Culled—Proshare November 3, 2016/Vetiva Research Strong revenue growth persists, hinged on higher volumes, price DANGSUGAR maintained the impressive revenue growth run-rate recorded from H1’16 in its Q3’16 results, posting an 18% q/q growth in the period. Though flattered by a low base from the preceding year (volumes impacted by distribution […]
Results & Dividends
Access Bank Plc – Investment Case Still Strong Despite Raised OPEX
Culled—Proshare November 2, 2016/FBNQuest Research Earnings and price target trimmed; reiterating Outperform rating Following Access Bank’s Q3 2016 results, we have cut our 2016-17E earnings estimates by an average of 8.3% and our price target by 7.2% to N9.0. These cuts largely reflect the negative surprise in operating expenses in […]
Dangote Cement Plc – Cost pressures bite harder on earnings
Culled–Proshare 1/11/2016/Vetiva Research Cement volume down 17% q/q amidst price hike in Nigeria 9M’16 revenue up 21%, buoyed by strong Q3 Pan-African performance Currency weakness stretches margin despite improved Q3 fuel mix Cement prices to remain strong as DANGCEM prioritizes profitability over growth Sharp Valuation little changed due to post-FY’16 […]
