Avior Capital Markets - Dangote Cement PLC (DANGCEM) DANGCEM | The African Promise

Report

Avior Capital Markets

Gari Chigwedere

EUR 842.40 For Business Accounts Only

DANGCEM | The African Promise

DANGCEM's ex-Nigerian operations are improving with Pan-African losses declining 64% yoy. Headwinds in Tanzania (price war and coal import ban) and ramping up in two other markets influenced the Pan-African losses in FY '17. However, a price recovery in Tanzania and the Group's substitution of gas for coal usage in the country position Tanzanian operations for profitability in FY '18 and beyond. Moreover, a recovery in Nigerian volumes underpins earnings growth for the Group going forward. We believe DANGCEM presents an opportunity to invest in the African growth story.

05/04/2018 11 EN

Underlying

Dangote Cement PLC

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NGDANGCEM008 Nigerian Stock Exchange

Provider

Avior Capital Markets

Avior is a globally recognised capital markets research and trading firm, with the broadest research coverage within the region, with 100+ SA and 20+ SSA companies under coverage. Avior services clients from offices in London, Cape Town and Johannesburg.

Our research quality is consistently recognised in local and global surveys, with 18 analysts currently rated in their respective sectors (FM 2017). Value add through in-depth, innovative, high quality and consistent research with comprehensive underlying fundamental modelling supported by regular analyst and roadshow interactions.

Avior has proven that by working closely with our clients we can mutually develop dominant positions in certain sectors, going from strength to strength. Avior has a dedicated ESG team, having been ranked #1 in Corporate Governance research since 2008.

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Analysts

Gari Chigwedere

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