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UBA Records Strong YTD Performance; Shares Still Cheap

Sept 01, 2016/FBNQuest Research Limited changes to estimates, price target On the back of UBA’s Q2 2016 results, we have raised our 2016E earnings forecasts substantially to reflect the fx-related gains which boosted the results. However, our 2017E estimates see modest revisions because the underlying results were in line. We […]

Nigerian Breweries: Conference Call Update – Slight Cut to 2016FY EPS and TP

Sept 01, 2016/Cordros Research We came away from yesterday’s conference call, with the management of NB, believing that operating performance in H2-16 would come in line with our expectation. Rising operating costs and deteriorating brand mix continue to pose threat to margins while management seeks to address these issues via […]

Guaranty Trust Bank Rating Moved to Neutral from Outperform

Culled—-Proshare August 31, 2016/FBNQuest Research Resilience reflected in valuation at current levels GT Bank shares have performed very strongly year-to-date. They are up 44%, compared with a loss of –4% for the ASI. The justification for this outperformance can be traced to the ability of the bank to weather the […]