Results & Dividends

Lafarge Africa Q3 2019 Results Review: Shares Significantly Undervalued

Culled—Proshare November 25, 2019 By FBNQuest Research Retaining OP rating despite cuts to our EPS forecasts & price target  Although Lafarge Africa’s (Lafarge) Q3 2019 PBT of N4.7bn improved markedly on a y/y basis (from a pretax loss of -N4.7bn Q3 2018), PBT missed our forecast by a sizable margin. […]

FIDELITYBK 9M 2019: Write-Back Supports Earnings Growth

Culled—Proshare November 22, 2019 Meristem Research Double-digit Growth in Gross Earning and Profit Fidelity Bank Plc. continued its decent run in 2019, recording double-digit growth in gross earnings (+15.87%), driven by growths across its income streams; Interest income (+12.22%) and non-interest income (+13.06%). Although the average yield on earning assets […]

Nestle Nigeria Q3 2019 Results Review: 2019-20E Sales Growth Ests. Below 10%

Culled–Proshare November 19, 2019 FBNQuest Research   Outperform rating maintained Nestle Nigeria’s (Nestle) earnings of N10.6bn declined by around -9% y/y and missed our forecast by 20%. In Q3, sales for Nestle’s Beverage segment grew by 8% y/y to N25.9bn and continues to grow in importance. Besides this, the results […]