Analyst: Ibukun Omoyeni*I.omoyeni@vetiva.com Lower oil prices moderate inflation in most SSA economies In 2023, headline inflation fell in 6 out of the top 10 economies in Africa. This can be linked to lower energy prices. The largest decline was recorded in Angola (-8.1 ppts), Ethiopia (-3.6 ppts) and South Africa (-0.9 ppts). The largest uptick...
Analyst: Victoria Ejugwu* Target price: ₦359.71 Rating: SELL Amidst higher fuel prices, Total reported a 32% y/y growth in revenue to ₦636 billion. Per segment, fuel turnover came in 40% higher y/y to ₦509 billion, a reflection of higher fuel prices. Meanwhile, the lubricants segment posted a modest 6% y/y increase in revenue to ₦127...
Analyst: Abigail Alabi* Target price: ₦256.95 Rating: SELL OKOMUOIL released its unaudited FY’23 earnings results, reporting a strong PAT growth of 22% y/y, which was bolstered by the surge in sales. OKOMUOIL rides export surge Amid the stable global CPO prices and strong local demand, revenue for the Q4’23 period increased by 58% y/y to ₦14...
Analyst: Olumide Sole* Target price: ₦12.10 Rating: HOLD Following the release of its unaudited FY’23 results, FCMB reported an impressive growth in Gross Earnings in Q4’23, rising by 71% y/y to ₦165 billion. This was due to an expansion in both Interest Income (+70% y/y) and Non-Interest Revenue (+71% y/y). Particularly, Interest Income from loans...
Analyst: Ibukun Omoyeni* Consumer price inflation ascended to 28.92% y/y, 20bps lower than our estimate (Vetiva: 29.12% y/y) and 72bps above the prior month (Nov23: 28.20% y/y). This represents the highest turnout since August 1996. We attribute the turnout to elevated transport prices, impediments in the agricultural sector, and year-end festivities. On a month-on-month basis,...
In 2023, our high-conviction stocks demonstrated a notable weighted average return of 87%, surpassing the ASI’s year-on-year return of 46%… In 2024, our outlook is characterized by cautious optimism as we anticipate sustained growth within the telecoms sector, with MTNN poised to maintain its impressive trajectory… This year, we foresee a continuation of the investment...