SOGB Report (Update March 2022)
We raise our earnings forecast for FY21, FY22 and FY23 to XOF 16.23 billion, XOF 20.44 billion and XOF 21.10 billion respectively. We are accounting for the potential strengthening of the rubber and CPO prices as well as the USD/EUR exchange rate. We are rolling forward our valuation base year to FY22 while maintaining a BUY rating and improving our target price by 33% to XOF 9 100. On expected 2022 results, the stock SOGB shows a 24.65% fundamental upside potential when the average dividend yield is expected at 18.74% over the same period. We recommend a Strong Buy on SOGB.
Hudson is an integrated securities firm, member of the West Africa regional stock exchange (BRVM) that offers a large array of financial services including brokerage, custody, sell-side research, investment management, investment banking and advisory, issuer services. Hudson's African and International client base includes governments, financial institutions, high net worth individuals, and corporate from various industries.
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