August 3, 2017/Vetiva Research ·         Revenue prints in line with estimate – up 25% y/y ·         Gross margin weakness, elevated finance costs remain a challenge ·         Gains from FX hedge support Q1’17/18 earnings beat – PAT up 3% y/y Strong revenue growth persists, PAT rises 3% y/y Despite the strong […]

Culled—Proshare August 3, 2017/FBNQuest Research Neutral rating maintained Nestle Nigeria (Nestle) posted earnings of N8.2bn compared with a loss of –N6.2bn in Q2 2016. We draw many positives from these results such as gross margin expansion and a strong interest income line, which was up by more than 600% y/y […]

Culled—Proshare August 3, 2017/FBNQuest Research Event:                                   Presco reports Q2 2017 results Implications:                    Positive market reaction expected Positives:                            Q2 2017 sales up 30.4% y/y, PBT up 10.1% y/y Negatives:                        Opex growth of 28% y/y came in higher than we expected; -N243m fx loss Presco reported its Q2 […]