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Dangote Sugar: Rating Upgraded to BUY on Upward Revision to 2018-2019F Estimates

November 18, 2017/Cordros Report Despite cuts to sales estimates, we raise DANGSUGAR’s 2017F EBITDA and net profit by 50% each, and for 2018-2019F by 55% and 56% respectively. The upward… Read more »

Nestle: Upward Revision to 2018-2019F Estimates; SELL Rating Maintained

November 15, 2017/Cordros Research Following Q3-17 result, we raise NESTLE’s 2017F EBITDA estimate by 10% but cut net profit by 9.7%, on net, equating to growth forecasts of 51% (previously… Read more »

Julius Berger Nigeria Plc Q3’17 Results: Topline Recovery Sustained; Profit Expected In FY

Culled—Proshare November 13, 2017/ Vetiva Research Reported a mild profit in Q3’17 Operating expenses remain a pressure point Stable currency market sustains lower FX acquisition losses TP revised to ₦24.91 (Previous:… Read more »

Okomu Oil Q3 2017 Results – Neutral Rating Maintained

Culled—Proshare November 10, 2017/ FBNQuest Research Modest downward revisions to our estimates and price target Okomu Oil’s (Okomu) Q3 2017 results surprised negatively – sales and PBT missed our estimates by… Read more »

Nigerian Breweries Plc: Cut to Estimates; SELL Rating Maintained

November 10, 2017/Cordros Research We cut NB’s 2017F EBITDA and net profit forecasts by 14% and 23% respectively, on downwardly revised revenue growth and gross margin estimates, following the surprise… Read more »

Guinness Nigeria: Rating Downgrade on Downward Revision to Estimates

November 10, 2017/Cordros Research Despite higher y/y EBITDA and net profit in Q1-18, we revise 2018 forecasts for GUINNESS lower by 15% and 26% respectively, on negative surprises on gross… Read more »

Upward Revision to Estimates on Strong 9M-17 Results

November 9, 2017/Cordros Research We revise forecasts for CCNN following impressive 9M-17 results, and roll forward estimates and valuation to 2018. On net, we raise our TP for the stock… Read more »

Flour Mills Revision to Estimates

November 9, 2017/Cordros Research We revise 2018 forecasts for FLOURMILL following H1, wherein EBITDA and net profit were impacted by strong FX-linked net operating gains and double-digit revenue growth, which… Read more »

Flour Mills of Nigeria Plc H1’17’18 Result – Pleasing H1 Performance, Outlook Remains Upbeat

Culled—Proshare November 8, 2017/Vetiva Research  ·         Volume growth supports 17% y/y revenue growth·         Gains from FX hedge support 22% y/y rise in core operating profit ·         Moderating finance cost drives… Read more »

Dangote Sugar Refinery – Q3 Profitability Primarily Driven By Higher Pricing

Culled—Proshare November 8, 2017/FBNQuest Research  2017/18E EPS estimates and price target up modestly As expected, finished year-to-date sugar price reductions have been marginal, down (-3%) to around N15,000/50kg in Q3…. Read more »