Culled—Proshare November 17, 2016/FBNQuest Research Outlook for 2017 unchanged; Neutral rating maintained Although Nestle Nigeria (Nestle) reported a loss after tax of –N51m in Q3 2016, the firm’s underlying results were strong. Nestle posted record high sales of N49.0bn in Q3 2016, its highest ever in a quarter, driven by […]
Results & Dividends
Dangote Cement Q3 2016 Results Review – Maintaining Outperform Rating Despite Cut to PT
Culled—Proshare November 17, 2016/FBNQuest Research Tangible cuts to our EPS forecasts and price target Dangote Cement’s (DangCem) Q3 2016 results came in well behind our forecasts. As such, we have cut our EPS forecasts by around 12% on average over the 2016E-18E period. However, the reduction to our price target […]
Lafarge Africa Plc: Ignore the Debt Conversion; Focus on Fundamentals!
November 17, 2016/Cordros Research In announcing its 9M-16 result, the management of LAFARGE informed investors/analysts that the company, as at July, 1st 2016, converted shareholders’ loan for an amount of USD493 million (out of USD510 million) to an equity instrument, on which the repayment (including interest at an average 6% […]
