FABL Current Price: Rs.26.80
FABL "FAYSAL BANK" FAIR VALUE : Rs.60
Faysal Bank (FABL) is currently trading at 48% discou(0.85x) to 2nd tier banks’ average CY08E P/Bx of 1.6x. Ttranslates into 63% TSR (including 8% dividend yield) relation to our intrinsic value of Rs 60/share. Faysal Bankexpected to post a modest 3-year CAGR of 10% in nrevenues, whereas net earnings are expected to surge arate of 13%, despite lower ROE of 9% for CY08E. Wbelieve the scrip calls for Accumulate stance at curremarket price of Rs26.8/share.
No comments:
Post a Comment