April 23, 2018/Cordros Capital Update: Earlier today, LAFARGE published Q1-18 result, showing 0.8% y/y decline in revenue and loss after tax of NGN2 billion. The published revenue and net loss were improvements over Q4-17 (+6.8% q/q and -94% q/q). Volume lower y/y; but higher on q/q basis: It is our […]

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 […]