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Here are Meristem Securities’ analyses of the recently released results of UPL, Fidson, Nestle, and Nigeria Breweries:
Fidson Healthcare – H1 – NEUTRAL
United Press Ltd (UPL) – Q3 – OVERWEIGHT
Nigerian Breweries – FY 09 – NEUTRAL
Nestle Nigeria – FY 09 – NEUTRAL
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 (33)
<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 (22)
In: company results
26 Jan 2010Courtesy 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
Here is Vetiva’s analysis of 7-Up Bottling Company’s Q2 2009 results:
In: Banks| News| company results
17 Dec 2009Here is Bank PHB’s statement on the recently announced N387 billion loss for the 3rd quarter:
In: Banks| company results
16 Dec 2009Here is Vetiva Securities’ analysis of the Q3 results for FCMB. The main issues are shrinking balance sheet and increased provision for loan losses which arent good.
<blockquote>In valuing FCMB, we utilized an Excess Returns Model; assuming a Cost of Equity of 17.00% and Terminal Growth Rate of 4%. A Sensitivity Analysis varying he Discount Factor and Growth Rate scenarios gave a Fair Value range of N7.89 – N8.84.
Checking our valuation with an Adjusted Gordon Growth Model, we derive a valuation for FCMB at 1.26x December 2009F book, with a Fair Value range of N9.32 – N11.63. An average of these valuation methodologies gives a Fair Value range of N8.60 – N10.24. It is our expectation that the stock would trade within this range under normal arket conditions; hence, our “Overweight” rating at current market price of N7.50.</blockquote>
In: Banks| company results
16 Dec 2009Meristem Securities has prepared a detailed breakdown on the bank statements of results detailing their losses. It is stunning Intercontinental – N328billion, Oceanic Bank – N286billion, Union Bank – N222billion, First Inland – N94.7billion, Spring Bank – N16billion, and Bank PHB – N387billion.
Here is FSDH’s Analysis of Q3 results of Nigerian Breweries:
<blockquote>Valuation/Analyst Recommendation
In placing a fair value on the Ordinary Shares of NB, we adjusted our earlier forecast for the FY 2009 and parameters to reflect current market developments and its latest results. We estimated TO, Earning Before Interest Tax Depreciation and Amortization (EBITDA) and PAT for December, 2009. We project a TO of N166.57bn, based on a growth rate of 14.51% over the previous year. We project EBITDA of N42.51bn based on EBITDA margin of 25.52% and a PAT of N28.26bn based on a PAT Margin of 16.97%. We used 7.56bn Ordinary Shares that we expect to be in issue as at December 2009. The Forward Earnings Per Share (FEPS) generates N3.74. We estimated Dividend Per Share (DPS) of N3.36 based on a dividend payout of 90%. We note that the company already paid an interim dividend of N1.30; we therefore expect a final dividend of N2.44 to end the year. Applying Enterprise Value EV/EBITDA multiple of 8.62x, a P/E multiple of 14.50x, we arrived at N48.42 per share using EV/EBITDA multiple and N54.19 per share price using earnings multiple. Applying a weight of 55% on N48.42 and 45% on N54.19, we arrived at N51.02 which is our fair value. The forward earnings yield and dividend yield based on our fair value generate 7.33% and 6.59% respectively. We therefore maintain our HOLD on the share price of NB at the current market price.</blockquote>
Here are the analysis of the Q3 results for both Nestle Foods and UAC by FSDH. You can download the reports below. Here are the excerpts:
Here are some equity reports and analysis of Chevron and Dangote Sugar by <a href=”http://www.fsdhsecurities.com/”>FSDH Securities</a> and <a href=”http://www.vetiva.com/”>Vetiva Securities</a> respectively:
In: company results
8 Sep 2009The companies listed below released their recent results in the month of August 2009. You can review the detailed results here:
Company Results - August 2009 (221)FIRST BANK PLC
NAHCO PLC
ECOBANK NIGERIA PLC
ZENITHBANK PLC
INCAR NIGERIA PLC
ECOBANK TRANSNATIONAL INCORPORATED
BCC PLC
OCEANIC BANK INTERNATIONAL PLC
OASIS INSURANCE PLC
CONSOLIDATED HALLMARK INSURANCE PLC
STARCOMMS PLC
LARFARGE CEMENT (WAPCO NIGERIA)
UBA PLC
C & I LEASING PLC
AG LEVENTIS NIGERIA PLC
IPWA PLC
CAP PLC
LASACO ASSURANCE PLC
UNILEVER NIGERIA PLC
COURTVILLE INVESTMENT PLC
BANK PHB PLC
NATIONAL SPORTS LOTTERY PLC
GREAT NIGERIA INSURANCE PLC
JOHN HOLT PLC
UNIVERSITY PRESS PLC
REGENCY ALLIANCE INSURANCE PLC
NESTLE NIGERIA PLC
STANBIC IBTC PLC
MOBIL OIL NIGERIA PLC
AIICO INSURANCE PLC
TANTALIZERS PLC
INTERNATIONAL ENERGY INSURANCE PLC
CADBURY NIGERIA PLC
PORTLAND PAINTS & PRODUCTS NIG.
IKEJA HOTEL PLC
UNION DIAGNOSTIC & CLINIC SERVICES PLC
OANDO PLC
DIAMOND BANK PLC
UNIVERSITY PRESS PLC
VITAFOAM NIGERIA PLC
NATIONAL SALT COMPANY OF NIG. PLC
TRIPPLE GEE & COMPANY PLC
CEMENT COMPANY OF NORTHERN NIG PLC
CRUSADER (NIG.) PLC
FIRST ALUMINIUM NIG. PLC
CONSOLIDATED HALLMARK PLC
CHEVRON OIL NIG. PLC
Below are the analysis of the recent results of Lafarge WAPCO, Dangote Sugar, UACN Property Dev Co, Nestle and Nigerian Breweries and recommendations of their stocks by FSDH securities.
Dangote Sugar – SELL
Nigerian Breweries – HOLD
UACN Property Dev Co- BUY
Nestle Nigeria – BUY
Lafarge Cement WAPCO Nigeria Plc – BUY
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