October 24, 2017/FBNQuest Research 6% cut to our EPS forecast and price target Dangote Cement’s (DangCem) Q3 2017 PBT missed our forecast by around 28%, due to negative surprises in gross margin and opex. To a lesser extent, a slight 2% underperformance relative to our sales forecast, resulting from weaker […]
Results & Dividends
UBA: Earnings to Outperform in FY-2017 Despite Downward Revision to Estimates
October 24, 2017/Cordros Research In its recently released Q3-17 results, UBA recorded decline in gross earnings (8.46% q/q), driven largely by 38.60% q/q decline in NIR (+26.55% y/y), which muted the growth in interest income (6.33% q/q and 10.01% y/y). However, over 9M-17, gross earnings grew by 25.75% (against our […]
Seplat Q3 2017 Results: Net Finance Costs Up 10% YoY To $20m
Culled—Proshare October 23, 2017/FBNQuest Research Implications: Neutral to slightly positive reaction from the market likely Positives: Sales of US$147m up 146% y/y and 74% q/q, boosted by a significant (+292% y/y) rise in oil sales Negatives: Net finance costs up 10% y/y to US$20m This morning, Seplat Petroleum Development Company (Seplat) […]
