FBN Holdings (FBNH) shares are up 56.7% over the last month. Yet, there is remarkably little commentary in the press as to what is going on. At the same time, Airtel Africa (AIRTELAFRI) has announced that its subsidiary Airtel Networks Limited (Airtel Nigeria) is tendering to buy out minority shareholders. FBNH's 2020 Annual Report records a stake in Airtel Nigeria. There appears to be a scramble to buy shares: perhaps as a prelude to influence the bank's board; perhaps as a tactic to participate in Airtel Nigeria's value. We regard the recent share price gain as a windfall rather than a change in the stock's fundamental value. Accordingly, we maintain our target price of N7.80/s and change our recommendation from HOLD to SELL.

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