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Access Bank Plc – Investment Case Still Strong Despite Raised OPEX

Culled—Proshare November 2, 2016/FBNQuest Research Earnings and price target trimmed; reiterating Outperform rating Following Access Bank’s Q3 2016 results, we have cut our 2016-17E earnings estimates by an average of 8.3% and our price target by 7.2% to N9.0. These cuts largely reflect the negative surprise in operating expenses in […]

Dangote Cement Plc – Cost pressures bite harder on earnings

Culled–Proshare 1/11/2016/Vetiva Research Cement volume down 17% q/q amidst price hike in Nigeria 9M’16 revenue up 21%, buoyed by strong Q3 Pan-African performance Currency weakness stretches margin despite improved Q3 fuel mix Cement prices to remain strong as DANGCEM prioritizes profitability over growth Sharp Valuation little changed due to post-FY’16 […]

Lafarge Africa Plc Gross Margin Contracts in Q3’16 Results; Shares Rated Outperform

Culled—Proshare 1/11/2016/FBNQuest Research Event: Lafarge Africa reports Q3 2016 results Implications: Slight reduction to consensus 2016E pre-tax loss forecast likely Positives: No obvious positives Negatives: Lafarge reported a pretax loss of -N11.6bn driven by a gross margin contraction of 2,243bps y/y to 5.5% and a -N3.4bn fx loss. Lafarge Africa’s […]