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Friday, September 29, 2023

TRANSCORP: Investor Sentiment Improves as Stock Rises 21%

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Investor sentiment towards Transnational Corporation of Nigeria or Transcorp improved last week as its stock rose by 21%.

After last week’s 21% share price gain to ₦4.83, the stock trades at a trailing P/E ratio of 15.1x.

Other highlights

  • Average forward P/E is 12x in the Renewable Energy industry in Africa.
  • Transcorp has given shareholders total returns of 793% over the past three years.

Most recent earnings

Transnational Corporation Plc (Transcorp Group), Nigeria’s leading conglomerate with investments in Power, Hospitality and Energy sectors reported its financial results for the first half of the year ended June 30, 2023, recording commendable growth across all its major indices.

The Group achieved an impressive revenue of N82.1 billion in H1 2023, compared to N62.9 billion in H1 2022, marking a substantial 31% growth year-on-year while operating income also grew by 46% to close at N29.9 billion as of June 2023, compared to N20.5 billion in June 2022.

The Group’s total revenue for the half year ended June 30, 2023, was N82.1 billion, compared to N62.9 billion in June 30 2022, signifying a 31% increase. Operating Income grew by 46% from N20.5 billion in June 2022 to N29.9 billion in June 2023.

Most recent growth catalyst positive for Transcorp stock

A consortium led by Transcorp Power Limited last week acquired a 60 percent stake in Abuja Electricity Distribution Company (AEDC).

Following the acquisition, Christopher Ezeafulukwe was appointed as managing director/chief executive officer (MD/CEO) of AEDC.

Ezeafulukwe, who is currently the MD/CEO of Transcorp Power Limited, will play a pivotal role in rejuvenating AEDC, the supplier of power to the nation’s capital.

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