Culled—Proshare August 7, 2017/Elixir Research DANGSUGAR released its H1’17 results, showing a strong year-on-year (y/y) rebound in earnings and revenue growth. Continued cost control resulted in a sharp contraction in cost (including OPEX q/q) and lifted margins. We revised our target price higher to ₦15.87 (previous ₦8.49). The Board proposed […]
Results & Dividends
Dangote Cement Plc – Earnings Surge on Pricing, Improved Fuel Mix
Culled—-Proshare August 7, 2017/Vetiva Research · Strong bottom line driven by improved efficiency, strong pricing · Nigeria EBITDA margin soars to 66% · Nigeria volume to remain under pressure amidst strong pricing · Valuation revised amidst modifications to estimates Improved fuel mix, strong H1 revenue lift bottom line DANGCEM reported […]
Flour Mills of Nigeria Plc – Earnings Beat Despite Lingering Cost Pressures
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 […]
