Price Target Changed • May 20
Price target increased by 57% to GH₵0.88 Up from GH₵0.56, the current price target is provided by 1 analyst. New target price is 16% above last closing price of GH₵0.76. Stock is up 19% over the past year. The company posted earnings per share of GH₵0.17 last year. Board Change • May 20
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Non-Executive Director Woelinam Dogbe was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Feb 23
CalBank PLC, Annual General Meeting, Mar 25, 2026 CalBank PLC, Annual General Meeting, Mar 25, 2026. Location: calbank head office, 23 independence avenue, ridge, Ghana Announcement • Feb 28
CalBank PLC, Annual General Meeting, Mar 20, 2025 CalBank PLC, Annual General Meeting, Mar 20, 2025. Announcement • Jan 21
CalBank PLC Announces Appointment of Johnson Oware as Deputy Managing Director CalBank PLC announced the appointment of Mr. Johnson Oware as the Deputy Managing Director of the Bank, effective January 20, 2025. Johnson is a highly accomplished banking executive with over 20 years of proven excellence across the full spectrum of banking segments. As Deputy Managing Director, he will oversee the growth and expansion of CalBank's corporate, commercial, and retail operations. Throughout his distinguished career, Johnson has held executive roles spanning several business verticals, including Corporate, Commercial, Retail, and Transaction Banking. His extensive experience includes multi-country responsibilities, driving business development initiatives
across five countries, and spearheading growth in sales, digital banking, structured trade, and commodity finance. Additionally, he possesses expertise in credit appraisal, project management, and business development. Before joining CalBank, Johnson served as the Head of Corporate Banking at Ecobank Ghana PLC, where he led teams in delivering exceptional results across various business segments. Johnson Oware holds a BSc in Administration from the University of Ghana, an MBA in Finance from the University of Leicester (UK), and a Diploma in Public-Private Partnership from the University of Reading (UK). Reported Earnings • Nov 01
Third quarter 2024 earnings released Third quarter 2024 results: Net income: GH₵66.0m (down 8.1% from 3Q 2023). New Risk • Oct 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Ghanaian stocks, typically moving 3.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 60% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (3.9% average weekly change). Market cap is less than US$100m (GH₵175.7m market cap, or US$11.2m). Announcement • Sep 11
CalBank PLC Appoints Carl Selasi Asem as Substantive Managing Director The board of directors of CalBank PLC announced the appointment of Mr. Carl Selasi Asem as the substantive Managing Director of the Bank, effective 4 September 2024. The appointment has been approved by the Bank of Ghana. Mr. Asem's confirmation as Managing Director follows his appointment as Acting Managing Director on 13 February 2024. Prior to this, Mr. Asem, held the position of Deputy Managing Director at CalBank. Since joining the Bank in 2022, Carl has brought a wealth of experience and expertise to his lead management position. He has played a key role in shaping the strategic direction of the Bank, introducing innovation and reforms and has been instrumental in its growth and success. Since 2023, he has provided guidance and valuable insights to help steer CalBank through a difficult time and returned the Bank to growth and profitability in 2024. Announcement • Aug 15
CalBank PLC, Annual General Meeting, Sep 04, 2024 CalBank PLC, Annual General Meeting, Sep 04, 2024. Location: calbanks head office, 23 independence avenue, ridge, accra, Ghana Reported Earnings • Jul 17
Second quarter 2024 earnings released Second quarter 2024 results: Net income: GH₵110.0m (up 158% from 2Q 2023). Reported Earnings • Apr 24
Full year 2023 earnings released: GH₵1.07 loss per share (vs GH₵1.30 loss in FY 2022) Full year 2023 results: GH₵1.07 loss per share (improved from GH₵1.30 loss in FY 2022). Net loss: GH₵671.1m (loss narrowed 17% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 63 percentage points per year, which is a significant difference in performance. New Risk • Nov 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Ghanaian stocks, typically moving 5.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 53% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (5.8% average weekly change). Market cap is less than US$100m (GH₵320.0m market cap, or US$26.7m). Reported Earnings • Nov 06
Third quarter 2023 earnings released Third quarter 2023 results: Net income: GH₵71.8m (up 198% from 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 95 percentage points per year, which is a significant difference in performance. Board Change • Oct 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 9 experienced directors. 2 highly experienced directors. Deputy MD & Director Carl Asem was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Buying Opportunity • Sep 25
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be GH₵0.66, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 59% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Jul 30
