Commercial International Bank [COMI]: Adjustment Post Stock Dividend
12-month price target adjusted to EGP62 (+33%)
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Commercial International Bank [COMI]
Egypt / Banks / 12-Month Price Target Adjustment
12MPT: EGP62.0 (+33%)
set on 25 Oct 2020
Investment Rating: Overweight | Risk Rating: Medium
A 33% stock dividend effective yesterday
The EGX had approved earlier this month Commercial International Bank’s [COMI] corporate action to increase its issued and paid-in capital from EGP14.8bn to EGP19.7bn through 1-for-3 stock dividend, financed from retained earnings. The EGP4.9bn increase is distributed over 492.6mn shares at a par value of EGP10/share. Accordingly, COMI’s total number of outstanding shares is now 1.97bn. In light of the approved corporate action, we adjust our FV from EGP94.0/share to EGP70.5/share, while adjusting our 12-month price target (12M PT) from EGP83.0/share to EGP62.0/share.
For the full report, please click here.
Shihab M. Helmy
Senior Equity Analyst
T +202 3300 5723