March 18, 2024/Cordros Report In this note, we update our views on MTNN for 2024E following the publication of its 2023FY financials. As we noted in our last update (see our MTNN 9M-23 Earnings Update here), the steep foreign exchange devaluation in 2023 ensured a decline in MTNN’s EBITDA margin […]

March 15, 2024/Cordros Report In this report, we review our estimates and update our views on Guinness Nigeria Plc (GUINNESS) for 2024E, following the release of its Q2-24 earnings. The challenging economic environment, naira devaluation and FX paucity affected the brewer’s performance in Q2-24, as the brewer reported a loss […]

March 14, 2024/Cordros Report We update our views on Nigerian Breweries Plc (NB) following the release of its 2023FY results. The brewer’s performance in the period was impacted by weakened consumer spending, rising inflation and naira devaluation, leading to pressure on margins and profitability. Looking forward, we expect higher prices […]