Archive for February, 2010

NSE Performance for Week Ended Feb 19th

Here are the stats for the top gainers and losers and earnings releases for the week ended Feb 12th 2010

Apologies for the late post. Here are the NSE reports for the week of Feb 8th – 12th from Meristem, FSDH, and IBTC Asset Mgmt:

Here is the slide show for the February edition of the monthly lagos Business School’s Executive Breakfast session by Prof. Rewane:

LBS Executive Breakfast Session And Presentation - Feb 2010 (321)

<a href=”http://www.vetiva.com”>Vetiva Capital</a> has prepared the most comprehensive <a href=”http://www.proshareng.com/admin/upload/reports/TheVetiva2009Reviewand2010Outlook.pdf”>2009 Economic Review and 2010 Outlook</a> to date. The 260 plus document is worth reading. You can download it below:

<a href=”http://www.proshareng.com/admin/upload/reports/TheVetiva2009Reviewand2010Outlook.pdf”>Vetiva 2009 Review And 2010 Outlook</a>- Sectorial Analysis

Here are the highlights from <a href=”http://www.afrinvestwa.com/index.php”>Afrinvest</a>’s Fortnightly Report for the period ended Feb 5th 2010.

Socio-Political and Economic Update
·         Nigeria to raise N145.0bn (US$958.4m) in Bonds
·         FG offers 2.0bn barrels of oil reserves

Energy Sector Developments
·         Shell sells stake in three Nigerian oil licenses
·         Afren to participate in offshore Nigerian block

Equity Markets Update
·         NSE All-Share Index gains 5.43% in two weeks

Company News
·         Motorola wins Zain Nigeria network expansion deal
·         Ecobank opens office in South Africa

Here are the analyses of the Q2 results for PZ Cussons and Guinness Nigeria PLC by FSDH Securities and Afrinvest respectively:

<strong>FSDH – PZ Cussons:</strong>
<blockquote>In arriving at a fair value for PZ, we estimated TO, Earning Before Interest Tax Depreciation and Amortization (EBITDA) and PAT for the FY ending May 31, 2010. We project a TO of N69.76bn, based on our view that the TO will contract by 13.85%, over the previous year. We project EBITDA of N9.50bn based on EBITDA margin of 13.61% and a PAT of N6.37bn based on a PAT margin of 9.13%. We used 3.18bn Ordinary Shares currently in issue. The Forward Earnings Per Share (FEPS) generates N2.01. We estimated the Dividend Per Share (DPS) of N1.04 based on a dividend payout of 51.91%. Applying Enterprise Value (EV)/EBITDA multiple of 9.88x, a P/E multiple of 12.50x, we arrived at N29.54 per share using EV/EBITDA multiple and N25.07 per share using price earnings multiple. Applying a weight of 55% on N29.54 and 45% on N25.07, we arrived at N27.53 per share, which is our fair value. The forward earnings yield and dividend yield based, on our fair value generate 7.29% and 3.78% respectively. <strong>We therefore place a HOLD on PZ stock at the current market price of N26</strong>.</blockquote>
FSDH - PZ Cussons -Q2, 2009 (719)

<strong>Afrinvest – Guinness Nigeria</strong>
<blockquote>*   Guinness Q2’10 results saw turnover up by 23.8% while both PBT and PAT were down by 10.0% by 10.8% respectively.
*   Operating expenses saw further increases on the back of an extensive marketing drive and on-going capacity additions
*   Going forward, we expect to see top and bottom line growth resulting from the marketing initiative as well as capacity expansion
*   <strong>Our recommendation is NEUTRAL with a FY’10 (June 30)  price target of N139.23</strong></blockquote>
Afrinvest - Guinness Q2 2010 Earnings Update (318)

Here are the NSE weekly reports from FSDH and Meristem. Will post the rest when I get them:

FSDH-NSE Report - Feb 5th 2010 (313).<br />
Meristem-NSE Report - Feb 5th 2010 (322).
IBTC - Weekly NSE Report - Feb 5th 2010 (256)

Here are the top gainers:

<a href=”http://www.naijalowa.com/wp-content/uploads/2010/02/nse_top_gainers.bmp”><img title=”Top Gainers” src=”http://www.naijalowa.com/wp-content/uploads/2010/02/nse_top_gainers.bmp” alt=”” /></a>

And here are the top losers:

<a href=”http://www.naijalowa.com/wp-content/uploads/2010/02/nse_top_losers.bmp”><img title=”Top Losers” src=”http://www.naijalowa.com/wp-content/uploads/2010/02/nse_top_losers.bmp” alt=”” /></a>

I wish President Jonathan Goodluck the best. It is clear that Yar’adua is not coming back.

Here are the stats for the NSE performance for the month of January 2010:

You can download the full document here: NSE In January 2010 (420)

This is quite late. But here is the weekly NSE Reports from <a href=”http://www.fsdhgroup.com”>FSDH Securities</a>, <a href=”http://www.ibtcassetmanagement.com/research.html”>IBTC Asset Management</a>, and <a href=”http://www.meristemng.com”>Meristem Securities</a>:
Meristem Securities - Weekly NSE Report - Jan 29th (342).<br>
Standbic IBTC - Weekly NSE Report - Jan 29th (312).<br>
FSDH - Weekly NSE Report - Jan 29th (343)


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