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 […]

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 […]

November 9, 2017/Cordros Research We revise forecasts for CCNN following impressive 9M-17 results, and roll forward estimates and valuation to 2018. On net, we raise our TP for the stock by 28% to NGN9.52/share and upgrade rating to HOLD. The revision to our estimates was driven by improved EBITDA and […]