SAN­LAM

Finweek English Edition - - INVESTMENT -

HOLD FNB Se­cu­ri­ties says that the JSE-listed in­sur­ance group is trad­ing at “fair value” at the mo­ment fol­low­ing the re­lease of a trad­ing up­date for the half-year ended 30 June 2013. Nor­malised head­line earn­ings per share in­creased 35% year on year to 169.1c/share, which was ahead of ex­pec­ta­tions for the group. FNB ad­vised clients: “San­lam is con­sid­ered as of­fer­ing fair value on a pre­mium to EV [en­ter­prise value] of around 25%.”

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