stocksmaster wrote:VituVingiSana wrote:@Obiero - Whoa! That would mean Co-op is only 400 mn short of full 2012 PBT. I think YTD 3Q will be closer to 9.2bn than 9.6bn. Is your 9.6bn an Exchange Bar guesstimate?
Ben Graham was Warren Buffett's teacher ;-) I have his book The Intelligent Investor ;-)
If we use an estimated/forward PAT of 2.25 then the PER looks decent but not substantially cheaper than DTB, I&M, NIC or CFC
I anticipate an EPS of about Ksh 1.70 for Q3 2013; and a full year 2013 EPS of 2.35.
I have to admit I would rather go for I&M, NIC or DTB than Coop at current prices. The difference in the PER is negligible yet the potential growth remains higher for the smaller banks.
Coop - Kenya [saturated with a lot of competition from Equity, Family even Jamii Bora] & South Sudan [lot of potential but high risk as well].
I&M, NIC & DTB - Kenya [limited number of branches so there is potential in the High Net Worth as well as larger SMEs. There is a lot of competition but the 'low base effect' has some legs] EAC [small branches/networks but all are pursuing an EAC strategy which is beneficial as the "Coalition of the Willing" gets closer. Many of the cross-border firms are medium enterprises that have one of these as their banker/s.
I&M - Kenya, Tanzania, Rwanda, Mauritius. And looking at Uganda.
DTB - Kenya, Uganda, Tanzania, Burundi and looking at Rwanda. IFC owns 10%
NIC - Kenya, Tanzania & Uganda.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett