Culled—Proshare March 30, 2017/FBNQuest Research Event: Seplat Petroleum Development Company reports Q4 2016 results Implications: Negative reaction from the market likely Positives: Gas sales up 16% y/y to US$28m; realised gas prices also up 19% y/y to US$3.03/mmscf Negatives: Seplat recorded a loss before tax of -US$85.1m in Q4 2016 […]

Culled—Proshare March 30, 2017/FBNQuest Research 9% reduction to our price target Cadbury Nigeria’s (Cadbury) Q4 2016 results rounded off a challenging 2016. Despite strong topline growth during the quarter, which was around 40% ahead of our estimate, and a recovery from losses in prior quarters (–N477m and –N1.1bn in Q2 […]

Culled—Proshare March 30, 2017/FBNQuest Research Increase to earnings estimates and price target Unilever Nigeria’s Q4 2016 results were better than we expected due to positive surprises on the sales and operating expenses lines. As such, we have increased our earnings estimates for the 2017-18E period significantly. On the back of […]