CAL Bank Limited

  • TickerCAL
  • ISINGH0000000649
  • CountryGhana

Analysts

Feasibility Study Results in December to be a Catalyst for this Junior

Feasibility Study Results in December to be a Catalyst for this Junior

Ayodeji Dawodu ...
  • Nkemdilim Nwadialor
  • Olabisi Ayodeji

Ghana Banks: Q3 19 preview – lower cost pressures offer tailwinds

Unaudited 9M 19 results for Ghana banks should be released over the coming weeks. In this report, we highlight our expectations for Q3, following strong earnings growth in H1 19 (see our Q1 19 and Q2 19 earnings wrap).

Ayodeji Dawodu ...
  • Nkemdilim Nwadialor
  • Olabisi Ayodeji
  • Rahul Shah CFA
  • Rohit Kumar

Ghana Banks: Macro conditions support strong earnings outlook

Still bullish on Ghana banks, as medium-term profitability outlook remains strong, supported by a favourable macroeconomic backdrop (robust GDP growth and lower asset yields). The recent recapitalisation exercise has also strengthened the sector. Valuation is attractive for the Ghana banks that we cover, with median 2020f PB of 0.9x and PE of 4.3x, a 10% discount to 5-year historical PB, but a 13% premium on PE terms. Compared with frontier peers, our Ghana banks are trading in line on a PB basis, but at a 28% discount on PE.

Nkemdilim Nwadialor

Guaranty Trust Bank: H1 19 earnings call – key positive takeaways

The prospects for mobile money in Ghana are exciting. A recent World Bank report highlighted Ghana as the fastest growing mobile money market in Africa, with an 85% compound annual increase in the value of Ghana’s mobile money transactions in 2015-18. In this report, we explore the structure of Ghana’s mobile money space and identify the companies that are adapting and thriving.

Ayodeji Dawodu ...
  • Nkemdilim Nwadialor
  • Olabisi Ayodeji
  • Rahul Shah CFA
  • Rohit Kumar

Ghana mobile money: Exploring Africa’s fastest growing market

The prospects for mobile money in Ghana are exciting. A recent World Bank report highlighted Ghana as the fastest growing mobile money market in Africa, with an 85% compound annual increase in the value of Ghana’s mobile money transactions in 2015-18. In this report, we explore the structure of Ghana’s mobile money space and identify the companies that are adapting and thriving.

Feasibility Study Results in December to be a Catalyst for this Junior

Feasibility Study Results in December to be a Catalyst for this Junior