JULIUS BERGER NIGERIA PLC - Tough end to 2015, challenging year ahead
JBERGER reported a 70% y/y drop in FY’15 EPS to N1.85, 54% behind our estimate and 59% behind consensus estimate. Q4 operations alone resulted in a loss of N0.6 billion amidst continued pressure on topline, increased finance cost and higher tax expense over the three month period. After declining marginally in Q3, revenue in Q4 slumped further 34% q/q to N22.3 billion as the tough macroeconomic environment, particularly the Government’s weakening fiscal position, took a toll much more than we had expected. We are more surprised by this performance given that construction activities over the quarter as measured by GDProse 15% q/q – this leads us to believe that competition may have played a role in the weaker than expected numbers reported by JBERGER. The cumulative revenue for FY’15 was down 32% y/y to N133.8 billion, 23% behind our estimate and 28% behind consensus estimate.
Vetiva provides clients with independent and unbiased access to analysis and opinion. We keep our clients on the cutting edge of market information and provide up to date market intelligence on quoted companies. Our services allow brokers, investment firms, and asset managers focus their energies on developing investment strategies and client relationships.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.