April 23, 2018/Cordros Capital Update: Last week, UNILEVER published Q1-18 result showing net profit grew by 81% y/y, 2% ahead of our estimate (and 21% ahead of consensus). Revenue came in better-than-expected, operating expense was well-contained, and finance cost (though higher than we expected) was significantly lower, courtesy of the […]

Culled—Proshare April 20, 2018/FBNQuest Research  Price target up 9% to N290.0  Total Nigeria (Total) Q4 2017 earnings of N2.1bn declined by -35% y/y. The decline was unsurprising given the strength of the 2016 results, which were skewed by favourable government policies due to fx supply constraints.  Notwithstanding, Q4 earnings beat […]

April 19, 2018/InvestmentOne Report NIGERIA | EQUITIES | BANKING | ZENITH BANK PLC Impressive net interest income of N95.9billion, up 69.7% q/q; 35.8% y/y Profit before tax of N54.0billion, up 6.1% q/q; 22.2% y/y Mixed profit after tax of N47.1billion, down 3.3% q/q; up 25.5% y/y Zenith bank released its […]