200
Book Value Per Share ²	30.00	35.60	40.70	43.90	73.90	68.70	76.50	97.00
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	2/21/20	2/23/21	2/28/22	3/28/23	4/8/24	-	-	-

¹NGN in Million²NGN

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C+

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

32.6 NGN

Average target price

52.69 NGN

Spread / Average Target

+61.63%

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