Culled—Proshare November 11, 2016/FBNQuest Research Underperform rating maintained despite valuation rollover Broadly speaking, International Breweries’ underlying Q2 2017 (end Sep) results were stronger than we expected. Consequently, we have increased our EBIT forecasts for the 2017-18E period by 16% on average. Although we have attempted to reflect a negative surprise […]
Results & Dividends
Cement Company of Northern Nigeria Plc – Weak Topline, Cost Pressure Derail Q3’16 Earnings
Culled—Proshare November 10, 2016/Vetiva Research CCNN’s 9M’16 PAT was down 56% y/y to N0.7 billion (Vetiva estimate: N1.0 billion) following a disappointing Q3. Despite q/q increase in cement prices (46% price hike only took effect from September), revenue over the 3-month period declined 5% q/q to N2.7 billion and suggests […]
FBN Holding Plc. Earnings Update -Huge Impairment charges, TP cut down to N3.21, downgraded to Hold
Culled—Proshare November 10, 2016/CardinalStone Research FBN Holding Plc. (Revised TP: N3.21, Rating: Hold) held its conference call on the 26th of October, 2016. Please see below the group’s 9M’16 performance update and key highlights from the call. NPLs – still a big concern FBNH impairment charges have been rising rapidly […]
