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Courtesy of FSDH, Vetiva and Afrinvest, here are the analysis of the recently released results of Guaranty Trust Assurance, Guinness, Skye Bank, Zenith Bank, Cadbury, Flour Mills, Dangote Cement, and Unilever:
Company Research - Afrinvest - Guaranty Trust Assurance Plc Q1 2011 Result (342).
Company Research - Afrinvest - Guinness Nigeria Plc Q3 2011 Result (388).
Company Research - Afrinvest - Skye Bank Plc Q2 2011 Result (377).
Company Research - Afrinvest - Zenith Bank Plc Q2 2011 Result (370).
Company Research - Cadbury Nigeria PLC - FSDH - July 2011 (570).
Company Research - Cordros - Unilever Plc Q1 2011 Result (451).
Company Research - Flour Mills - FY 2011 Results - Afrinvest (693).
Company Research - FSDH - Guinness Nig. Plc Q3 Mar. 2011 (389).
Company Research - Vetiva - Dangote Cement FY10 Earnings Release (729)Here are Dangote’s And Oando’s Investor Presentation and Earnings Release For H1 2010:
Dangote:
Afrinvest\'s Dangote Investor Presentation (349).
Dangote Investor Presentation - October 2010 (345)Oando:
Oando - H1 2010 Presentation (253).
Oando H1 2010 JSE Press Release (294)Here are the company analyses from Vetiva Capital and Afrinvest for AP PLC, Neimeth International, BCC, First Bank, UBA and Dangote:
Company Report - Afrinvest - AP FY 2009 Earnings Update (229).
Company Report - Afrinvest - Neimeth International FY 2010 Earnings Update (302).
Veriva - Company Analysis - BCC - Sept 2010 (639).
Vetiva Research - FirstBankof Nigeria (238).
VetivaResearch - Dangote Flour Mills Plc - FY09 and H110 Earnings Release Report (218)Below are the research reports by Afrinvest on the recently released reports for Unilever, Fidson Healthcare, Berger and Oando who all recently released their results:
Here are some Stockbrokers’ Company Analyses by Afrinvest, Meristem and Vetiva.
Afrinvest Company Earnings Update - African Petroleum Q3 2009 - SELL (379) Meristem Company Analysis - Total Nigeria (683) FSDH Company Analysis - Fidson Healthcare - Q2 2009 (554) FSDH Company Analysis - Neimeth PLC - Q3 2009 (345) FSDH Company Analysis - Northern Nigeria Flour Mills Plc - Q3 2009 (1801) Meristem Company Earnings Update - African Petroleum Plc - Q3 2009 (336) Meristem Company Earnings Update - Ikeja Hotel Plc - Q3 2009 (321) Vetiva Capital - March 2010 Company Update (293) Vetiva Capital - Lafarge Cement Wapco - Q3 2009 (344) Afrinvest Company Earnings Update - Zenith Bank - 15 month ended December 2009 (379)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
Equity Research Report - Fidson Healthcare (492).
Equity Research Report - UPL (235).
Equity Research Report - Nigerian Breweries (470).
Equity Research Report - Nestle (773)
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 is FSDH’s Weekly NSE Report for the week ended July 3rd 2009.
FSDH - Weekly Report - July 3rd 2009 (346)
You can also read their analysis of Nigerian Bottling Company below.
FSDH - Company Report - NBC - Q1 2009 (1472)
Below is Afrinvest’s bi-weekly market report for the period ended Feb 27th.
{title} ({hits})Also below is FSDH’s analysis of Guiness’ Q2 2008 results.
{title} ({hits})Here is FSDH Securities’ analysis of UACN’s Q3 results.
The stock is rated as a BUY at the current market price.
Here are the reports analyses from FSDH and Meristem for the recently released results of Benue Cement Company, Total, Sovereign Insurance, and UACN.
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Here are the reports by ZSL and FSDH on Nigeria Bottling Company’s recent quarterly results:
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