Archive for January, 2010

Vetiva Securities has prepared a very comprehensive analysis of Oando PLC describing the operations, SWOT information etc. Read below:

Vetiva - Company Report - Oando PLC (2320)

Here is FSDH Securities’ Analysis of the Cement Company of Northern Nigeria’s Q2 2009 Results:

<blockquote>In arriving at a fair value for CCNN, we estimated TO, Earning Before Interest Tax Depreciation and Amortization (EBITDA) and PAT for December 2009. We estimated a TO of N13.83bn, based on a growth of 40%, over the previous year. We project EBITDA of N2.966bn based on EBITDA margin of 17.45% and a PAT of N2.42bn based on a PAT margin of 17.50%. We used 1.256bn Ordinary Shares in issue. The estimate Earning Per Share (FEPS) generates N1.93k. We estimated a Total Dividend Per Share (DPS) of N1.25k (having paid an interim of 80k we expect a final of 45k) based on a dividend payout of 65%. Applying Enterprise Value EV/EBITDA multiple of 9.25x, a P/E multiple of 10.5x, we arrived at N20.46k per share using EV/EBITDA multiple and N20.22k per share using price earnings multiple. Applying a weight of 50% each to the valuation results we arrived at 20.34k which is our fair value. The estimate earnings yield and dividend yield based on our fair value generate 9.47% and 5.78% respectively while the estimate P/E ratio generates 10.56x. We therefore place a <strong>BUY </strong>on Cement Company of Northern Nigeria (CCNN) stock at the current market price for both capital appreciation and dividend payment.</blockquote>

FSDH - Company Analysis - CCN Q2 2009 (591)

<a href=”http://www.fsdhgroup.com”>FSDH</a>, <a href=”http://www.meristemng.com”>Meristem Securities</a>, and <a href=”http://www.leadcapitalng.com”>Lead Capital</a> all released their 2010 Outlook recently. You can download them below.

Dont forget, you can also read the outlooks from the NSE and Afrinvest <a href=”http://www.naijalowa.com/wp-content/plugins/download-monitor/download.php?id=523″>here</a> and <a href=”http://www.naijalowa.com/wp-content/plugins/download-monitor/download.php?id=525″>here</a>.

Courtesy of Meristem Securities here are the results for the following companies released in the month of January:

7Up Bottling Com Plc Q2-09
Afromedia Plc FYE’09
Scoa Nigeria Plc FYE’09
Incar Plc Q3-09

Fidson Healthcare Plc FYE’09
Beco Petroleum Plc Q1-09
United Nig Textiles Plc Q3-09
African Paints Plc Q3-09
Costain West Africa Plc FYE’09

Tripple Gee & Company Plc Q3-09
Wema Bank Plc FYE’08
Wema Bank Plc FYE’09
Unic Insurance Plc Q3-09
Unic Insurance Plc Q2-09
Unic Insurance Plc Q1-09
Studio Press Nigeria Plc FYE’09

Weekly NSE Report For The Week Ended January 22nd 2010

CBN Reelases Template/Guidelines For Minimum Information To Be Disclosed In Financial Statements

The <a href=”http://www.cenbank.org/”>Central Bank of Nigeria</a> last week announced the names of 5 new members of the Monetary Policy Committee. They are listed below with their areas of specialization:

1. Dr. Adedovin Salami – Macroeconomic Policy
2. John Oshilaia – Financial Markets
3. Prof. Chibuike Uaochukwu Uche – Banking and Finance
4. Dr. Shehu Yahaya Development Economics
5. Abdul-Ganiyu Garba Monetarv & Fiscal Policies

<strong>Dr. Adedoyin Salami</strong> is a Senior Lecturer and full time member of the Faculty of the Lagos Business School, Pan African University. He is the Head of Research at the Lagos Business School. His academic interest includes Macroeconomic policy and risk management and is a consultant to DFID, World Bank, UNIDO, etc. He is also a member of the National Economic Management Team. John Oshilaja is an expert in Public Finance and Financial Markets Developments in Emerging markets. His working experience spans over 25 years and include Latin America, Eastern Europe, Middle East and Africa. He also possesses significant experience in Public Sector debt restructuring in Brazil. Mexico, Kenya and Nigeria.

