Analyst: Ibukun Omoyeni* In Q3’23, Nigeria’s real GDP growth slowed to 2.54% y/y, 9bps lower than our estimate (Vetiva: 2.63% y/y) and 30bps higher than the prior year (Q3’23: 2.25% y/y). We attribute this outcome to better oil production outcome, improved embrace of digital financial services platforms, and the negative passthrough of subsidy removal to...
Executive Summary. The world has seen a significant increase in economic activity as countries have reopened their economies and supply chains have eased. China has been at the forefront of this recovery, with its economy reopening and supply chains easing. However, the Ukraine war has had a significant impact on the global economy. The conflict...
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: ₦272.24 Rating: BUY OKOMUOIL released its 9M’23 earnings results, reporting a strong PAT growth of 16% y/y to ₦20 billion, which was bolstered by strong sales in the domestic and foreign markets. Unabating cost pressures drag margins For the Q3’23 period, revenue increased by 113% y/y to ₦20 billion. This...
Analyst: Abigail Alabi* Target price: ₦232.11 Rating: BUY In Q3’23, revenue increased by 65% y/y to ₦28.7 billion, primarily driven by strong domestic prices and increased volumes from the Siat Nigeria Limited acquisition. More so, gross margin expanded by 11ppts y/y to 59%, as the topline growth was able to mask the impact of...
Analyst: Chidozie Daniels* The Federal Reserve Bank of the United States (FED) kept its cash policy rate unchanged at the range of 5.25% – 5.50%. Chairman Powell struck a softer tone in his statements to the press, hinting that the bank may consider a shift in policy stance, as they evaluate the impact of past...