Culled—Proshare January 22, 2018/FBNQuest Research EPS and PT upgrade; downgrading to Underperform Late last year, Guinness Nigeria (GN) successfully raised N40bn via a rights issue, adding 648m shares to its existing 1.5bn shares. The company used much of the proceeds from the rights issue to deleverage its balance sheet and […]
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Lafarge Africa Q3 2017 Results Review: Maintaining Neutral Rating
Culled—Proshare January 22, 2018/FBNQuest Research Positive earnings outlook in 2018E Lafarge Africa’s (Lafarge) Q3 2017 results surprised negatively, mainly due to a net fx loss of –N9.9bn, arising from the hedging cost of N2.6bn from the US$220m shareholder loan that was converted to quasi-equity and settled at N385/US$ vs an […]
PZ Cussons Nigeria: FX-related losses weigh on 2018 outlook
Culled—Proshare January 22, 2018/BNQuest Research 2018E EPS decline of -53% y/y driven by fx-related loss PZ Cussons Nigeria (PZ) posted H1 2018 (end-Nov) PBT of N869m vs –N425m in H1 2017; the result beat our estimate by 36%. As such, we have raised our EPS forecasts by around 5% over […]
