NIGERIAN BREWERIES PLC - Earnings top estimates
​NB reported Q1’16 results showing an 11% y/y revenue and a 3% y/y net profit growth. Trading statement released on 19 April by parent Heineken indicated that volume growth in Nigeria for the Q1’16 period was 4%. Following from this, we deduce that there must have been c.7% price increase to have delivered the 11% revenue growth. We can see that over time, NB has been able to pass on some of the increase in operating costs to consumers, noting that Cost of Sales and OPEX rose 12% y/y and 11% y/y respectively over the period. We note though that growth in earnings was boosted by low comparisons of Q1’15; nonetheless, we see it as a good start to 2016. Annualized EPS at N5.28 topped Vetiva (N5.17) and Consensus (N4.72) estimates.
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