March 18, 2022/Cordros Report Nigerian Breweries Plc (NB) delivered impressive earnings in its 2021FY results, reporting EPS of NGN1.58 (+72.0% y/y). The achieved EPS is 11.6% above our 2021FY estimate of NGN1.42, owing to the strong topline growth (+29.7% y/y) and positive surprise in Other income (+458.7% y/y). The board […]

March 17, 2022/Cordros Report 2021FY results reiterate our positive view of NESTLE as the company’s earnings remained strong despite the effects of the increasingly competitive landscape and existential macro challenges on its operations. We remain optimistic about NESTLE’s medium-term growth prospects. In 2022FY, we believe NESTLE’s brand equity and product […]

March 16, 2022/Proshare by FBNQuest Research 26% cut to earnings over ’22-23f period We believe DSR’s fundamentals will be under pressure this year despite the company publishing better-than-expected Q4’21 results. We expect (1) higher raw sugar (a key raw material) costs in FY ’22 brought on by supply shortages in […]