Category Archives: Oil and gas

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: ₦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...