BOA SENEGAL report (February 2017)
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BOA SENEGAL current price (XOF 49 015) is higher than the fair value of XOF 43 000 based on the 2016 financial results. We recommend a SELL on BOA SENEGAL because the stock will face a downward pressure due to the anticipated decrease in Profit after Tax. Also, considering the low solvency ratio (8.49% compared to 8% required), the bank will necessarily need to recapitalize because of the coming prudential reform Basel 2 and Basel 3 expected in 2018. This reform could create a risk of dilution for the shareholders.
Hudson is an integrated securities firm, member of the West Africa regional stock exchange (BRVM) that offers a large array of financial services including brokerage, custody, sell-side research, investment management, investment banking and advisory, issuer services. Hudson's African and International client base includes governments, financial institutions, high net worth individuals, and corporate from various industries.
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