Analyst: Abigail Alabi* Target price: ₦388.53 Rating: BUY Dangote Cement Plc recently released its 9M’23 earnings, reporting a topline growth of 29% to ₦1.5 trillion. For the Nigerian operations, cement volumes declined for the third consecutive quarter this year. Historically, the Q3 period is quite weak for cement players due to heavy rainfall during the...
Analyst: Victoria Ejugwu* Target price: ₦378.63 Rating: SELL Revenue performance largely comes in line with expectations.In its recently released 9M earnings results, TOTAL reported revenue growth of 20% y/y to ₦422.6 billion, coming in slightly above our estimate (Vetiva estimate: ₦403.3 billion). The company’s fuel business remained the primary driver for this growth, with fuel...
Analyst: Victoria Ejugwu* Target price: ₦315.74 Rating: BUY MTNN’s 9M results largely mirrored our expectations. The company reported a 22% y/y increase in revenue to ₦1.8 trillion (Vetiva estimate: ₦1.8 trillion). The data segment remained the primary driver for topline growth, with data revenue rising 36% y/y to ₦750 billion. Voice services also expanded 11%...
Analyst: Oluebube Nwosu* Target price: ₦66.50 Rating: SELL Cost of sales outpaces revenue growth. In Q1’24, GUINNESS reported a revenue of ₦59.5 billion, representing a 13% increase y/y. This increase was based off price increases as volumes declined, just like for other consumer goods companies. While revenue showed growth, the gross profit margin experienced a marginal...
Analyst: Victoria Ejugwu* Target price: ₦1,637.34 Rating: SELL Improved production drives topline performance Despite weaker oil prices (-24% y/y), Seplat’s topline for the 9M period came in 31% higher y/y at $810 million (inclusive of an overlift of $127 million). However, when adjusted for this overlift, revenue was flat y/y. The company’s revenue performance for the...