reports
Nigeria H2'19 Outlook - Feeble feet on thorny grounds
Nigeria H2'19 Outlook - Feeble feet on thorny grounds Narrow opportunity window amid easing global monetary conditions: A sense of urgency is required for Nigeria to derive optimal benefits from the sudden increase in global liquidity conditions occasioned by the switch to accommodative monetary policy by central banks in developed markets. IMF projections indicate, that global GDP growth could ease to 3.3% for FY’19 due to weaker growth in the...
DANGCEM DANGOTE CEMENT PLC
FCMB FIRST CITY MONUMENT BANK PLC
SEPL SEPLAT PETROLEUM DEVELOPMENT COMPANY
UACN UAC OF NIGERIA PLC
WAPCO LAFARGE AFRICA PLC
UNILEVER UNILEVER NIGERIA PLC
JBERGER JULIUS BERGER
CCNN CEMENT COMPANY OF NORTHERN NIGERIA PLC
MOBIL 11 PLC
ACCESS ACCESS BANK
GUINNESS GUINNESS NIGERIA PLC
NB NIGERIAN BREWERIES
UBA UNITED BANK FOR AFRICA PLC
IBTC STANBIC IBTC HOLDING CO
OANDO OANDO PLC
GUARANTY GUARANTY TRUST BANK PLC
DANGSUGAR DANGOTE SUGAR REFINERY PLC
ARDOVA FORTE OIL
NESTLE NESTLE FOODS NIGERIA PLC
PZ PZ CUSSONS NIGERIA PLC
ZENITHBANK ZENITH BANK PLC
Africa Consumers: Power to the poor
We are bullish on the Africa Consumer sector and identify Nigerian Breweries (NB NL), Nestle Nigeria (NESTLE NL), and East African Breweries (EABL KN) as our top picks. In this report we introduce a proprietary valuation metric, Productive Exposure to the Poor (PEP), that rates companies based on the extent to which their business model targets Africa’s poorer segments. We also focus on Nigeria and provide individual company analysis of the eight Nigerian Consumer names in our coverage.
- Eronmosele Aziba
PZ Cussons Nigeria: Cyclical pressures weigh on performance; upgrade t...
We raise our rating on PZ Cussons Nigeria (PZ NL) to Hold, but with a lower TP of NGN10.37 (previously NGN23.50) and an ETR of 11.7%. Operating performance weakens. PZ recently released its 9M 18/19 earnings. Operating challenges were reflected in the results, with turnover and net income weakening by 13% and 52% yoy, respectively. On a qoq basis, although the top line grew by 4.5%, the bottom line reflected the impact of higher costs in the period, with a loss of NGN414mn recorded. Operating pe...
Weekly Market Wrap - 28 December 2018
Market closes festive week positive despite Friday loss Despite a 207bps d/d moderation and two negative closes in the shortened week, the pre-Christmas rally held as the ASI closed out the week 86bps in the green. With investors likely to continue to take positions on the final trading day of the year, we expect a positive session to close out the year and anticipate heightened activity levels. ...
The Market Today - 03 October 2018
CBN survey indicates improving credit growth CBN survey indicates improving credit growth The CBN’s credit conditions survey for Q3’18 indicated an increase in secured credit to both household and corporates, driven by an improving economic outlook and an overall increased risk appetite of lenders. Lenders also reported that more corporate loan applications were approved in the quarter, with narrower spreads on MPR, even though the same approval criteria were maintained – perhaps testament to th...
PZ CUSSONS NIGERIA PLC Q1'18/19 - New quarter, same story for HPC play...
New quarter, same story for HPC player PZ Cussons released its Q1’18/19 financial statements showing a 14% y/y moderation in revenue to ₦15.9 billion (Vetiva estimate: ₦17.5 billion) and beginning the year with a ₦205 million loss after tax (Vetiva estimate: ₦1.0 billion PAT). Revenue for the quarter came in as the lowest Q1 performance in three years and 9% below our estimate amidst sustained difficult tradi...
PZ CUSSONS NIGERIA PLC FY'18 - FX Losses To Moderate In FY’19
FX losses to moderate in FY’19 PZ Cussons Plc (PZ) recently released its FY’18 financial results (for the period ended 31 May 2018) showing a modest 3% y/y revenue growth to ₦80.6 billion, while profit after tax recorded a disappointing 48% y/y decline to ₦1.9 billion (Vetiva: ₦2.2 billion), its lowest level in recent history. Revenue for the year came in 5% below our estimate following disappointing figures ...
Breakfast Report - 03 September, 2018
The Week Ahead In a recent interview with Bloomberg, Nigeria’s minister of state for Petroleum, Emmanuel Ibe Kachikwu stated his belief that the current OPEC deal will be extended well into 2019 if crude prices continue to hover around the $70/bbl range. OPEC’s Monitoring Committee will meet this month to deliberate on the effectiveness of the current deal and either make adjustments or keep things constant. However, Ka...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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