Culled–Proshare March 20, 2018/FBNQuest Research Event: Dangote Cement reports Q4 2017 results Implications: Upward revisions to consensus 2018 PBT forecast likely Positives: Sales and PBT up by 17% y/y and 116% y/y respectively Negatives: After-tax loss of –N16.1bn due to negative surprise in OCI This afternoon, the NSE published Dangote Cement’s […]
Investors Bite
Dangote Cement Plc. | First Glance: 2017FY profit grew by 43%; NGN10.50 dividend proposed (vs. NGN8.50 in 2016FY)
March 20, 2018/Cordros Update DANGCEM just published 2017FY results. Group revenue of NGN805.6 billion (+31% vs. 2016FY) and PAT of NGN204.3 billion (+43% vs. 2016FY) are behind Bloomberg consensus’ NGN810.4 billion and NGN249.9 billion, respectively. EBITDA came in at NGN388.2 billion, +51% vs. 2016FY, and ahead of consensus’ NGN380.3 billion […]
Cadbury Nigeria Plc: We remain sellers even at current price
March 20, 2018/Cordros Report Update: We update on CADBURY with a TP of NGN10.96 (29% downside) and maintain SELL recommendation. Despite having a challenging 2017FY, contrary to the rest of our consumer goods universe, the company reported a net profit of NGN300 million, from a loss in 2016FY. We forecast […]
