May 11, 2021/InvestmentOne Report · Improved topline performance: up 17.4% q/q, 24.1% y/y. · Mixed gross profit margin performance: up 60bps q/q; down 520bps y/y. · Improving Opex to sales ratio to 16.5%: down 360bps q/q; 350bps y/y. · Mixed PBT margin: up 650 bps q/q; down 300bps y/y. […]
Results & Dividends
MTN Nigeria Q1 2021 Results Review: Positive Earnings Outlook Post Solid Q1 Results
May 11, 2021/Proshare by FBNQuest Research 3% increase to our price target We maintain our Outperform recommendation on MTN Nigeria (MTNN) and increase our price target by 2.6% to NGN221.2 following its impressive Q1 ’21 results. The results continue to reflect improving trends in the operating environment and increased consumer […]
Nigerian Breweries Q1 2021 Results Review: Favourable Volume-Price Mix to Power Earnings Growth
May 10, 2021/Proshare by FBNQuest Research Further price increases expected over the ’21f period We have upgraded our NB forecasts due to its better-than-expected results in Q1 ’21 and our confidence that it will maintain the impressive momentum over the coming quarters. As a result, we have increased our EPS […]
