May 21, 2021/Proshare by FBNQuest Research Downgrading to Neutral from Outperform Lafarge’s Q1 ’21 earnings grew 13% y/y to NGN71.5bn, supported by a 12% y/y rise in prices. Cement volumes were flattish y/y at 1.44 million metric tonnes (mmt) during the quarter as production capacity was limited by the scheduled […]
Results & Dividends
Guinness Nigeria Portfolio Resilience in Q3 2021 Results Spurred by Resurgent Demand
May 18, 2021/Proshare by FBNQuest Research Broad-based increase to our 21-23f EPS forecasts; dividend payments likely to resume We have raised our price target on Guinness Nigeria (Guinness) to NGN28.6 and upgraded our rating to Neutral from Underperform. These adjustments follow an impressive set of results in Q3 ’21 (end […]
Okomu Oil Q4’20 and Q1’21 Results Review: Commodity Price Boom Providing Support for 2021
May 17, 2021/Proshare by FBNQuest Research Neutral rating maintained despite improvement in EPS outlook over the ’21-22f period Okomu’s earnings in Q1 ’21 were up 160% y/y to NGN5.3bn. Profitability was helped by both strong palm oil sales growth of 78% y/y to NGN11.bn and rubber sales (up +94% […]
