September 23, 2021/Proshare by FBNQuest Research Material upward revision to our price target following rollover to FY ’22f Fidelity’s H1 ’21 PAT of NGN19.3bn is tracking ahead of management’s implied H1 guidance of NGN15-16bn, and implies an annualised ROAE (pre-OCI) of 14.2% vs. guidance of 12.2%. Q2 ’21 pre-provision profit missed […]
Results & Dividends
Guinness Nigeria Q4 2021 Review: Spirits to Anchor EPS Performance in FY 2022
September 17, 2021/Proshare by FBNQuest Research 22% increase to our EPS forecasts over the 22-23f period Guinness surprised negatively in Q4 ’21 (end-June). Against our expectation, the bottom-line came in at a loss of -NGN583m vs. our NGN644m estimate. Nonetheless, sales of NGN45.5bn beat our forecast by a significant 33.5%, […]
BUA Cement PLC Earnings Update H1-2021: Energy Mix Optimisation to Drive Margin Growth
September 17, 2021/United Capital Research Please click here to download the full report BUA Cement Plc (“BUACEMENT” or “The Group”) recently reported its financials for H1-2021 which showed a 26.9% y/y and 24.6% y/y growth in PBT and PAT to N49.7bn and N43.4bn, respectively. This was largely supported by strong […]
