August 22, 2017/Cordros Research Click here to download full PDF Report ZENITH recorded a 44.57% growth in interest income in H1-17. On our 12.98% estimated assets yield, we believe the run rate will be sustained for the rest of the year, equating to 36.38% y/y growth in interest income to […]
Results & Dividends
UAC of Nigeria Q2 2017 Results Review – High Business Costs Weighed on H1 Performance
Culled—Proshare August 17, 2017/FBNQuest Research 7% cut to our EPS estimates over the 2017-18E period UACN’s earnings remain under pressure from rising costs across its various businesses. The firm posted PAT of N450m, down -37% y/y and -18% q/q respectively. The food & beverage segment accounted for c.82% of Q2 […]
Nigerian Breweries Q2 2017 Results Review – Maintaining Underperform Rating
Culled—Proshare August 17, 2017/FBNQuest Research Retaining UP rating despite 28% increase to our price target Nigerian Breweries’ (NB) Q2 2017 results showed marked y/y growth across key headline items. The results were mainly boosted by higher pricing relative to the prior year. On its Q2 2017 conference call, the management […]
