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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 »

Seplat Petroleum Development Company Plc – Revision to Forecast

Culled—Proshare November 7, 2017/ARM Research Our deductions from Seplat Petroleum Development Company Plc. (Seplat’s) latest financial report as well as recent discussions with management underpins our view on the stock’s… Read more »

Diamond Bank Q3 2017 Results: Impact of Divestment on Underlying Earnings Limited

Culled—Proshare November 7, 2017/FBNQuest Research  2% cuts to our 2018E EPS forecast and price target Diamond Bank’s Q3 2017 results diverged markedly from our forecasts, mainly because of a negative… Read more »

Nestle Nigeria Plc: Steady Earnings Momentum, Committed To Profit Stability

Culled—Proshare November 7, 2017/Vetiva Research  Revenue prints in line with estimates, up 43% y/y PAT 9% below estimate on higher FX losses Strong cash position supports deleveraging strategy FY’17 EPS… Read more »

Upward Revision to 2017F Estimates; PAT and PBT to Grow y/y by 24.31% and 30.39%

November 6, 2017/Cordros Research In its recently released Q3-17 results, GUARANTY’s gross earnings declined by 19.85%y/y and 12.03% q/q (missed our estimate by 24.27%), with PBT (-1.06% y/y and -3.51%… Read more »