Analyst Coverage

The recommendations published here are based on profit forecasts by independent analysts who evaluate the ADC African Development Corporation.  As regards the development of the ADC, the forecasts, estimates and predictions made merely represent the opinions of these analysts; they neither represent the assessment by ADC or its management nor should they be viewed in the context of such assessments.


The publication of these figures does not mean that ADC supports or agrees to such information, conclusions or recommendations. ADC therefore assumes no responsibility whatsoever for the accuracy of these statements and does not undertake to update or revise any estimates made.


Date Analyst Title Target price Recommendation
30.06.2014 First Berlin Equity Research The Atlas Mara Offer 10.50 ADD
17.01.2014 First Berlin Equity Research Expecting a stronger Q4 result 11.50 ADD
18.09.2013 First Berlin Equity Research Weak Q2 results, but positive fundamentals remain intact 11.50 BUY
19.07.2013 First Berlin Equity Research New Look - ADC offers high growth at low multiples 12.60 BUY
21.12.2012 DZ Bank Profiting from the growth of the Sub-Saharan Banking sector 11.80 BUY
26.09.2012 Silvia Quandt Research GmbH ADC is transforming from an asset holder into a banking group N/A N/A
22.06.2012 Standard Bank Equity Research - African Development Corporation N/A N/A
20.03.2012 African Alliance Play on Sub-Sahara Africas financial services sector 11.86 BUY
07.03.2012 DZ BANK ADC - Results in line with our forecast; price target and recommendation unchanged 16.20 BUY
27.01.2012 DZ BANK DZ BANK - ADC - strong finish to 2011; positive outlook 16.20 BUY
24.11.2011 DZ Bank DZ BANK - ADC - Another strong quarter 18.20 BUY
16.08.2011 DZ Bank ADC Rapid growth and low valuation 18.20 BUY
21.06.2011 Silvia Quandt Research After Q1 loss brighter future ahead. Investing according to forecast. 15.00 BUY
01.06.2011 DZ Bank Results set to improve markedly in coming quarters 18.20 BUY
07.04.2011 DZ Bank 2010 Results/Raising price target on strong performance at BANGE 18.20 BUY
23.03.2011 DZ Bank ADC ADC acquires a 20% stake in BancABC 16.10 BUY
21.03.2011 Silvia Quandt Research Acquisitions in line with pipeline, but executed faster 14.80 BUY
08.03.2011 DZ Bank ADC The Final Frontier 16.10 BUY
11.11.2010 Silvia Quandt Research ADC African Jewel 16.00 BUY
Topics: Analysts, Analyst Recommendations