Culled—Proshare November 9, 2016/FBNQuest Research Modest cut to estimates; PT unchanged Unilever Nigeria’s Q3 2016 sales were stronger than we expected. However, PBT was weak and fell c.88% short of our estimate because of a negative surprise in net finance charges. As such, we have cut our earnings (pre-tax profit) […]
Results & Dividends
NSE Closes in Red 5th-Consecutive Session, Biggest Y-t-D
November 8, 2016/Cordros Research Equities extended decline to the fifth session in a row, with the All Share Index losing by 1.95% to close at 26,364.27 points. Today’s loss is the biggest since the 2.33% loss recorded on 2nd September this year. Following the decline, the market’s negative return has […]
Unilever Nigeria Plc: Expensive! SELL!
November 8, 2016/Cordros Research Despite significant revenue and EBIT growth in Q3, UNILEVER recorded y/y and q/q PBT contractions, and would have posted a loss after tax, save for a tax credit (N449.8 million). The company’s production costs have risen quite significantly over the last two quarters, denying earnings the […]
