Our conviction stocks closed higher in November, gaining 1.8% m/m, underperforming the ASI by 1.2ppts. Our picks have yielded a return of 71.2% YTD, outperforming the ASI by 32.0ppts. Starting with the Consumer Goods sector, it was a mixed month as DANGSUGAR eased 7.94% m/m, while NESTLE (+9.5% m/m) closed in the green. All in,...
Analyst: Abigail Alabi* Target price: ₦41.76 Rating: BUY FX loss weighs on bottom lineIn Q3’23, volumes declined by 10.5% y/y, as there was a significant decrease in volumes across the cement industry due to the heavy rainfall in the review period. Nonetheless, a 22% increase in revenue per ton, caused an upswing in revenue by...
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...