November 6, 2017/Cordros Research In its recently released Q3-17 results, GUARANTY’s gross earnings declined by 19.85%y/y and 12.03% q/q (missed our estimate by 24.27%), with PBT (-1.06% y/y and -3.51% q/q) and PAT (-1.34% y/y and -72 bps q/q) consequently coming in lower (missed our estimates by 11.20% and 3.88% […]
Results & Dividends
Flour Mills of Nigeria Results Review: Earnings Continue to Surprise Positively
Culled—Proshare November 3, 2017/FBNQuest Research 10%+ increase to our 2018-20E EPS forecasts and price target Flour Mills of Nigeria’s (FMN) Q2 2018 (end-Sep) results surprised positively, making it the fourth consecutive quarter of positive earnings surprises. In terms of topline growth, management disclosed that sales growth of 10% y/y was […]
Lafarge Cut to Estimates After Loss in Q3-17
November 3, 2017/Cordros Research We revise forecasts for LAFARGE following 9M-2017 results, and adjust our TP for the stock for the Rights Issue (RI). We cut net profit forecasts by 85% for 2017F and by 3% average for 2018-2019F, increase shares outstanding (NOSH) by 57% to 8.6 billion, […]
