Category Archives: Uncategorized
Analyst: Olumide Sole 4th Quarter Performance GTCO recently released its Q4’23 results, reporting a 92% y/y growth in Gross Earnings to ₦336 billion. This was driven by a 90% y/y rise in Interest Income to ₦176 billion (Vetiva: ₦175 billion), due to the expansion of the bank’s loan book and effective repricing of its assets. […]
Analyst: Olumide Sole*o.sole@vetiva.com Amid prevailing macroeconomic challenges and potential headwinds from external and domestic shocks, the Central Bank of Nigeria (CBN) announced the upward review of the minimum capital requirements for commercial, merchant, and non-interest banks in Nigeria. Consequently, the CBN looks to strengthen the capital buffers of Nigerian banks to drive growth in the […]
Analyst: Oluebube Nwosu* o.nwosu@vetiva.com Target price: ₦25.64 Rating: SELL TL;DR Q4’23 revenue grows by 26% y/y to ₦197.8 billion. Q4’23 net finance expenses jump 4.6x as FX losses and finance costs hit ₦66.4 billion and ₦17.5 billion respectively. Q4’23 loss came in at ₦49.1 billion (Q4’22: ₦1.6 billion loss). Robust revenue growth in a challenging...
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Mar
Analyst: Ibukun Omoyeni i.omoyeni@vetiva.com The Nigerian Bureau of Statistics (NBS) recently introduced a valuable tool for understanding Nigerians’ access to healthy food, the Cost of Healthy Diet (CoHD) Index. This index sheds light on the affordability of a nutritious diet, offering insights beyond traditional inflation measures. The CoHD reflects the least expensive combination of locally...
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Analyst: Victoria Ejugwu*v.ejugwu@vetiva.comTarget price: ₦2,102 Recommendation: SELL Topline expands on improved outputAmidst lower oil prices (-17% y/y), and in line with our estimates, Seplat grew its revenue by 12% y/y to $1.1 billion (inclusive of overlifts), driven by improved oil production. Stripping out overlifts, revenue only posted a 4% y/y growth. For specifics, oil receipts […]