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…
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