Below is are summaries of the reports on Nigerian Breweries, Unilever and NAHCO. Lead Capital’s Q2 Economic Report is also available.
FSDH’s Research Report on Nigerian Breweries
1. A projected turnover of N145.27bn with a growth of 30%
2. Earnings Per Share projection of N3.26
3. Profit After Tax projection of N24.63bn
4. The stock is a BUY
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FSDH’s Research Report on UNILEVER Nigeria PLC
1. Turnover projection of N40.05bn
2. PAT projection of N3.69bn
3. Divident Per Share projection of N0.83
4. The stock is valued at N25.05
5. The stock is a BUY
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Meristem’s Analysis of NAHCO
1. Competitive pressures are likely to erode the company’s monopoly status as current reforms are luring ground handling companies into the country
2. Believes that NAHCO will be negatively impacted by unexpected negative government regulations
3. Post-privatization growth rate of about 9% has been unimpressive
4. Believes the stock is overvalued by as much as 18%
5. The stock is a SELL
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