December 8, 2025/PepsiCo Highlights suite of innovation, productivity and affordability initiatives at PepsiCo Foods North America to accelerate growth and improve core1 operating margin performance Expects organic revenue, core constant currency and core earnings per share (EPS) growth to accelerate in fiscal 2026 with strong core operating margin expansion Prioritizes disciplined […]
Results & Dividends
Zenith Bank Plc 9M-25 Update: Front-Loaded Provisioning Sets Stage for Profit Upturn
November 21, 2025/Cordros Report In this note, we lower our year-end target price for ZENITHBANK to NGN72.01/s from NGN73.83/s, reflecting a downward revision to earnings forecasts driven by weaker loan growth expectations and a deeper contraction in non-interest income. Our revised 2025E EPS is now NGN24.40 (-25.8% y/y), compared to […]
United Bank for Africa Plc 9M-25 Update: TP Pares, Yet Valuation Remains Attractive
November 21, 2025/Cordros Report We have updated our assumptions for UBA, reducing our year-end TP to NGN49.15/s (previous: NGN58.28/s) and maintaining our “BUY” rating on the stock. The decline in our TP stemmed from (1) the reduction in our 2025E gross DPS to NGN3.75/s (previous: NGN5.10/s), and the lowering of […]
