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Analysts Predict Better Performance for Zenith's Shares There are strong indications that the price of Zenith Bank Plc Initial Public Offering (IPO) will double few weeks after the offer has been completed and listed on the floor of Exchange. Competent financial analysts and top industry sources said recently that the opening price of N10.90k of the offer will rise to not less than N20.00 per share few weeks after the offer closes. According to the sources, the analysis is informed by the bank's strong and consistent earning records, as well as solid capital and liquidity positions. For example, they argued, Zenith Bank's 2003 Shareholders' funds and profitability is about half of that of the two industry leaders: First Bank Plc and Union Bank Plc. Union Bank Plc has a shareholders' funds of N25.0 billion while that of Zenith Bank is N12.65billion. Profit before tax of First Bank is N13.3billion, Union Bank 10.1 billion while Zenith Bank is N5.44 billion as at 2003. The sources said from the analysis of the financial indicators, the share price of Zenith Bank should have opened at not less than N15.00 per share as against N10.90k. The share price of Union Bank currently sells for 30.50k while that of First Bank sells for N29.40k as at Monday this week. They further revealed that this is one of the parameters by which the price of a stock is determined and given the tremendous performance of Zenith Bank since it began operations in 1990, the price of N10.90k is a give away and it will be heavily over subscribed when the offer opens. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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