Report
Victor Dima
EUR 14.60 For Business Accounts Only

Nigerian Breweries (SELL, TP NGN 90/share) - Q4 16A result review


  • Q4 16A revenues increased by c.15% y/y to NGN 91bn, 15% above ACe (NGN 78.5bn and c.7% above bloomberg consensus (NGN 85bn).
  • Gross Margin declined by 970bps y/y to 41.9% in Q4 16A, 170 bps below consensus (43.6%). EBIT margin beat consensus by 240bps at 16.4%, helped by lower opex (25.5% of sales in Q4 16A vs. 26.9% in Q4 15A)
  • EPS at NGN 1.05/share was c.8% above consensus estimate (NGN 0.97/share)


Underlying
Nigerian Breweries

Provider
Arqaam Capital
Arqaam Capital

Established in 2007, Arqaam Capital is a specialist emerging markets investment bank, bringing regional and international product offerings to the emerging markets. Arqaam Capital combines international best practice with expertise in the markets in which we operate. Our primary role is to provide financial intermediation and create investment opportunities for frontier and emerging markets investors looking to invest in their own markets and abroad, as well as international investors seeking opportunities in target frontier and emerging markets. Arqaam Capital is headquartered in the Dubai International Financial Centre (DIFC), with additional offices in Libya, Lebanon, Egypt, and South Africa. 

Arqaam Capital's research platform provides the largest coverage footprint of MENA equities and one of the largest on the African continent with a total of 300 stocks under coverage. Arqaam Capital is ranked as one of the leading research providers in the region - a reflection of its broad coverage universe, its in-depth and high quality research, as well the compelling investment ideas that the team generates. The analysts closely analyze their sectors and issue in-depth company and sector research while the strategy team connects the micro with the macro, focusing on index analysis, macroeconomics and strategy research. 

Analysts
Victor Dima

Other Reports on these Companies
Other Reports from Arqaam Capital

ResearchPool Subscriptions

Get the most out of your insights

Get in touch