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Model Update | Banks
June 29, 2022
Ahli United
Bank
BUY
  • Currency
    USD
  • Last Closing Price
    1.01
  • Target Price
    1.20

Deep value (stake ARNB 115% of MC), but limited catalysts to unlock value, as RoE remains low

We pencil in EPS growth of 16% and a RoE of 15.9% for FY 22e vs. 36% and 15.1%,respectively, in FY 21, on contin-

Model Update | Banks
June 29, 2022
Ahli United
Bank
BUY
  • Currency
    USD
  • Last Closing Price
    1.01
  • Target Price
    1.20

Deep value (stake ARNB 115% of MC), but limited catalysts to unlock value, as RoE remains low

We pencil in EPS growth of 16% and a RoE of 15.9% for FY 22e vs. 36% and 15.1%,respectively, in FY 21, on contin-

Model Update | Banks
June 29, 2022
Ahli United
Bank
BUY
  • Currency
    USD
  • Last Closing Price
    1.01
  • Target Price
    1.20

Deep value (stake ARNB 115% of MC), but limited catalysts to unlock value, as RoE remains low

We pencil in EPS growth of 16% and a RoE of 15.9% for FY 22e vs. 36% and 15.1%,respectively, in FY 21, on contin-

Model Update | Banks
June 29, 2022
Ahli United
Bank
BUY
  • Currency
    USD
  • Last Closing Price
    1.01
  • Target Price
    1.20

Deep value (stake ARNB 115% of MC), but limited catalysts to unlock value, as RoE remains low

We pencil in EPS growth of 16% and a RoE of 15.9% for FY 22e vs. 36% and 15.1%,respectively, in FY 21, on contin-

Model Update | Banks
June 29, 2022
Ahli United
Bank
BUY
  • Currency
    USD
  • Last Closing Price
    1.01
  • Target Price
    1.20

Deep value (stake ARNB 115% of MC), but limited catalysts to unlock value, as RoE remains low

We pencil in EPS growth of 16% and a RoE of 15.9% for FY 22e vs. 36% and 15.1%,respectively, in FY 21, on contin-

Model Update | Banks
June 29, 2022
Ahli United
Bank
BUY
  • Currency
    USD
  • Last Closing Price
    1.01
  • Target Price
    1.20

Deep value (stake ARNB 115% of MC), but limited catalysts to unlock value, as RoE remains low

We pencil in EPS growth of 16% and a RoE of 15.9% for FY 22e vs. 36% and 15.1%,respectively, in FY 21, on contin-

Model Update | Banks
June 29, 2022
Ahli United
Bank
BUY
  • Currency
    USD
  • Last Closing Price
    1.01
  • Target Price
    1.20

Deep value (stake ARNB 115% of MC), but limited catalysts to unlock value, as RoE remains low

We pencil in EPS growth of 16% and a RoE of 15.9% for FY 22e vs. 36% and 15.1%,respectively, in FY 21, on contin-

Model Update | Banks
June 29, 2022
Ahli United
Bank
BUY
  • Currency
    USD
  • Last Closing Price
    1.01
  • Target Price
    1.20

Deep value (stake ARNB 115% of MC), but limited catalysts to unlock value, as RoE remains low

We pencil in EPS growth of 16% and a RoE of 15.9% for FY 22e vs. 36% and 15.1%,respectively, in FY 21, on contin-

Model Update | Banks
June 29, 2022
Ahli United
Bank

Deep value (stake ARNB 115% of MC), but limited catalysts to unlock value, as RoE remains low

We pencil in EPS growth of 16% and a RoE of 15.9% for FY 22e vs. 36% and 15.1%,respectively, in FY 21, on contin-