Second quarter 2023 earnings released Second quarter 2023 results: Net income: GH₵42.7m (down 39% from 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 93 percentage points per year, which is a significant difference in performance. New Risk • Jun 10
New major risk - Revenue and earnings growth Earnings have declined by 33% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 33% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (GH₵313.8m market cap, or US$28.8m). Price Target Changed • Jan 07
Price target increased to GH₵1.48 Up from GH₵1.23, the current price target is an average from 2 analysts. New target price is 128% above last closing price of GH₵0.65. Stock is down 25% over the past year. The company is forecast to post earnings per share of GH₵0.30 for next year compared to GH₵0.36 last year. Major Estimate Revision • Nov 16
Consensus revenue estimates fall by 18% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from GH₵1.01b to GH₵836.2m. EPS estimate fell from GH₵0.50 to GH₵0.35 per share. Net income forecast to grow 47% next year vs 13% growth forecast for Banks industry in Africa. Consensus price target up from GH₵1.23 to GH₵1.28. Share price was steady at GH₵0.80 over the past week. Board Change • Nov 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Cynthia Forson was the last director to join the board, commencing their role in 2020. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 03
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: GH₵163.1m (down 15% from 3Q 2021). Net income: GH₵24.1m (down 63% from 3Q 2021). Profit margin: 15% (down from 34% in 3Q 2021). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Banks industry in Ghana. Announcement • Sep 02
CalBank PLC Appoints Carl Selasi Asem as Deputy Managing Director, Effective September 1, 2022 CalBank Plc announced the appointment of Mr. Carl Selasi Asem as Deputy Managing Director of the Bank, effective 1st September 2022. His appointment was approved by the Bank of Ghana. Prior to joining the Bank, Carl worked with the Ecobank Group as the Managing Director of Ecobank Gambia. Carl brings to this position over eighteen (18) years of proven expertise in marketing, sales, relationship management, Contact Toll Free on 0800 500 500 customer service, and business development. He was instrumental in leading and driving strategies and initiatives for growth, planning and the development of sustainable and continued improvement programmes in the Anglophone West Africa (AWA) region for Ecobank. Carl started his career with Ghana Textile Printing Company as an Assistant Manager in 1998 before joining Ecobank Ghana as a Senior Relationship Manager in 2003. He subsequently worked in various high-profile roles such as Head Public Sector – Domestic Bank, Ag. Group Head- Public Sector, Regional Business Manager - AWA Region. He was appointed the Managing Director of Ecobank Gambia in 2018 where he led the Bank to a dominant number one position in the country. Under his leadership, the bank attained the number one status consecutively over a 4-year period in Revenue, PBT, Assets, Deposits and CIR in the Gambia Banking Industry. He successfully introduced modern management practices focusing on digitalisation, employee engagement, customers, IT, partnerships & supplier relations. He also led the Bank to win “The Banker’s Bank of the Year” awards consecutively over a 3-year period. Carl graduated from the Kwame Nkrumah University of Science and Technology with a Bachelor of Science (Hons) degree in Chemical Engineering in 1997. He also holds an Executive Master of Business Administration (Finance Option) degree from the University of Ghana and a Postgraduate Diploma in Financial Management (ACCA). He has pursued various Executive Development programmes from Columbia Business School and the Harvard Kennedy School, both in the USA. Reported Earnings • Jul 31
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: GH₵218.9m (up 34% from 2Q 2021). Net income: GH₵69.8m (up 35% from 2Q 2021). Profit margin: 32% (in line with 2Q 2021). Over the next year, revenue is forecast to grow 35%, compared to a 22% growth forecast for the industry in Africa. Price Target Changed • Jun 01
Price target increased to GH₵1.47 Up from GH₵1.34, the current price target is provided by 1 analyst. New target price is 69% above last closing price of GH₵0.87. Stock is up 19% over the past year. The company is forecast to post earnings per share of GH₵0.62 for next year compared to GH₵0.36 last year. Upcoming Dividend • May 25
Upcoming dividend of GH₵0.10 per share Eligible shareholders must have bought the stock before 01 June 2022. Payment date: 30 June 2022. Payout ratio is a comfortable 39% but the company is not cash flow positive. Trailing yield: 16%. Within top quartile of Ghanaian dividend payers (11%). Higher than average of industry peers (9.4%). Announcement • May 13
