Results & Dividends

FCMB Group Q3 2018 Results Review: Stellar YoY Earnings Growth Driven By FX Gains

Culled—Proshare December 6, 2018/FBNQuest Research Single digit increase to our 2019E EPS forecast and price target FCMB’s Group’s (FCMB) Q3 2018 pre-tax earnings came in well ahead of our forecast. The positive surprise was driven by revaluation gains which boosted the non-interest income line. On its conference call, management noted […]

E-Dividend Registration will Boost Liquidity – SEC

December 6, 2018/SEC The Securities and Exchange Commission, SEC has enjoined more Nigerians to take advantage of the on-going  e-dividend registration in a bid to reduce the unclaimed dividends profile as well as increase liquidity in the capital market and the economy. Acting Director General of the SEC, Mary Uduk, […]

International Breweries Q3 2018 Results Review: Neutral Rating Maintained

Culled—Proshare December 5, 2018/FBNQuest Research Material cuts to earnings forecasts International Breweries’ (IB) Q3 2018 (end-Sep) results were broadly behind our estimates. Sales for the quarter surprised positively (+13%) but this was more than offset by a 500bp underperformance in EBIT margin. Consequently, Q3 pre-tax losses were 83% worse than […]