April 5, 2019/Cordros Report Update: We update on OKOMUOIL following the 2018FY results and our recent discussion with management. After the unimpressive performance in 2018FY, we forecast EPS to grow by 2.3% in 2019 and 24.6% average over 2020-2021E, with a TP of NGN93.62/s (previously NGN91.57/s). Our revised estimate is […]
Results & Dividends
Oando’s Plan to Deleverage and Remain Profitable
April 3, 2019/Reuters LAGOS (Reuters) – Nigerian oil company Oando aims to raise fresh capital over the next two years and repay debt used to acquire Conoco Phillips’ Nigerian assets, its chief executive Adewale Tinubu told Reuters. Oando has transformed itself in the past few years from a fuel retailer […]
Forte Oil Plc: PBT Constrained Despite Fuel Availability
April 3, 2019/InvestmentOne Report · Improved Topline Performance of N39.89 billion, up 20.9% q/q; 120.0% y/y. · Declining gross profit margin of 7.2%, down 122bps q/q; 744bps y/y. · Mixed Opex/sales ratio of 6.9%,up 92bps; down 179bps y/y. · Profit before tax of 382.6 million, from a loss of N14.9 […]
