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 […]
04
Mar
Mar
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....
For standard subscribers only.
Login
Login
19
Feb
Feb
Analyst: Ibukun Omoyeni* i.omoyeni@vetiva.com Headline inflation rose by +98bps to 29.90% y/y in January, representing a 13bps deviation from our in-house estimate (Vetiva: 30.03% y/y) and a 40bps print above Bloomberg consensus’ estimate of 29.5%. We attribute the increase to the lingering effects of past reforms and more importantly, the security challenges in food-producing states....
For standard subscribers only.
Login
Login
09
Feb
Feb
Analyst: Chidozie Daniels c.daniels@vetiva.com Kenya to buyback 2024 Eurobond at par value. On Wednesday, February 7, 2024, the Republic of Kenya announced its intentions to repurchase its $2 billion Eurobond due to mature in June 2024. Several key elements of the deal were disclosed; notably, the buyback is contingent upon the successful completion of its...
For standard subscribers only.
Login
Login