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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 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 (155)
You can also read their analysis of Nigerian Bottling Company below.
FSDH - Company Report - NBC - Q1 2009 (344)
Below is Afrinvest’s bi-weekly market report for the period ended Feb 27th.
[Download not found]Also below is FSDH’s analysis of Guiness’ Q2 2008 results.
[Download not found]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.
[Download not found]Here are the reports by ZSL and FSDH on Nigeria Bottling Company’s recent quarterly results:
In: companyanalysis
10 Oct 2008You can read here Zenith Securities’ take on First Bank and GT Bank:
I apologize for the late post. But here are the stock market reports for the week ended Friday September 19th 2008.
Meristem Securities prepared a research report on the middle-tiered banks in Nigeria. Click here to read.
Here is the summary/my take-away from the report:
- AfriBank and IBTC have the highest proportion of non-performing loans (17.6% and 14%) repectively as against the perr average of 8.9%.
- Skye Bank and FCMB have the best performing loan rates of [...]
In: Market Analysis
2 Jun 2008I came across this article in the Guardian UK newspapers today. I must admit that I am impressed by the fact that foreign investment analysts are taking note of the success of these banks. Instead of the usual bad news, at least there are some good things here. They note the risks associated with the [...]
In: News| business| company results
2 Jun 2008Here is some information on the top banks in Nigeria as prepared by Reuters:
ACCESS BANK
One of Nigeria’s fasting growing banks, with more than 80 branches around the country. Began operations in 1989. Announced in May it had bought stakes in Banque Privee du Congo, Rwanda’s Bancor Bank and Omnifinance Bank of Ivory Coast.
Posted profit [...]
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