Culled—Proshare December 8, 2016/FBNQuest Research Downgrading to Underperform In Q3 2016, Mobil Oil Nigeria (Mobil) delivered stellar y/y earnings growth. However, the q/q trend, which showed declines for key P&L line items, provides a better pointer for Q4. Q3 sales and earnings both declined by 22% q/q and 49% q/q […]
Results & Dividends
Flour Mills of Nigeria Q2 2017 Results Review – Strong Underlying Results; Maintaining OP Rating
Culled—Proshare December 2, 2016/FBNQuest Research Rolling over to 2018E; price target up 19% Although Flour Mills of Nigeria’s (FMN) Q2 2017 (end-Sep) PBT missed our forecast by 12%, the difference was mainly due to a negative surprise of N7.8bn in other operating expense which was driven by fx devaluation. Beyond […]
UAC of Nigeria Q3 2016 Results Review – Outperfom Rating Maintained
Culled—Proshare November 29, 2016/FBNQuest Research PT unchanged; 2016-17E EPS forecasts up 3% UAC of Nigeria’s (UACN) Q3 2016 results were quite encouraging following a run of very difficult quarters. The group posted sales and PBT growth of 20% y/y and 231% y/y to N20.9bn and N2.4bn resp. and were ahead […]
