March 6, 2019/InvestmentOne Report Event: NESTLE published Q4-18 and 2018FY results after close of market yesterday, with EPS decline of 7.9% y/y in Q4. The y/y EPS decline was weighed by significantly higher operating expenditure, higher effective tax rate, both of which offset the increase in gross margin and net […]
Results & Dividends
Dangote Cement Plc: Healthy Volume Growth to Underpin Decent Earnings
March 6, 2019/Cordros Report Update: We make slight adjustment to our 2019 estimates following the 2018FY results and call. Given the high-base of 2018FY, we now look for -36% EPS in 2019. Our theme for 2019 are (1) 17% group effective tax rate, (2) mid-single digit volume growth, and (3) […]
Dangote Cement Q4 2018 Result Highlight: The Cement Leader Continues its Dominance
March 4, 2019/InvestmentOne Report § Positive performance in Turnover: up 6.44% q/q, 6.89% y/y. § Rising gross margin performance: up 12bps q/q, 97bps y/y. § Increasing Opex/Sales ratio: up 122bps q/q, 439bps y/y. § Declining PBT: down 14.47% q/q, 23.81% y/y. Dangote Cement published its Q4 2018 results last week […]
