Access Bank

[knightofdelta]

The financial institutions are beginning to become too messy for me to trust. What with the plans of divestment from Nigerian banks by Morgan Stanley, I am trying my best to get out before the bubble finishes with bursting, but I can't sell!

[Monwowo]

Originally Posted by Michael

If you really feel this way, why Invest in the Nigerian Stock market at all. The figures produced by our companies are not more scary than those produced by MTN.

Despite my feeling that way I am still investing in the Nigeria market. Afterall u can not push a recalcitrant kid to the lion den. That not withstanding, the truth of the matter is that we would not see feaces and call it mud. The forum is an avenue to raise very critical and potentially divisive concerns, per chance we may have people with some insight.

[Monwowo]

Got the cheque for my 2008 div few days ago. Something must have happened to make it reach my end of Nigeria that FAST (Abi NIPOST don wake up?)

[tobenna]

Originally Posted by pegheneji

Stock market investment is about risktaking, if those people that bought at anout N14 allowed it to N11.70, they can still allow it to fall even bellow N11 and still selling.. it is a function of liquidity but my advice is that if you rearly have d money and ready to leave it 4 about 2yrs why not entre now b/c you cannot rearly know the turning point of stock price since it can start rising tommorow consistently for the nest 2 wks.

Funny that long term in Nigeria is 2 years and long term in USA is anything from 10 years and above....

[hispy99]

Access Bank Opens U.K Subsidiary
10.14.2008

Access Bank Plc, Africa’s Bank of Best Practice, is set to formally open its UK Office today. This comes as a follow up to its licensing and authorisation by the Financial Services Authorities (FSA) in August to operate a full service banking subsidiary in the United Kingdom

The bank said in a statement that the opening ceremony will take place at its Head Office, which is overlooking Bank of England. The ceremony will be followed by a reception later in the afternoon at the Kessington Palace, London.

The U.K subsidiary is a full service bank, offering a range of products and world class services to both retail and whole clients. The UK office brings to 7 Access Bank’s offshore subsidiaries since the commencement of its global expansion strategy in 2006. Access Bank is fully operational in Nigeria, The Gambia, Sierra Leone, Zambia, Rwanda, Congo Democratic Republic and Cote D’ Ivoire.

By its entry into the OECD region, Access Bank intends to continue in its role as a catalyst for economic development and agent for trade facilitation between Africa and the Europe.

Access Bank is one of Africa’s fastest growing financial services groups having grown at a consistent triple digit growth over the last six years. The bank has presence in all monetary zones in sub Saharan Africa specifically in the ECOWAS, UOEMOA and SADC regions.

The Bank was recently ranked amongst the world’s Top 1000 Banks, ranking no 359 in terms of capital. The Bank has shareholders funds in excess of $1.5billion and an asset base of over $ 10billion as at March 31, 2008. The Bank was incorporated in 1989 as a private limited liability company and subsequently listed on the Nigerian Stock Exchange in 1998. Access Bank Plc is a full service corporate - commercial bank operating through a network of over 120 branches and service outlets located in all major cities and commercial centres across Nigeria.

[Michael]

Originally Posted by prof

Waoh! Why Access and why in phases. Please expentiate this might be the wisdom I have been searching for. Thanks!

I think that at current price Access has a 12 month P/E of 9.25.It has a current Div Yield of about 6.09. IBTC Projects Access to Close the year with Earnings of 161.3 Kobo and Dividend of 105 kobo/per share which at current price of 10.67 comes to an earnings yield of 15.11% and Div Yield of 9.74%. These are sum of the highest in the Industry.

I recommended phased buying because I can't see the future and I don't know when the stock price will stop falling and suddenly move up 5%. So You can buy some tommorrow. If It keeps falling you can try to buy some more next week and so on.

As Eccl 11:6 says "In the morning sow thy seed, and in the evening withhold not thine hand: for thou knowest not whether shall prosper, either this or that, or whether they both shall be alike good."

[Babs_O]

One year after PO no sign of return money. Is something else happenning ??? Did some brokers pay with backdated checks ???. And the checks bounced. Or ACCESS is fraudulently sitting on investors money and doing their best to hide the act. ???

[hispy99]

An Additional 71,756,590 Shares Were Listed In Favour Of Access Bank Plc On Thursday 16th October, 2008 Following
The Conversion Of 25% Of The Us$15million Unsecured Variable Rate Redeemable Convertible Loan Stock By
International Finance Corporation (ifc).

[threecrown]

Originally Posted by hispy99

An Additional 71,756,590 Shares Were Listed In Favour Of Access Bank Plc On Thursday 16th October, 2008 Following
The Conversion Of 25% Of The Us$15million Unsecured Variable Rate Redeemable Convertible Loan Stock By
International Finance Corporation (ifc).

Why the conversion of only 25% at this time? I guess to sell off in the market to recover some money. I see the price of access going as low as N8.00. We need to watch out for all this companies with redeemable convertible stocks.

[Babs_O]

Originally Posted by hispy99

An Additional 71,756,590 Shares Were Listed In Favour Of Access Bank Plc On Thursday 16th October, 2008 Following
The Conversion Of 25% Of The Us$15million Unsecured Variable Rate Redeemable Convertible Loan Stock By
International Finance Corporation (ifc).

Wonder how many more will still be hitting the number of shares apart form the remaining 75% of this particular IFC Us$15million Unsecured Variable Rate Redeemable Convertible Loan Stock. The real PE and P/B may be higher than the low PE and P/B carried by stockbrokers / investors.

[Abinishio]

Originally Posted by hispy99

An Additional 71,756,590 Shares Were Listed In Favour Of Access Bank Plc On Thursday 16th October, 2008 Following
The Conversion Of 25% Of The Us$15million Unsecured Variable Rate Redeemable Convertible Loan Stock By
International Finance Corporation (ifc).

So what is the total number of shares in issue now??
16bill+???

AB

[hispy99]

Originally Posted by Abinishio

So what is the total number of shares in issue now??
16bill+???

AB

I have 16.44B

[billions]

The forward dividend yield is now abt 10%...this is nice.

[zainabusman]

Originally Posted by billions

The forward dividend yield is now abt 10%...this is nice.

Amen......

[Babs_O]

Originally Posted by billions

The forward dividend yield is now abt 10%...this is nice.

Will they pay. Even if they do will it be prompt. This is one of the few stocks I'm still buying with the tickles of cash coming in. The Price to book also is about 1 or less and that makes wonder what could be wrong.

[zainabusman]

Originally Posted by Babs_O

Will they pay. Even if they do will it be prompt. This is one of the few stocks I'm still buying with the tickles of cash coming in. The Price to book also is about 1 or less and that makes wonder what could be wrong.

The last purchases i made b4 locking up my cheque book were Access and Dangote Sugar. I was also looking at the dividend yield and price to book of Access. Alas, it keeps dropping.

I have been asking myself the same question. But given the way everything has been consistently going down for weeks, we can only speculate that it is the general market condition. To my knowledge Access is also one of the few banks with less "toxic assets" (aka margin loans).

Their 6 months result which is due will throw more light.