reports
- Vetiva Research
JULIUS BERGER NIGERIA PLC Q1'21 Earnings Release - Infrastructure focu...
Yesterday, Julius Berger released its Q1’21 results, reporting an impressive near-600% growth in PAT to ₦2.8 billion, also significantly higher than our ₦1.7 billion estimate. The outperformance was driven by a mild topline beat as well as a sizeable FX gain and a smaller-than-expected effective tax rate. Revenue growth on full steam in spite of insecurity risk Following the reopening of the economy from the pandemic-driven lockdown in May 2020, the building materials and construction...
- Onyeka Ijeoma
JULIUS BERGER PLC PLC 9M'19 Earnings - Continues its year of renaissan...
Continues to report impressive earnings JBERGER recently released its 9M’19 results, reporting a 56% y/y improvement in PAT to ₦5.3 billion, ahead of our ₦5.0 billion estimate. While most line items came in flat versus expectations, the earnings beat was driven by smaller than expected operating expenses. Overall, the construction giant continued to report solid earnings in 2019, continuing its recovery from a less than inspiring 2018 performance. Topline and operations continue to flat...
- Onyeka Ijeoma
Nigeria Industrial Goods Sector - Q3'19 Earnings Preview
Q3'19 Earnings Preview Coming off a strong 2018, the Nigerian cement market has continued to expand in the first half of 2019, largely supported by private sector demand. However, when compared to the c.11% growth in cement sales in 2018, 2019 kicked off at a slower pace. Cement sales in H1’19 were estimated to be 11.5 million MT, up a mild 3% y/y amidst a dearth of public sector expenditure. We expect weak cement consumpt...
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
- Onyeka Ijeoma
JULIUS BERGER NIGERIA PLC - Improved Optimism On Stronger Q2 Performan...
Improved optimism on stronger Q2 performance Julius Berger recently released its H1’18 results, reporting a bottom line of ₦2.6 billion, a significant turnaround from the ₦0.4 billion loss in H1’17 and much higher than our ₦1.0 billion expectation. Revenue came in 5% higher y/y at ₦73.1 billion (Vetiva: ₦71.9 billion), supported by higher earnings from Government (up 5% y/y and 10% q/q) and Private contracts (u...
- Tominiyi Ramon
JULIUS BERGER NIGERIA PLC Q1'18 - Q1 Earnings flattered by one-off inc...
Q1 Earnings flattered by one-off income JBERGER recently released its Q1’18 result, reporting a PAT of ₦1.5 billion – a significant improvement from the ₦427 million loss recorded in Q1’17 and ahead of our ₦767 million estimate. We note that whilst PAT came in stronger y/y, operating performance was weak as the bottom line was flattered by one-off income. Revenue rose 3% y/y to ₦35 billion, albeit lower than o...
JULIUS BERGER NIGERIA PLC FY'17 - One-off incomes buoy return to profi...
One-off incomes buoy return to profitability Coming from a loss of ₦2.4 billion in prior year, JBERGER reported PAT of ₦2.6 billion (Vetiva: ₦0.6 billion) for FY’17, translating to an EPS of ₦3.61. In line with our estimate, the Board of Directors declared a dividend of ₦0.25 per share. Despite the bottom-line outperformance, underlying earnings for the full year period remain relatively weak as PAT was largely suppo...
- Tominiyi Ramon
JULIUS BERGER NIGERIA PLC - FX improvement lifts worrying H1 results
JBERGER reported H1’17 loss of ₦364.7 million, a modest improvement from the ₦426.9 million loss recorded in the first quarter of the year. The reported bottom line also came in better than our estimated loss of ₦1.3 billion, driven by stronger-than expected Q2’17 PAT of ₦72 million vs. our ₦711 million loss estimated for the period. Whilst revenue grew a modest 4% q/q to ₦35.5 billion, earnings were further pressured (EBIT down 17% q/q) by a 20% rise in OPEX. This is particularl...
- Tominiyi Ramon
JULIUS BERGER PLC - Cost pressures, FX losses sting Q1’17 earnings
JBERGER kicked off the 2017 financial year on a weak note, reporting a loss-after-tax of ₦427 million for Q1’17 compared to the ₦951 million profit reported in the corresponding period of 2016. The reported bottom line also came in weaker than our ₦805 million profit expectation. Whilst the quarter’s topline grew mildly by 3% y/y to ₦34 billion (much in line with our ₦33 billion estimate) amidst the usual delay in budget passage (impacting capital releases), the main deviation from...
