November 4, 2016/Cordros Research Last week, FBN Holdings Plc (FBNH) released its nine months earnings report for the period ended September 30, 2016. Profit before tax (PBT) declined by 5.0% y/y (-51.4% q/q) while return on average equity (RoAE) fell to 9.4%, from 12.0% recorded as at H1’16. Following revisions […]
Results & Dividends
Revision to DANGCEM Plc Estimates delivers a HOLD Recommendation
November 4, 2016/Cordros Research We have revised forecasts for DANGCEM going into 2017, considering (1) price action and competition (from LAFARGE whose production faced repeated interruptions in 2016) in Nigeria, which should impact sales volume; (2) likely price weakness in Pan Africa markets on intense competition; (3) higher (than expected) […]
Fidelity Bank Plc is Maintaining Underperform Rating on Weak Q3’16 Results
November 4, 2016/FBNQuest Research Modest cuts to our EPS forecasts and price target Following Fidelity Bank’s (Fidelity) Q3 2016 results which showed that PBT was broadly in line with our estimate, we have made modest cuts to our 2016-17E earnings forecasts. Our price target is unchanged at N0.9. Although the […]
