Culled—-Proshare November 3, 2020 by FBNQuest Research Moderate increases to 2021-23E earnings Guinness Nigeria’s (Guinness) Q1 2021 results (end-Sep) suggest that volumes grew by double digits y/y and topline recovered quickly from the lockdown (3.6x q/q) in Q4 despite the 14% increase in excise taxes on spirits (c.18% of sales). […]

November 3, 2020/Cowry Asset Report With this publication, we have initiated coverage on Fidelity Bank plc to review its past performance and to give guidance on the future of the company. Fidelity Bank Plc boosted its profitability in H1 2020 on the back of lower cost of funds, gains from […]

Culled—-Proshare November 2, 2020 by FBNQuest Research Negligible changes to our 2020-21E EPS forecasts We are encouraged to see that MTN Nigeria’s (MTNN) Q3 2020 results are pointing in the right direction despite cost pressures arising from fx-linked costs (mainly lease rentals) and the 2.5% increase in VAT. After slowing […]