August 30, 2016/InvestmentOne Research Topline forecast raised by +6.3% ; Sell rating maintained Unilever Q2 2016 results showed sustained growth in both top and bottom-line figures, buoyed by lower-base effect. However, input costs pressure resulted in massive contraction in margins across the P& L line. While turnover was up by […]
Updates
Nigerian Breweries Q2’2016 Result: Spike in interest expense on FX devaluation weighed on Earnings
August 30, 2016/InvestmentOne Research Maintaining sell rating on Nigerian Breweries Plc NB’s Q2 2016 results showed moderation in sales and a spike in net finance cost which weighed on bottom-line performance. Relative to our estimate, sales was down by over -4% y/y while PBT declined by -29% y/y, due largely […]
PZ Cussons Nigeria Maintains Underperform Rating; Sombre Outlook for 2017
Culled—Proshare August 30, 2016/FBNQuest Research Earnings and price target revised downwards PZ Cussons Nigeria’s (PZ) reported another set of weak results in Q4 2016 (end-May). Although sales and PBT were in line with our estimates, we expect the adverse impact of the weak macroeconomic environment on the company to persist […]
