First Citizens
In 2013, First Citizens launched an Initial Public Offering (IPO) of 48 million shares that raised $1.1 billion at $22 per share. The issue was heavily oversubscribed with $3.3 billion chasing the shares offered. The stocks more than doubled sometime after being listed on Trinidad and Tobago Stock Exchange in that year.
As was the case with the 2013 IPO, the proceeds of the latest issue will go to the government of Trinidad and Tobago. The First Citizens Group is one of the leading financial services group in Trinidad and Tobago, offering a full range of retail, corporate and merchant banking services as well as asset management, trustee and brokerage services. The Group is headquartered in Trinidad and Tobago.
First Citizens reported profit after taxation of TT$185 million for the December 2016 quarter, compared to TT$180 million in 2015 and TT$637 million for fiscal 2016 with earnings per share of $2.52 for 2016. Profit for the December quarter before tax ended at $247.6 million, a growth 12.5 percent, compared to the corresponding period in 2015. The selling price comes out at 13 times earnings. The price is not as attractive as when it first went public with a PE 9 times earnings in 2013, worse earnings per share has not grown since then either. The stock last traded on the Trinidad & Tobago Stock exchange at $32 each on Friday.
