May 2, 2018/Cordros Report Update: NESTLE recently published Q1-18 result showing EPS grew by a marginal 3% y/y to NGN10.86, which is behind what the market expects for the period by 15%. Compared to our estimate, the achieved EBIT was short by 1% while EPS missed by 25%, owing to […]
Results & Dividends
FBNH – Unconvincing Start To The Year As Earnings Miss Estimates; TP Revised to N12.82 (N15.88)
Culled—Proshare May 1, 2018/Vetiva Research Highlights of Vetiva Analyst Report • Earnings lag estimates – PAT down 9% y/y • Higher than expected loan loss provisioning drags bottom line • Lower than expected one-time charge from IFRS 9 implementation • Loan loss provision revised higher to reflect Q1’18 run rate Earnings Lag Estimates – […]
FIDELITYBK Reports Q1 2018 Results – Downward Revisions to Consensus 2018E PBT Forecast Expected
Culled—Proshare May 1, 2018/FBNQuest Research Event: Fidelity Bank reports Q1 2018 results Implications: Downward revisions to consensus 2018E PBT forecast expected Positives: PAT up 28% y/y driven by a lower effective tax rate of 7.1% (vs. 11.0% in Q1 2017). Negatives: Pre-provision profits declined by 21% q/q due to q/q […]
