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 […]

Culled—-Proshare April 25, 2018/ARM Research Unilever Nigeria Plc (Unilever) began the 2018 financial year positive reporting impressive EPS of N0.50 (+19.1% YoY) which was largely in line with our expectation (ARM forecast: N0.49). Broadly, earnings growth reflected volume-led revenue growth (+16.4% YoY to N25.8 billion) and lower operating expenses to […]