PZ Cussons’ European business remains resilient, but Nigeria continues to weigh on profits given the uncertain outlook for consumer spending and FX. The stock dropped c 9% after results and trades at 13.6x 2017e P/E, a sharp discount to its peer group. Although the company is well positioned to benefit from a turnaround in its core African business, in our view a re-rating is dependent on an improvement in macro conditions.
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