<strong>John Oshilaja</strong> is an expert in Public Finance and Financial Markets Developments in Emerging markets. His working experience spans over 25 years and include Latin America, Eastern Europe, Middle East and Africa. He also possesses significant experience in Public Sector debt restructuring in Brazil. Mexico, Kenya and Nigeria.

<strong>Prof. Chibuike Uche</strong> is a Professor of Banking and Financial Institutions and full time lecturer in the Department of Banking and Finance, University of Nigeria, Enugu Campus. He is a fellow of the Institute of Chartered Accountants of Nigeria (FCA). His research interest includes Bank Management, Financial Institutions and Markets.

<strong>Dr. Shehu Yahaya</strong> is currently an Executive Director in African Development Bank and possesses rich and varied experience in development economics, macroeconomics and international economics. He was previously Head of Research Department and Head Projects and Corporate Finance at ADB. He also has valuable experience in banking policies as well as project and program implementation, and previously served as an Executive Director in NEXIM. He brings to the Committee important policy contribution from ADB.

<strong>Prof. Abdul-Ganiyu Garbo</strong> is a Lecturer in the Department of Economics in Ahmadu Bello University, Zaria and has taught economic theory and econometrics. He has also conducted research in several aspects of monetary & fiscal policies and trade and exchange rates. Prof. Garba is a member of African Economic Research Consortium (AERC), Nairobi-Kenya, Nigeria Economic Society and has over 60 publications, locally and internationally. He has participated actively in several conferences and seminars organized by the Central Bank.

The Central Bank of Nigeria released new guidelines for the tenures of bank CEOs. Here are the new guidelines:

1. Chief Executive Officers, CEO of banks shall serve a maximum tenure of ten years.
2. All CEOs who would have served for ten years by July 31, 2010 shall cease to function in that capacity and shall hand over to their successors.
3. Where a bank is a product of merger, acquisition, take-over or any other form of combination, the ten–year period shall include the pre and post combination service years of a CEO provided that the bank in which he previously served as CEO was part of the new bank that emerged after the combination.
4. Any person who has served as CEO for the maximum tenure in a bank shall not qualify for appointment in his former bank or subsidiaries in any capacity until after a period of three years after the expiration of his tenure as CEO.
5. The Governor/Deputy Governors of the CBN and the Managing Director/CEO and Executive Directors of the Nigeria Deposit Insurance Corporation, NDIC shall not be eligible for appointment in any capacity in banks until after the expiration of five years from the date of their exit from the CBN or NDIC as the case may be.
6. The Departmental Directors of the CBN and the NDIC shall not be eligible for appointment in any capacity in banks and their subsidiaries under the supervision of the CBN and NDIC until after the expiration of three years from the date of their exit from the CBN or NDIC as the case may be.
7. Henceforth, all banks shall reflect the provisions of these guidelines in the terms of engagement of their CEOs.

You can download the CBN release <a href=”http://www.cenbank.org/Out/2010/publications/pressRelease/GOV/Tenure_Guideline19012010.pdf”>here</a>.

Here is a statistics of the top and worst stock performers in the NSE as at January 15th 2010:

Weekly NSE Report For The Week Ended Jan 15th 2010

Here is Afrinvest’s 2010 Outlook for the NSE and Nigerian economy as a whole:


About this blog

This blog is dedicated to informing users on the latest business and economic news news from the CBN and Nigerian Stock Exchange. Happy reading!

Photostream

  • Edomwandagbon Obude Richard: nice publication. please keep me posted on future economic news [...]
  • Ejir Emurotu: pls i'd like to know what the current rates on lendind deposits and fixed accounts are,better if the [...]
  • Salami Monsurat Foluke: I need data on tax revenue for my research work. This can be from 1960 to 2011. I would like to hav [...]
  • OGALA MONDAY: kindly assist me with CBN. annual report and statement of account for the year 2009/ 2010 . for my [...]
  • Japhet Aniefiok: I wish to know also the reason behind interest rate fluctuation [...]