Culled—Proshare May 7, 2020 by FBNQuest Research Mild changes to earnings outlook over the 2020-21E period We have made slight downward adjustments to our EPS forecast over the 2020-21 period. Although Okomu Oil (Okomu) has started the year strongly, with earnings of N2.0bn, up +101% y/y, we forecast a milder […]

Culled—Proshare May 6, 2020 by FBNQuest Research -22% cut to average EPS estimates over the 2020-22E period We have cut our target price for Nigerian Breweries (NB) by -30% to N40.5 on the back of a 150bp increase in our equity risk premium assumption to 7.5% and downward adjustments to […]

Culled—Proshare May 6, 2020 by FBNQuest Research   7% reduction to our price target FCMB Group’s (FCMB) Q1 2020 results came in ahead of our forecasts across all major headline items. The bank’s PBT beat our forecast by c.30% because of positive surprises on both revenue lines. However, we have […]