E3 Financials reviews its four GSE holdings against published targets. GCB's 9.5% August pullback reopens 17.9% upside; MTN Ghana leads on total return.

MTN Group is exploring banking licenses in selected African markets. With GH¢38.4bn in wallet float, a licensed MTN Ghana would rank second only to GCB by deposits.

E3 Financials initiates coverage on Ecobank Ghana (GSE: EGH) with a BUY and a GHS 42.00 target. Exceptional capital and high ROE against an NPL ratio that moved the wrong way in Q1 2026.

E3 Financials initiates coverage on MTN Ghana (GSE: MTNGH) with a BUY and a GHS 8.75 target. Ten years of exceptional compounding against a target that requires 2.3 turns of multiple expansion.

Ecobank just posted record profit of $594 million and paid its first dividend since 2022. But at 9.7x earnings on the GSE, the stock has already priced in the turnaround. We rate ETI HOLD.

E3 Financials initiates coverage on ETI (GSE) with a HOLD and a GHS 1.70 target. FY2025 marked a genuine operational inflection; the objection is the price of this particular listing, not the franchise.

Ghana's largest indigenous bank has fully emerged from DDEP impairments and now trades at just 4.6× earnings with record profitability. We initiate with a BUY.

Ghana's largest indigenous bank just posted GHS 2.06 billion in profit — and the market is still pricing it like a recovery story.

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