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 […]
Results & Dividends
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 […]
UAC of Nigeria Q4 2019 and Q1 2020 Results Review: Downgrade to Neutral Despite Strong Upside
Culled—Proshare May 14, 2020 By FBNQuest Research Marked decreases to earnings forecasts and price target We downgrade our rating for UACN to Neutral and cut our price target by -27% to N10.0. Our earnings outlook over the near-to-medium term has deteriorated sharply given that the company’s PBT driving segments – […]
