Culled—Proshare November 10, 2017/ FBNQuest Research Modest downward revisions to our estimates and price target Okomu Oil’s (Okomu) Q3 2017 results surprised negatively – sales and PBT missed our estimates by 18% and 30% respectively. As such, we have reduced our earnings estimates over the 2017-18E period by 7% on average […]
Results & Dividends
Nigerian Breweries Plc: Cut to Estimates; SELL Rating Maintained
November 10, 2017/Cordros Research We cut NB’s 2017F EBITDA and net profit forecasts by 14% and 23% respectively, on downwardly revised revenue growth and gross margin estimates, following the surprise miss in Q3. We also cut forecasts for 2018-2019 by 8% and 13% average respectively, specifically on the cut to […]
Guinness Nigeria: Rating Downgrade on Downward Revision to Estimates
November 10, 2017/Cordros Research Despite higher y/y EBITDA and net profit in Q1-18, we revise 2018 forecasts for GUINNESS lower by 15% and 26% respectively, on negative surprises on gross margin and finance cost lines, which more than offset better-than-expected revenue. The realized net profit in Q1 was below consensus […]
