October 29, 2018/Cordros Report Update: Following the 9M-18 result published last week, we have cut our estimates for UNILEVER’s 2019-2020E EPS by 3% and revise TP lower to NGN39.14/s (previously NGN40.94/s). Stripping out the one-off gain of NGN2.24 billion from the disposal of the Spreads business, we estimate that Q3-18 […]

October 29, 2018/InvestmentOne report  ·         Lower topline performance: down 25.1% q/q, 6.1% y/y. ·         Contracted gross profit margin: down 236bps q/q, 226bps y/yy ·         Mixed opex/sales ratio: down 95bps q/q, up 80bps y/y.. ·         Mixed PBT margin performance: down 110bps q/q, up 424bps y/y.  Guinness Nigeria Plc (GN), last week, […]

October 29, 2018/Cowry Asset It is no longer news that foreign portfolio investors (FPIs) are leaving our shores to pitch their tents with developed markets, especially the United States, given that investors’ return on money loaned to advanced economies has become increasingly attractive. Just in September 2018, the U.S Fed […]