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 […]
Results & Dividends
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 […]
Unilever Nigeria Plc – Finance Costs Surprised Negatively
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) […]
