Q1 2016 results review: Fx challenges impact earnings

​Fx challenges impact earnings 2016-17E EPS forecast cut by -8.3% on average: PZ Cussons Nigeria (PZ) recorded a PBT decline of -37.3% in Q1 2016. As a result of the PBT coming in -32.8% behind our estimate, we have cut our 2016-17E EPS forecasts by -8.3% on average but limited the cut to our price target to -1.3%. According to management, the volatility and uncertainty in the foreign exchange market took their toll during the quarter. Our new price target of N16.3 implies a potential downside...