reports
- Olabisi Ayodeji
Chemical and Allied Products: Earnings recovery in Q1 18, maintain BUY
Chemical and Allied Products Plc (CAP) reported 18% yoy growth in Q1 18 EPS to NGN0.66, tracking our estimates for FY18f. Operating profit rose 25% yoy, also broadly in line with our forecast for the full year. We reiterate our BUY recommendation on CAP on the basis of its: (1) strong medium-term earnings outlook (+18% pa EPS growth in FY17-20f) as we anticipate a steady pickup in paint consumption and price realisations over the period; and (2) robust profit margins and returns relative to loca...
- Olabisi Ayodeji
CAP Plc: Earnings decline in line with expectations; reiterate Buy
Chemical and Allied Paints (CAP) Plc has reported its FY17 results. EPS for the period was NGN2.14 (-7% yoy), in line with our expectations. This implies EPS of NGN0.76 in Q417, -7% yoy and +99% qoq (Q4 is a strong quarter for the paints business). CAP Plc also declared dividends of NGN2.06/share (+14% yoy), which implies a payout of 95% and a dividend yield of 5%. We maintain our Buy recommendation on CAP Plc on the basis of its: 1) strong medium-term earnings outlook (+18% pa EPS growth in FY1...
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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