April 14, 2021/Proshare by FBNQuest Research Price target unchanged due to 100bp upward revision to risk-free rate GTBank management has guided to a FY ’21 PBT of NGN243bn (+2% y/y). Excluding last year when PBT was broadly in line with guidance, the bank’s earnings have exceeded guidance by at least […]
Results & Dividends
BUA Cement Plc FY-2020 Audited Financial Result: Overstretched valuation eclipses growth potential
April 13, 2021/United Capital Report Recently, BUA Cement Plc (“BUACEMENT”) filed its audited FY-2020 results. Despite substantial cost pressures, the cement maker saw a 19.1% and 19.4% y/y increase in PBT and PAT, respectively, to N78.9bn and N72.3bn. This was primarily driven by volume growth (+13.3% y/y), which supported topline […]
FBN Holdings FY-2020 Audited Financial Result: …Lessons learnt?
April 13, 2021/United Capital Report Earlier, FBN Holding Plc (“FBNH” or “The Bank”) released its FY-2020 results, showing a 1.9% y/y decline in Gross Earnings (GE) to N590.4bn. Hesitant top line growth was driven by weaker Interest income which fell 10.9% y/y to N384.8bn amid lower asset yields. Interestingly, PBT […]