Wole Olajide, ACS
First Holdco Plc (formerly FBN Holdings Plc) has over the years remained a resilient Financial Giant in the Nigerian economic space and beyond. The ‘Big Elephant’ as fondly called has weathered many storms and has gone through series of transformation to emerge into a stronger brand.
The Unaudited Financial Statement of the Group for the year ended 31 December 2024 shows significant growth in the Company’s top line and bottom line figures, year on year.
Gross Earnings of N3.434 trillion was recorded for the 12 months period, up by 81.19% from N1.895 trillion recorded the previous year.
Profit after tax of N738.857 billion was reported for the 12 months period, up by 138.06% from N310.37 billion reported the previous year. Earnings per share (EPS) of the Group stands at N20.40.
At the share price of N27.3, the P/E ratio of First Holdco stands at 1.34x with earnings yield of 74.73%.
Currently trading at N27.3, the share price of First Holdco in the past 52 weeks has touched a high of N35.70 and a low of N18.50. It is trading 30.77% away from its 52 week high of N35.70, which suggests an uptrend potential of about 31% in the share price of the stock.
With Q4 2024 earnings per share of N20.40, a low P/E ratio of N1.34x and earnings yield of 74.73% makes the stock VERY attractive.
The Book Value of First Holdco currently stands at N70.72. Relative to the current share price of N27.30, First Holdco is GROSSLY UNDERPRICED. It is actually trading about 159% away from its book value.
A position in First Holdco at the current share price has significant uptrend potential in the medium and long term period.
First HoldCo is a financial holding company and one of the largest financial services organisations in Africa. It is a diversified and leading financial services Group offering a broad range of products and services through its subsidiaries, across commercial banking, merchant banking, capital markets, trusteeship and insurance brokerage to millions of customers.
The Holding Company has oversight over its subsidiaries and drives group coordination, collaboration and synergies among other principal activities towards innovative financial solutions and enhanced shareholder value.
With a strong Corporate Governance policy and highly effective Directors on its board, First Holdco Plc without any doubt will deliver sustainable value to shareholders.
The new Management Team of First Holdco led by Wale Oyedeji, Group Managing Director, is a consortium of experts with decades of industry experience that will obviously deliver value to investors.