Analyst: Abigail Alabi* a.alabi@vetiva.com Target price: ₦42.63 Rating: BUY Lafarge recently released its audited result, with PAT for the FY’23 period declining by 5% y/y, despite the strong Q4’23 performance. Tax pressures continue to weigh on bottom line In Q4’23, revenue improved by 13% y/y to ₦116 billion, on the back of higher cement prices,...
Analyst: Victoria Ejugwu* v.ejugwu@vetiva.com Target price: ₦254.86 Rating: BUY MTNN’s full year performance came in mixed, as the company reported strong growth in topline but saw earnings wiped out, as foreign exchange losses mounted. For the fourth quarter, the company reported a 25% y/y increase in revenue to ₦695 billion, driven by growth in data...
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 […]
Ibukun Omoyeni*i.omoyeni@vetiva.com The Monetary Policy Committee (MPC) gave its first policy direction under the chairmanship of Dr. Olayemi Cardoso with all 12 members present. The Committee raised the Monetary Policy Rate by 400bps to 22.75%, the highest level since its introduction in 2006. In addition, the asymmetric corridor around the MPR was adjusted to +100/-700bps […]
We initiate coverage of TRANSCORP Power PLC (TPP) with a BUY recommendation and a target price of ₦288.36. Our valuation utilizes the Discounted Cash Flow (DCF) methodology and reflects our belief in TPP’s immense growth potential… TPP has demonstrated a consistent track record of impressive financial performance, exhibiting both revenue growth and profitability expansion over […]
Analyst: Ibukun Omoyeni* i.omoyeni@vetiva.com Global macro dynamics continue to point to sustained currency pressures. Disruptions in the Red Sea and via the Suez Canal is contributing to elevated oil. Oil prices have risen beyond $80/barrel in recent times, on the back of economic stimulus from China, stronger-than-expected Q4 GDP growth in the U.S., cooling U.S....