April 25, 2018/Cordros Capital FBN Holdings Plc released its FY-17 financial result yesterday, showing Gross earnings (+2.27%) grew during the period to NGN595.02 billion, coming only 1.45% above our estimate. PBT and PAT recorded upturns of 147.63% and 178.78% to NGN56.83 billion and NGN47.79 billion respectively, falling short of our […]

Culled—Proshare April 25, 2018/FBNQuest Research  Limited changes to earnings forecast  Unilever Nigeria’s (Unilever) Q1 2018 results were broadly in line with our estimates. As such, we have made limited changes to our earnings forecasts over the 2018-19E period. Nevertheless, we have increased our price target by 8% to N43.1. This […]

Culled-Proshare April 25, 2018/FBNQuest Research 15% upgrade to our price target due to 100bp cut in risk free rate UBA’s Q1 2018 PAT beat our forecast by a significant margin. However, the surprise was driven by other comprehensive income (OCI) of N11.2bn. Further up the P&L, PBT was slightly behind […]