In a recently released report, FFA Private Bank initiated coverage on Bank Audi with a hold recommendation and a fair value estimate of $73.9 per share, implying a price-to-book ratio (P/B) 2009 of 1.39 and a price-to-earnings ratio (P/E) 2009 of 9.83. The report pinpoints that Bank Audi has pursued an ambitious expansion strategy based on significant organic growth coupled with a series of mergers and acquisitions in light of the wave of consolidation witnessed by the Lebanese banking sector from the mid-1990s onwards. Thus, Bank Audi has rapidly grown to become the largest bank in terms of deposits, assets, loans and shareholders’ equity in Lebanon, where it operates the widest branch-network throughout the country. Expansion On the international front, Bank Audi, in the late 1970s, expanded its activities to Europe by establishing entities in Switzerland and France. In more recent years, Bank Audi has started building a strong regional
