April 14, 2021/Proshare by FBNQuest Research Slight increase to our EPS forecasts over the ’21-22f period We have raised our ’21-22f EPS forecasts by 4.4% due to UACN‘s impressive FY ’20 results. We have equally increased our price target by 6% to NGN12.6 from NGN11.9 and maintained our Outperform rating. […]
Results & Dividends
GTBank Q4 20 Results Review: Conservative FY ’21f PBT Guidance
April 14, 2021/Proshare by FBNQuest Research Price target unchanged due to 100bp upward revision to risk-free rate GTBank management has guided to a FY ’21 PBT of NGN243bn (+2% y/y). Excluding last year when PBT was broadly in line with guidance, the bank’s earnings have exceeded guidance by at least […]
BUA Cement Plc FY-2020 Audited Financial Result: Overstretched valuation eclipses growth potential
April 13, 2021/United Capital Report Recently, BUA Cement Plc (“BUACEMENT”) filed its audited FY-2020 results. Despite substantial cost pressures, the cement maker saw a 19.1% and 19.4% y/y increase in PBT and PAT, respectively, to N78.9bn and N72.3bn. This was primarily driven by volume growth (+13.3% y/y), which supported topline […]
