SONATEL Report updated (February 2017)
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The appealing macroeconomic environment in every countries of presence combined to the company’s good operational prospects make SONATEL’s stock an attractive opportunity. From a fundamental perspective, the stock has an EV/EBITDA ratio of 4.88 (vs. 6.50 for its peer group) and traded for 10.95 times earnings (vs. 15.83 for its peer group). It is worth mentioning that we applied a 10% discount to the comparable multiples since SONATEL is more mature and has less upside potential in earning than its peers companies. Despite the discount, the stock is currently trading below its intrinsic value because of its high liquidity. Therefore, we recommend buying SONATEL with a target price of XOF 27 700 per share based on 2016 results, which corresponds to a gain of 10.80% compared to the current market price.
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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