Culled—Proshare April 25, 2017/FBNQuest Research                           Event: Cadbury Nigeria (Cadbury) reports Q1 2017 results Implications: Downward revision to consensus estimates likely Positives: Sales up 13.3% y/y Negatives: PBT and PAT both down -86.2% y/y Cadbury Nigeria (Cadbury) reported Q1 2017 results this afternoon showing sales growth of 13.3% y/y to N8.1bn. […]

Culled—Proshare April 25, 2017/Vetiva Research Sticky Gross Earnings – down 2% y/y Lofty provisioning pressures bottom line PAT down 38% y/y – albeit ahead of Vetiva and Consensus estimates TP revised to N3.32 (Previous: N2.95) PAT down 38% y/y – albeit ahead of estimates DIAMONDBNK released its long awaited FY’16 […]

April 26, 2017/Cordros Research Click here to download full PDF Report Cadbury Nigeria Plc (CADBURY) published Q1-17 result late yesterday, outperforming our estimate on revenue, but disappointed on earnings. PAT fell by 86.2% y/y, way behind our -47% y/y estimate. Principally, the decline in gross margin, both y/y and q/q, […]