FBNH share price has continued uptrend in the group’s audited financial statement for 2022.
The financial services group has been on rallies in the stock market.
The Broadstreet elephant announced a plan to release its audited financial statement and its first-quarter results concurrently this month.
A good earnings outturn will likely drive price higher further, and the share price will moderate if the momentum is weak.
Data from the local exchange show that FBNH’s share price has increased from N10.85 kobo to N11.45 kobo in the last seven trading sessions, pushing its market cap above N411 billion yesterday as value hunters take positions.
The company has gained 7.01%, helped by its 5.53% gain in the local bourse this week. On average, equities analysts have a target price of N12.80 for the group share price. With the recent popularity among buy-side investors, the elephant could easily shatter the price target.
It would be recalled that FBNH market valuation has printed much higher at N440 billion after a strategic share accumulation by Femi Otedola in 2022 – an entry point created by the boardroom game.
On earnings expectation, equities analysts proffer diverged opinions after the Broadstreet elephant’s earnings beat in the third quarter.
FBNH had raised its bar in terms of profitability performance and there are questions on whether the Elephant will sustain its latest dancing steps.
