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…
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