Culled–Proshare November 27, 2017/Vetiva Research ·         PAT declines 58% y/y – 19% below our estimate ·         Lower FX income offsets benefit of moderating loan loss provision ·         Funding cost bites further – Interest Expense up 16% y/y  Earnings miss estimates despite q/q growth FCMB released its 9M’17 result, reporting weaker […]

Culled—Proshare November 24, 2017/FBNQuest Research  Increase to earnings estimates Unilever Nigeria successfully raised N58.9bn via a rights issue in September, adding 1.96bn shares to the existing 3.78bn shares. Management disclosed that the funds will be used to repay intercompany loans, support working capital and for capacity expansion. Between 2014 and […]

November 18, 2017/Cordros Report Despite cuts to sales estimates, we raise DANGSUGAR’s 2017F EBITDA and net profit by 50% each, and for 2018-2019F by 55% and 56% respectively. The upward revision follows better margin outlook on declining per tonne production cost (see below), which we expect will offset price cuts. […]