Culled—Proshare May 13, 2019 By FBNQuest Research 10% cut to our 2020-22E EPS forecasts Guinness Nigeria (Guinness) missed our earnings forecasts for Q3 2019 (end-Mar) largely because of worse-than-expected sales (-9%) and opex (+4%). PBT for the quarter was behind our forecast by 15%. On a y/y basis, PBT declined […]
Results & Dividends
UBA Q1 2019 Results Review: Compelling Valuation Relative To Peers
Culled—Proshare May 7, 2019/ FBNQuest Research 8% increase to our 2019E EPS forecast and price target We maintain our Outperform rating on UBA and increase our price target by 8% to N13.9 following UBA’s Q1 2019 results which surprised positively relative to our forecasts. The upward revision to our price […]
Nestle Nigeria Q1 2019 Results Review: Neutral Rating Maintained
Culled—Proshare May 7, 2019/FBNQuest Research PT up 5% following upward adjustments to EPS ests Nestle Nigeria’s (Nestle) Q1 2019 earnings grew by 49% y/y to N12.9bn, beating our estimate by c.16%. The improved profitability was driven by a positive surprise on the gross margin line which expanded by +616bps y/y […]
