Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Sector valuation is now closer to fair value. Our coverage of Nigerian consumers stocks is down 21% ytd on aggregate, and currently trades at a median FY 20f PE and EV/EBITDA of 22.8x and 10.3x, respectively (average 30% discount to the 2-year historical median). In our view, the sector historically traded at unjustifiably rich multiples, and is now closer to our fair value estimates (FY 19f PE and EV/EBITDA of 23.9x and 7.9x), hence our broadly neutral stance, despite cuts to our target prices....
Succumbing to the foreign exchange challenge facing most manufacturing companies in Nigeria, PZ Cussons Nigeria PLC recorded a ₦1.6 billion loss after tax in its recently released Q1’17 financial results. Though helped by an ₦845 million tax credit, this loss was mostly driven by a whopping ₦4.7 billion foreign exchange loss that we presume was a result of PZ’s dollar denominated payables – noting that the “Trade and Other payables†balance rose to ₦33.9 billion compared to ₦...
Amidst a highly challenging operating environment, PZ released FY’16 results (ended 31 May) showing a 5% y/y decline in revenue to ₦69.5 billion, largely in line with Vetiva’s ₦69.7 billion estimate. With topline depressed in all preceding quarters, the FY performance was sealed by a further slump in Q4, posting the lowest Q4 revenue figure in 6 years. Looking at the operating segments, Branded Consumer Goods (contributed 66% of revenue) recorded a fourth consecutive y/y revenue decline,...
​Tracking historical performance, Q3 came in stronger than the preceding quarters though y/y revenue remained lower. Nonetheless, the 9M revenue performance which was down 4% y/y beat our estimate by 3% as we may have been overly bearish following statements by parent company, PZ Cussons UK, that it expected the seasonally stronger second half for the Electricals segment to be significantly lower if current economic conditions persisted.
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