Results & Dividends

UAC of Nigeria Q1 2021 Results Review: Cost Pressures Weighed on Performance

June 10, 2021/Proshare by FBNQuest Research 4.5% cut to our EPS estimates over the ’21-23f period trigger rating downgrade to Neutral UACN’s Q1 ’21 results showed that heavy-weighted Grand Cereal, a sub-division of the animal feeds division, and the paints division missed our forecasts by -2.6% and -17.6% respectively. From […]

Dangote Sugar Refinery Q1 2021 Results Review: Riding on Supportive Conditions

June 4, 2021/Proshare by FBNQuest Research 13% upgrade to our EPS estimates over the ’21-23f period; Neutral rating maintained Following Dangote Sugar Refinery’s (DSR) better-than-expected results in Q1 ’21, we have upgraded our EPS estimates over ’21-23f period by 12.8% on average to reflect the improvement in fundamentals. Nonetheless, we […]