October 30, 2018/Cordros Update      Event: NESTLE published 9M-2018 results yesterday with EPS growth of 81% y/y in Q3. The y/y EPS growth was underpinned by volume-led revenue growth, stronger gross margin, and significantly lower net finance charges, all of which offset high-double digit increase in operating expenses. On […]

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, […]