Guinness Nigeria Plc 9M:2025 Earnings Note | Brewing a Comeback
Guinness Nigeria is charting a new course and this time it is under new leadership. With the Tolaram Group now steering the ship and cost-saving measures like the halt in International Premium Spirits (IPS) imports, we are seeing strong signs of a turnaround.Our latest report, “Brewing a Comeback”, dives into the business’ 9M:2025 numbers and factors behind the company’s recovery. Guinness currently trades at a price/earnings (P/E) ratio of 26.06x, though slightly above the industry average of 23.47x, we think this premium likely reflects investor confidence in its earnings recovery and growth potential under Tolaram's strategic leadership.
We have forecasted a 12-month target price to NGN97.56, representing a 21.95% upside from its current price of NGN80.00. The bottom line? We are calling a STRONG BUY.
ARM Securities Limited is a full-service brokerage house that offers best-in-class brokerage services to local as well as foreign private and institutional investors. Formerly known as Hamilton Hammer, the Company commenced operation in 1994 and was acquired by ARM Investment Managers in 2008--an acquisition which has successfully re-positioned the company as a recognized brokerage firm in Nigeria. The Company is a dealing member of the Nigerian Stock Exchange (NSE) and is regulated by Securities and Exchange Commission (SEC). ARM Securities research team provides insightful commentaries on the Nigerian economy and its equity and debt markets using an approach which incorporates a thorough understanding of the fundamentals of the industries and companies under coverage. The research therefore adopts an integrated methodology of top-down analysis and bottom-up stock selection, which focuses on publicly quoted companies on the Nigerian Stock Exchange that are judged to offer the highest potential for earnings growth. In addition, its analysts provide periodic commentaries on a range of topical global and local issues which provide investing clients with a holistic view of the opportunities and risks in today’s financial market landscape.
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