CalBank PLC Declares Final Dividend of Financial Year Ended December 31, 2021, Payable on June 30, 2022 CalBank PLC announced the payment of final dividend of GHS 0.11 per share for the financial year ending December 31, 2021. Qualifying date All shareholders registered in the books of CAL at the close of business on June 3, 2022, will qualify for the final dividend. Closure of Register The Register of shareholders will be closed from June 6, 2022.Ex-Dividend Date In view of the foregoing, the ex-dividend date has been set as June 1, 2022. Consequently, an investor purchasing CAL shares before this date will be entitled to the final dividend. However, an investor buying CAL shares on or after June 1, 2022, will not be entitled to the final dividend. Dividend Payment Date The final dividend will be paid from June 30, 2022. Reported Earnings • Apr 28
First quarter 2022 earnings: Revenues miss analyst expectations First quarter 2022 results: Revenue: GH₵190.8m (up 26% from 1Q 2021). Net income: GH₵62.7m (up 17% from 1Q 2021). Profit margin: 33% (down from 35% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.9%. Over the next year, revenue is forecast to grow 30%, compared to a 26% growth forecast for the industry in Africa. Board Change • Apr 27
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Cynthia Forson was the last director to join the board, commencing their role in 2020. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 09
CalBank PLC, Annual General Meeting, May 05, 2022 CalBank PLC, Annual General Meeting, May 05, 2022, at 10:00 Coordinated Universal Time. Reported Earnings • Feb 27
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: GH₵0.36 (up from GH₵0.34 in FY 2020). Revenue: GH₵663.3m (up 10% from FY 2020). Net income: GH₵222.9m (up 4.2% from FY 2020). Profit margin: 34% (down from 36% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.9%. Earnings per share (EPS) also missed analyst estimates by 3.7%. Over the next year, revenue is forecast to grow 32%, compared to a 20% growth forecast for the banks industry in Africa. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Buying Opportunity • Jan 15
Now 24% undervalued Over the last 90 days, the stock is up 7.9%. The fair value is estimated to be GH₵1.07, however is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% per annum over the last 3 years. Earnings per share has grown by 27% per annum over the last 3 years. Reported Earnings • Oct 29
Third quarter 2021 earnings released The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: GH₵191.7m (up 17% from 3Q 2020). Net income: GH₵65.2m (up 10% from 3Q 2020). Profit margin: 34% (down from 36% in 3Q 2020). The decrease in margin was driven by higher expenses. Price Target Changed • Jun 27
Price target decreased to GH₵1.34 Down from GH₵1.45, the current price target is an average from 2 analysts. New target price is 91% above last closing price of GH₵0.70. Stock is down 6.7% over the past year. Price Target Changed • May 15
Price target increased to GH₵1.49 Up from GH₵1.33, the current price target is an average from 2 analysts. New target price is 81% above last closing price of GH₵0.82. Stock is up 6.5% over the past year. Reported Earnings • May 02
First quarter 2021 earnings released The company reported a solid first quarter result with improved earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: GH₵151.3m (up 7.4% from 1Q 2020). Net income: GH₵53.5m (up 9.1% from 1Q 2020). Profit margin: 35% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 26
Upcoming dividend of GH₵0.10 per share Eligible shareholders must have bought the stock before 03 May 2021. Payment date: 09 June 2021. Trailing yield: 13%. Within top quartile of Ghanaian dividend payers (8.3%). Higher than average of industry peers (3.7%). Reported Earnings • Apr 08
Full year 2020 earnings released: EPS GH₵0.34 (vs GH₵0.28 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: GH₵601.8m (up 18% from FY 2019). Net income: GH₵213.8m (up 23% from FY 2019). Profit margin: 36% (up from 34% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Feb 13
New 90-day high: GH₵0.81 The company is up 16% from its price of GH₵0.70 on 13 November 2020. The Ghanaian market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is up 28% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is GH₵1.26 per share. Is New 90 Day High Low • Jan 28
New 90-day high: GH₵0.72 The company is up 3.0% from its price of GH₵0.70 on 27 October 2020. The Ghanaian market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is up 18% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is GH₵1.13 per share. Major Estimate Revision • Dec 01
Analysts update estimates The 2020 consensus earning per share (EPS) estimate increased from GH₵0.26 to GH₵0.29. No change was made to the revenue estimate which at the last update was GH₵620.3m. Net income is expected to grow by 14% next year compared to 5.6% growth forecast for the Banks industry in Africa. The consensus price target increased from GH₵1.25 to GH₵1.27. Share price is down by 1.4% to GH₵0.69 over the past week. Reported Earnings • Nov 01
Third quarter earnings released Over the last 12 months the company has reported total profits of GH₵178.8m, up 2.8% from the prior year. Total revenue was GH₵549.7m over the last 12 months, up 6.5% from the prior year. Announcement • Oct 11
Calbank plc Appoints Dr. Cynthia Ayodele Forson as an Independent, Non-Executive Director CalBank PLC announces the appointment of Dr. Cynthia Ayodele Forson as an independent, Non-Executive Director of the Company effective 16th September 2020.