November 2, 2017/Cordros Research Following Q3-17 results, we revise both DANGCEM’s 2017 and 2018-2019 EPS slightly downward by 1% and 0.5% respectively relative to previous estimates. While we look for continued strong margins on stable Nigerian prices and energy efficiency (including the eventual resolution of power challenges in Tanzania), we […]
Results & Dividends
NTB Auction Teaser October 31, 2017
October 31, 2017/Cordros Research Treasury bills worth N100.84 billion will mature on Thursday, 2nd October, 2017 – comprising N23.06 billion, N23.43 billion, and N54.35 billion of the 91-day, 182-day, and 364-day bills, respectively. In customary fashion, the CBN will offer the same amount at the primary auction which will hold […]
FLOURMILLS Q2-17/18 PAT; FX Gains Spur Earnings
October 31, 2017/Cordros Research FLOURMILL just published Q2-17/18 and H1-17/18 results showing high double-digit growth in post-tax profit. The primary driver of the profit growth (as was the case in Q1) is a net operating gain of N1.92 billion, against a loss reported in Q2-16. That aside, gross profit was […]