- Tominiyi Ramon
PRESCO PLC Q1'17 - Impressive start to FY’17, ahead of estimates
Impressive start to FY’17, ahead of estimatesPRESCO’s Q1’17 earnings came in very strong with all profit lines more than doubling y/y. In line with the trend observed in 2016, the impressive performance was primarily driven by strong domestic palm oil prices amidst the inclusion of the product on CBN’s 41-item list not eligible for official FX funding. Buoyed by the price effect, Q1’17 revenue rose 125% y/y to ₦7.2 billion, beating our ₦6.2 billion estimate. Excluding Gains ...
- Tominiyi Ramon
JULIUS BERGER NIGERIA PLC FY'16 - FX losses derail FY’16 earnings
JBERGER reported FY’16 loss-after-tax of ₦3.8 billion following a massive hit from FX acquisition costs in tune of ₦14.2 billion for the year. The reported loss-after-tax was however better than our ₦5.1 billion loss expectation following a stronger than expected Q4 operating performance. As expected, the Q4 revenue (₦44.7 billion) was sustained around Q3 level (₦46.5 billion) amidst higher FG CAPEX releases in the second half of 2016, bringing FY’16 revenue to ₦139.0 billion, up...
ZENITH BANK PLC - Record year profit, supported by strong earlier run ...
​ Ahead of other banking peers, ZENITHBANK released its FY’16 result posting impressive performances across board. Whilst Gross Earnings came just in line with our estimate at ₦508 billion (up 17% y/y), bottom line rose 23% y/y to ₦130 billion – 8% ahead of our ₦120 billion estimate. In line with expectation however, Q4’16 performance was weaker q/q from the peak of Q3’16 as top and bottom line moderated 23% and 46% respectively. Also, having recorded a significant revaluation ga...
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...
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...
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...
- Tominiyi Ramon
JULIUS BERGER NIGERIA PLC UPDATE - Finance costs derail Q3 earnings
Noting the size of FG CAPEX release that followed budget passage in May (₦750 billion reported at end of September), we were expecting to see considerable improvement in building and construction activities in Q3, just in line with historic trend. Although we had anticipated a strong topline on the back of this, JBERGER Q3 revenue however came in much stronger as revenue over the 3-month period came in at ₦46.5 billion (Vetiva: ₦33.0 billion), a jump from the ₦19.1 billion recorded in Q2...
- Please Change Name Constantinos Kypreos
Moody's Assigns National Scale Ratings to Seven Nigerian banks
Actions follow the publication of a new National Scale Rating map for Nigeria. Limassol, November 03, 2016-- Moody's Investors Service, has today assigned national scale ratings to seven Nigerian banks. Among these, national scale local currency deposit ratings were assigned to Zenith Bank Plc, at Aaa.ng/NG-1; Guaranty Trust Bank Plc at Aa1.ng/NG-1; Access Bank Plc at Aa2.ng/NG-1; United Bank for Africa Plc at Aa2.ng/NG-1; Sterling Bank Plc at A1.ng/NG-1; and First Bank of Nigeria...
- Tominiyi Ramon
PRESCO PLC 9M'16 - Record FY’16 profit in sight
PRESCO’s 9M’16 numbers further underscored the positive view on the Nigeria Oil Palm industry with earnings beating our estimates across all lines.Q3 gross margin alone improved to 66% (H1’16: 63%) amidst further increase in local palm oil prices over the 3-month period - we estimate an average of 20-30% increase in local palm oil prices over the period. Further consolidating on the previous strong quarters, 9M’16 revenue rose 48% y/y to N11.9 billion, 7% ahead of our estimate. Regardles...
ZENITH BANK PLC 9M'16 - FX revaluation gains boost earnings
ZENITHBANK reported impressive 9M’16 results following marked Q3 standalone performance. Although the bank’s performance lagged analysts’ forecast in H1 an impressive all round showing across the line items ensured 9M’16 PAT beat both Vetiva and consensus estimates – 47% and 32% respectively. Whilst Net Interest Income moderated 9% q/q as the 46% rise in Interest Expense (largely due to relatively tighter liquidity) overshadowed the modest 7% q/q rise in Interest Income, the huge jump ...
ZENITH BANK PLC - Earnings miss as loan loss expense pressures PAT
ZENITHBANK’s H1’16 results showed weaker than expected bottom line. Whilst performances across most line items came in just in line with our expectation, higher loan loss expense and a higher tax expense were the key pressure points. Recovering from a relatively weak top line performance in Q1’16, Gross Earnings was 16% stronger q/q in Q2’16 (10% ahead of our Q2 standalone estimate) amidst improvement in both Interest and Non-Interest Income. Despite a 9% q/q rise in Interest Expense in ...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.