Culled—Proshare December 22, 2016/FBNQuest Research Event: Stanbic IBTC Holdings reports Q4 2015 results Implications: Neutral to slightly positive reaction by the market likely Positives: Market can now breathe a sigh of relief post-FRC issue resolution Negatives: Factored in already – delay in publication of accounts Stanbic IBTC Holdings finally published […]
Results & Dividends
Mobil Oil Nigeria Q3 2016 Results Review – Event Driven Rally for Mobil Shares
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 […]
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 […]
