Culled—Proshare April 24, 2018/FBNQuest Research Limited changes to earnings forecast and valuation Following Stanbic IBTC Holdings’ (Stanbic) Q1 2018 results, we have made modest changes to our forecasts going forward. Although the bank’s PBT beat our forecast by 33%, we have not carried forward the full extent of this positive […]
Results & Dividends
GTBank Q1 2018 Results Review – On Track to Meet 2018E PBT Growth Guidance
Culled—Proshare April 24, 2018/FBNQuest Research 10% inc. to our price target driven by 100bp cut to risk free rate GT Bank’s (GTB) Q1 2018 PBT came in only slightly ahead of our forecast. Consequently, we have raised our 2018-19E forecasts by just a touch (c.1.2%). However, our new price target […]
Nigerian Breweries: Q1-18: Revenue decline and higher finance charges outweigh improvement in gross profit margin
April 24, 2018/Cordros Report Update: NB published its Q1-2018 result yesterday, showing revenue contracted at single-digit and finance charge increased at high double-digit y/y. Both outweighed the improvement in gross profit margin and the decline in opex, resulting in PBT and PAT coming short by 13% and 11% y/y respectively. […]
