Culled—Proshare March 8, 2018/FBNQuest Research Underperform rating maintained Nestle Nigeria’s (Nestle) Q4 sales were the weakest in 2017 and showed a q/q decline for the first time in a decade. Compared with our forecast, sales missed by 11%. We believe that topline growth was driven primarily by unit volume growth […]
Results & Dividends
Nestle Nigeria Plc: Slight upward revision to 2018-2019E earnings; SELL rating maintained
March 7, 2018/Cordros Capital At our revised TP of NGN851.92 (previously NGN843.54), we maintain SELL rating on NESTLE’s stock at the current market price of NGN1,380. The q/q sales revenue contraction reported in the seasonally-supportive Q4 is a volume pressure worthy of note. Besides, gross margin (-219 bps y/y and […]
Nestle Nigeria Plc – Mixed Performance in Q4, But Outlook Still Intact
Culled—Proshare March 6, 2018/Vetiva Research Q4’17 revenue prints below estimate, down 7% q/q FY’17 top and bottom line up 34% and 326% y/y respectively Final DPS of ₦27.50 declared (Total: ₦42.50, Vetiva: ₦35.00) Fourth quarter berths with surprises…. Nestle Nigeria Plc released its FY’17 financial results showing a 34% y/y […]
