Culled—Proshare May 19, 2020 By FBNQuest Research -34% cut to our 2020-22E EPS estimates Total Nigeria (Total) reported a Q1 2020 loss after tax of -N163m compared with our N517m forecast. Although an anticipated reduction in net finance charges (down -40% y/y) materialised, the federal government’s preventive actions against the […]
Results & Dividends
International Breweries Q1 2020 Results Reflects Ease in Borrowing Cost Pressure
Culled—Proshare May 19, 2020 By FBNQuest Research Increases to earnings forecasts and target price International Breweries’ (IB) N165bn rights issue undertaken last year had a more positive impact on earnings than we had anticipated. Results were largely supported by a significant drop in borrowing costs thanks to a deleveraged balance […]
UAC of Nigeria Plc – Tactical Play Possible Despite New Fundamental Worries
Culled—Proshare May 19, 2020 By CardinalStone Research Earnings could materially deteriorate on naira weakness Deterioration across key macro indices is likely to affect consumption dynamics in Nigeria and cascade to an 11.2% YoY decline in revenue from continuing operations to N70.3 billion1 for UACN in 2020. The cost implication of […]
