5/3/2018/Bloomberg By Tamim Elyan and Yousef Gamal El-Din The Egyptian stock exchange is expecting as many as seven initial public offerings this year, starting as soon as this month, which would be the highest number of share sales since the 2011 uprising that ousted President Hosni Mubarak. An IPO this […]
Investors Bite
Guinness Nigeria Plc – We Remain Underweight
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 […]
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 […]
