Culled—Proshare April 29, 2019 by FBNQuest Research Modest revisions to our 2019-20E earnings forecasts2% avg Although Zenith Bank’s (Zenith) Q1 2019 PBT came in well ahead of our estimates, PAT was broadly in line, due to a negative result of –N6.6bn in other comprehensive income. Consequently, we have made modest […]
Results & Dividends
Dangote Cement: Intense Competitive Environment Dragged EPS
April 29, 2019/Cordros Report Event: Late on Friday, DANGCEM published Q1 19 results, reporting a steep decline in EPS of 15.7% y/y to NGN3.54 (Cordros estimate: NGN4.14) and EBITDA contraction of 5.5 pps y/y to 46.5%. The deviation between our estimate and the reported EPS stemmed largely from the combination […]
Okomu Oil Palm Plc: Double Whammy of Volume and Price Weaknesses Underpinned EPS Contraction
April 26, 2019/Cordros Report Event: OKOMUOIL recently published Q1-19 results, showing significant contractions across key lines – revenue (-42.5% y/y), PBT (-68% y/y), and PAT (-71% y/y). Similarly, relative to the previous quarter, PAT declined by 20%, driven by a blend of higher finance charges, together with a three-fold jump in […]
