Analyst: Moshood Salaudeen* m.salaudeen@vetiva.com Inflation remains elevated in top SSA economies In February, headline inflation moderated in 5 out of the top 10 economies in Africa, compared to 4 in January. Notable declines were recorded in Morocco (-2.0ppts), Ethiopia (-1.2ppts), Kenya (-0.6ppts), and Ghana (-0.3ppts). The largest upticks were observed in Egypt (+5.9ppts), Angola (+2.1ppts),...
Ibukun Omoyeni* i.omoyeni@vetiva.com In the second meeting of the year, the Cardoso-led Monetary Policy Committee (MPC) raised the Monetary Policy Rate by 200bps to 24.75% and adjusted the asymmetric corridor around the MPR to +100/-300bps. While the Cash Reserve Ratio (CRR) for commercial banks was left unchanged at 45%, the Committee raised the CRR of...
Analyst: Oluebube Nwosu* o.nwosu@vetiva.com Target price: ₦35.91 Rating: SELL TL;DR Revenue: ₦594.6 billion, marking an impressive 51% y/y increase. Profit After Tax: ₦8.26 billion, showcasing a substantial 91% y/y increase. Net operating losses (FX impacted): ₦77 billion loss as against ₦4.2 billion gain in Q3’23. Q3 revenue growth expands gross margin In the third quarter...
Analyst: Oluebube Nwosu* o.nwosu@vetiva.com Target price: ₦25.64 Rating: SELL TL;DR Q4’23 revenue grows by 26% y/y to ₦197.8 billion. Q4’23 net finance expenses jump 4.6x as FX losses and finance costs hit ₦66.4 billion and ₦17.5 billion respectively. Q4’23 loss came in at ₦49.1 billion (Q4’22: ₦1.6 billion loss). Robust revenue growth in a challenging...
Analyst: Oluebube Nwosu* o.nwosu@vetiva.com Target price: ₦5.90 Rating: HOLD TL;DR Impressive 38% y/y growth in Q4’23 revenue, reaching ₦80.5 billion. Remarkable 126% y/y growth in gross profit in Q4’23 to ₦14.4 billion. Significant FX losses and finance costs of ₦43.1 billion sunk PAT to ₦33.8 billion loss in Q4’23. Pricing increases elevate topline In...
Analyst: Ibukun Omoyeni i.omoyeni@vetiva.com The Nigerian Bureau of Statistics (NBS) recently introduced a valuable tool for understanding Nigerians’ access to healthy food, the Cost of Healthy Diet (CoHD) Index. This index sheds light on the affordability of a nutritious diet, offering insights beyond traditional inflation measures. The CoHD reflects the least expensive combination of locally...