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Investment 3,130,451 Adjusted Median of 3,286,974 2,973,929 3,246,824 3,014,079 The higher
in Unified fair value Enterprise the illiquid-
Payment comparison value to ity ratio
System approach EBITDA and the
ratio (EV/ earnings
EBITDA) per share
of similar haircut
comparable adjustment
companies the higher
the fair
value
Investment 1,343,868 Adjusted Median of 1,411,061 1,276,675 1,408,673 1,279,062 The higher
in CSCS fair value Enterprise the illiquid-
comparison value to ity ratio
approach EBITDA and the
ratio (EV/ earnings
EBITDA) per share
of similar haircut
comparable adjustment
companies the higher
the fair
value
Investment 3,396,757 Adjusted Weighted 3,566,595 3,226,919 3,566,595 3,226,919 The higher
in NIBSS fair value Price to the illiquid-
comparison earnings ity ratio
approach (P/E) ratio and the
of similar earnings
comparable per share
companies haircut
adjustment
the higher
the fair
value
Investment 14,984 Adjusted Aver- 15,733 14,235 15,733 14,235 The higher
in Afrexim fair value age P/B the illiquid-
comparison multiples of ity ratio
approach comparable and the
companies earnings
per share
haircut
adjustment
the higher
the fair
value
Investment 130,610 Adjusted Aver- 137,141 124,080 137,141 124,080 The higher
in FMDQ fair value age P/B the illiquid-
comparison multiples of ity ratio
approach comparable and the
companies earnings
per share
haircut
adjustment
the higher
the fair
value
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Annual Report & Accounts 2017