March 5, 2018/Cordros Capital Verdict At our revised TP of NGN68.59 (35% downside), we find the shares of GUINNESS expensive at current market price of NGN104.90. On our estimate, the stock is trading at 2018F P/E (35.2x) and EV/EBITDA (10.1x) multiples that are at premium to both the company’s 5-year […]
Investors Bite
Nestle Nigeria Reports Impressive 2017FY Results
March 5, 2018/Cordros Capital •Revenue of NGN244.2bn reported was 34% higher vs. 2016FY, but slightly below consensus NGN245.9bn •EBITDA of NGN62.18bn was 41% higher vs. 2016FY, and well-above consensus NGN58.5bn •Finance charges dropped by 27.6% to NGN15.1bn •PAT was NGN33.7bn, 326% higher vs. 2016FY, and above consensus NGN29.9bn •Compared to […]
Nestle Nigeria Plc FY 17 – Earnings Rebound to its Strongest Level on Record
Culled—Proshare March 5, 2018/ARM Research Nestle Nigeria Plc (Nestle) bounced back from 2016 tough time, coming out stronger, with its recently released full-year 2017 results revealing a solid growth in earnings of N33.7 billion – its highest absolute earnings on record. Earnings reported in FY 17 translate to an EPS […]
