Results & Dividends

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 revision follows better margin outlook on declining per tonne production cost (see below), which we expect will offset price cuts. […]

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 37%) and 290% (previously 331%) respectively. While we cut sales forecasts for 2018-2019F by 0.4% average, we raise EBITDA and […]

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: ₦24.79) Reports Loss-After-Tax but exceeds estimates JBERGER reported a mild profit (Q3’17 PAT: ₦16 million; Q2’17: ₦72 million) for the […]