November 4, 2016/Cordros Research

Last week, FBN Holdings Plc (FBNH) released its nine months earnings report for the period ended September 30, 2016. Profit before tax (PBT) declined by 5.0% y/y (-51.4% q/q) while return on average equity (RoAE) fell to 9.4%, from 12.0% recorded as at H1’16. Following revisions to our estimates, we downgrade our TP to N4.16 (previous N5.00) and retain our BUY recommendation, given the potential upside of 37.29% based on its current price of N3.03.

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