May 6, 2019/InvestmentOne report  ·         Higher topline growth: up 12.40% q/q; 5.19% y/y. ·         Improved gross profit margin: up 36bps q/q; 616bps y/y. ·         Mixed opex to sales ratio: down 867bps q/q, up 79bps y/y. ·         Higher PBT margin: up 847bps q/q; 672bps y/y. Nestle Nigeria Plc released its Q1 2019 […]

Culled—Proshare 3/5/2019/FBNQuest Research  Material cuts to 2019-21E EPS forecasts Unilever Nigeria’s (Unilever) Q1 2019 results were disappointing. PBT was down -45% y/y and missed our forecast by -51%. As such, we have made marked cuts to our 2019-21E earnings forecasts. Unilever’s results were primarily driven by weaker sales in its […]

Culled—Proshare 3/5/2019/Vetiva Research  Gross Earnings up 1% y/y – 3% below our estimate Interest Income up 5% y/y despite shrinking loan book Loan loss write-back boosts PBT, albeit 12% lower y/y TP revised to ₦47.21(Previous: ₦49.31) HOLD Gross earnings dragged by contraction in loan book STANBIC released its Q1’19 results, […]