Dear Speculators, Access b ank has been my favourite stock since 2016, not because it's the best bank in Nigeria but because of how low the market undervalued the company. I've been talking about it for a year, now I'm writing about it. When big macro events like the '16 recession starts to cloud people's judgement, that's the best time to be a bargain hunter in the stock market. With about 3.5 trillion in assets and just over 3 trillion in total liabilities, Access bank is one of the largest banks in Nigeria. Book value of the company exceeds N467 billion while its current market value as at 2nd June, 2017 was N258 billion. Thus, the company is selling at a discount to book value of almost 45 percent! With pretax earnings doubling in just three years between 2013 and 2016 from 45 billion to 90 billion while earnings per share increased from 114k to 221k, it is mind boggling to imagine why the company is still trading at a price-earnings rati