February 23, 2021/Cordros Report ZENITHBANK released audited 2020FY numbers this afternoon, which showed that the bank recorded strong earnings growth over the prior year. This performance belies the challenging operating environment brought on by the pandemic, as the bank recorded strong growth in profitability. On the EPS of NGN7.34 (+10.4% […]
Results & Dividends
Flour Mills of Nigeria 9M-2020/21 Unaudited Financial Result: A new growth phase; deserves a price re-rate
February 22, 2021/United Capital Report A new growth phase; deserves a price re-rate In its recently released 9M-2020/21 numbers, Flour Mills of Nigeria (FLOURMIL) reported a solid 31.1% y/y growth in Revenue to N555.3bn from N423.5bn. Q3-2020/21 numbers was also decent as Revenue grew 31.1% y/y to N200.1bn. Furthermore, slower […]
Nigerian Breweries Plc 2020FY Update: Valuation Unjustifiably Rich Despite Resilient Operating Performance
February 22, 2021/Cordros Report Nigerian Breweries (NB) released its Q4-20 results with a reported EPS of NGN0.05 (-88.8% y/y), bringing the 2020FY EPS to NGN0.92 (-54.3%). The achieved EPS is a material miss per consensus 2020E EPS estimate of NGN1.69 and Cordros estimate of NGN1.31; the miss is attributable to […]
